Andy Ng
New to the game
21 March 2024 | 8 replies
When evaluating rental properties, aside from school districts and convenience, consider factors like neighborhood amenities (parks, restaurants, shopping), rental demand, job market trends, property condition, potential for appreciation, and rental income compared to expenses (including taxes, insurance, and maintenance).
Aidin Flores
Small Multifamily in Rochester
20 March 2024 | 2 replies
My advice is to avoid the cheaper houses and/or houses in higher crime neighborhoods.
Sanjeev Advani
15 Undeniable Reasons It's Time to Sell Your Investment Property
19 March 2024 | 0 replies
High Maintenance Costs: Escalating maintenance costs can erode your profit margins.Change in Neighborhood Dynamics: Shifts in the neighborhood that negatively affect your property’s value are a red flag.Better Investment Opportunities: Selling might be wise if you've identified a more lucrative investment opportunity.Cash Flow Necessities: If you need liquidity, selling a property can provide a significant cash inflow.Tax Implications: Sometimes, selling can be advantageous for tax reasons, especially if you can benefit from capital gains tax laws.Personal Financial Changes: Changes in your personal financial situation may necessitate liquidating assets.Retirement Planning: Selling investment properties can be part of transitioning into retirement.Portfolio Diversification: Selling might be necessary to avoid overconcentration in real estate.Legal or Regulatory Changes: New laws or regulations can impact the attractiveness of holding onto a property.Ownership Challenges: If the burden of ownership outweighs the benefits, it may be time to sell.Real Estate Market Trends: Anticipating a downturn in the market can be a reason to sell early.Interest Rates: Rising interest rates can reduce the pool of potential buyers and lower property values.Property Value Appreciation: If your property has appreciated significantly, taking profits might be smart.Lifestyle Changes: Sometimes, personal life changes dictate a shift in investment strategies.ConclusionDeciding to sell an investment property is a complex decision influenced by market conditions, personal circumstances, and future investment goals.
Account Closed
NY area home sellers must make disclosures under updated law
20 March 2024 | 0 replies
New York home sellers must make disclosures under updated law in shift away from 'buyer beware'For the past 22 years, Long Islanders selling their homes could avoid answering detailed questions about their property by giving a $500 credit to buyers.They no longer have that option starting Wednesday, when new changes to state law take effect.
Tracy Derickson
Financial/Real Estate advisor
21 March 2024 | 3 replies
@Tracy Derickson Click on the Build your Team tab and you can find sponsored vendors for tax and financial advice here on BP.And as @V.G Jason stated give us a fact set and you will get free advice on your case on the forum.
Lance Marshall
Expense tracking when I pay for repairs (I use property manager)
21 March 2024 | 3 replies
You can just give that statement and your spreadsheet to your tax preparer.Trying to add your paid expenses to PMC software is almost impossible, as it will misrepresent what the PMC actually did.Another option is to just send the bills to your PMC and ask them to pay from your portfolio balance.
Michael Dinwiddie
Seeking advice on my PNW Vacation Market research
21 March 2024 | 18 replies
Also 4th quarter of last year Packwood and county officially did discuss potentially regulating STR's by either limiting numbers or adding a tax to cover increases in local services that are needed.
Trenton Brown
Renting out my unit (first time!)
20 March 2024 | 5 replies
Any pro tips / mistakes to avoid before I leave and fill the space with a new tenant?
Kayla Weigel
How Do I Finance My Third House WITHOUT W2 Income?
21 March 2024 | 16 replies
You don't need W2 income, tax returns and no one is looking at DTI.
Michael Lipari
1031 Exchange For Newly Renovated Property
19 March 2024 | 12 replies
It's somewhat ironic that I, being a tax professional, insist on pushing taxes into a secondary role, but I do.