All Forum Posts by: Janine Iweka

Sell and reinvest the capital gains into a qualified opportunity zone...dm for details!

I think evicting for nonpayment due to loss of income due to COVID is unnecessarily cruel and should be avoided at all costs. Constitutionally, I agree with the State's opinion in the Elmsford Apartment Assoc v. Cuomo case. The contract clause does not trump the power or responsibility of the state to protect the general welfare and health of its citizens. The states duty of protection is paramount to any rights agreed to by the individual  via a rental contract.

Smart, I wish I'd started at your age! 

I'd start researching local 1st time homebuyer and other programs in your area that help local folks to invest in real estate. Consider partnering with a friend or two and house hack until you have enough equity to leverage into a 2nd property. Explore seller assist options. Go on your local county or city website and reach out to the local housing authority for info about grants, programs or free community education courses available. 

"First they ignore you, then they fight you, then they laugh at you, then you win." - Nicholas Klein (kinda)

I could match the investment, I have access to cash but not capital gains. It'd be less of a tax advantage but still advantageous on both parts, no?

I've got the contacts, just not the cash 😂 But I've been trying to get creative with the financing, am exploring some opportunities and hope to be up and ready to go in the next month or two! 

Have you taken advantage of any of the grants available? I posted about some things in looking into here. Would appreciate any feedback you have!

https://www.biggerpockets.com/forums/12-starting-out/topics/911925-qualified-opportunity-zones

Do you find a lot of your deals on the MLS? It seems most that make it there and are posted for more than a few days before getting snatched up are overpriced. I've been basing my research on data from the recorder of deeds and zillow sold listings. I know a lot of people who own properties in the west ward and believe I'll get some good leads once I put my feelers out. I know of at least two homeowners who are considering retiring and fleeing South, so there may be some opportunity there as well. But if it doesn't work out, I'm open to changing up my strategy and would consider single-family rentals, house hacking or increasing the budget.

Not at all, I appreciate your input. A quick zillow search of recently sold, multi-family properties, less than $100K returns 27 results and they're not ALL horrible. But I clearly still have a lot of research to do! What would you suggest as a realistic purchase price for a multi-family in Easton? 

I'm planning to purchase a multi-family in Easton, PA in a qualified opportunity zone (QOZ), however I don't have capital gains with which to purchase. I'm considering collaborating with someone interested in investing capital gains for the sale of the property and am researching how that would work/be structured. Does anyone have experience in this arena? How do you find and approach investors?

The Registered Agent of the holding company's LLC will be in a keystone opportunity zone (KOZ), so I believe state and local income tax and a host of other taxes could be abated as well.

Ultimately I'll consult with my CPA, but I'd love to know if this is something that's even viable first. I was initially thinking of a hard money loan to get started but poking around the forums inspired me to get a little more creative. I welcome any and all advice. Thanks in advance!

Hello BP! I've been lurking on the forums for a few weeks now and thought it was time I introduce myself. I'm hoping to close on my first owner-occupied 2-4 unit in Easton, PA this spring. My cousin and I are forming a partnership and will be BRRRR-ing our way to a real estate empire !

A little about us, we were both born and raised in Easton and have a lot of family and friends here. I've worked at the courthouse for 15 years and he's been in maintenance at a local college for at least 10, so we have steady W2 earnings and plenty of transferrable skills. We're starting out with capital investments of $5k each and are looking at a purchase price of not more than $100,000.

I've already learned a lot from this community and am excited to make more connections!

I'm an Easton local and plan to occupy one of the units in my first investment property, so I haven't even looked into other locales. (Looking forward to growing my portfolio one day though!) As far as Easton goes, I think it's an up-and-coming area and the timing is right for me. There are a lot of community redevelopment block grants available as well as tax abatement programs to take advantage of.