Additionally, I'm banking on a future opportunity to refinance.After less than a year, here are a few tips from what I’ve learned:*Hire a local STR expert real estate agent to guide your investment location.

Any tips or scripts for reaching out to owners would also be helpful.I’d love to connect and learn more about your approach.

The seller may not want to do this, as many of these guys are benefiting from the tax deferral which comes with NOT moving title over.

Have any idea about Gift tax in NY?

$60k profit pre-tax.

Our team along with clients all are heavily investing in the area, and it is a strong place to start. close proximity to New York and New Jersey, paired with extremely affordable property/taxes and high rental demand make it on most people's radar.  

(This is what we do, no upkeep,  and we love the 10% down, plus cash flow, principal deduction and tax write offs) Some of our investors use their SDIRA or 401(k) or pension to do this.4.

Had to negotiate to 999,000 only to stay under the NYC luxury tax.

Sometimes hard to find this happy medium in rate sheets, though.Another consideration would be taxes - points are typically treated as interest, so if your tax obligations are high this year vs being higher in the future, then this could also impact buying down now vs paying a little more in interest in future years. 

*Renovation Costs – Includes labor, materials, permits, and unexpected repairs*Holding Costs — Utilities, property taxes, and financing costs during the renovation time.