Queens, NY - Need Advice or tax referral

Queens, NY - Need Advice or tax referral

Member since 2019 · 1 post · 1 vote

Hi. First time poster and first time buyer. Have been debating a bit on whether to buy a ready-to-move-in single family home or a duplex (to live in one unit and rent the other) in Queens, NY that needs quite a bit of work. Upon a lot of thinking, the tax treatment of the duplex may be an important factor - I have done a lot of research online, but would like a consultation with a tax accountant/CPA who has experience on real estate matters. Unfortunately, can't afford expensive tax advice though. To that end, would there be someone here who could recommend a reasonably priced yet reliable tax advisor who can offer an hour or so of consultation?

I would really appreciate the help. My head is blowing up here after spinning my wheels like a hamster on a hamster wheel...


Would also take a recommendation of a local contractor that I can talk to to get a rough estimate on fixing the duplex. This is northeastern queens. Thanks in advance!

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  • Investor · Great Neck, NY · Member since 2016 · 679 posts · 467 votes
    7y

    @Angela Choi

    As someone who grew up in Queens, my advice to you is to think about this.  There are A LOT of variables involved in doing this and there's a lot of risk.  

    What I did (years ago when deciding whether to buy or rent in Queens) was to sit down and list out the pros and cons. Once I did this I quickly realized that I would rather put my money towards investment properties while renting so that years later my passive income could cover my mortgage payment when buying a house.  Based on my experiences (again just talking from my personal situation), it was an extremely good decision because I not only had monthly cash flow covering my current mortgage payments but through selling a couple of smaller investment properties I even had the down payment covered!  

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