All Forum Posts by: Johnery Laurimore

Has anyone dealt with the personal property tax on Myrtle Beach Vacation rentals?  Any exemptions for nonresidents?  Other random year end taxes?

It seems like many people on this thread did the fix and flip line of credit program with FOA.  Did anyone do their buy and hold program?  Were the same issues occurring?  I'm considering FOA but came across this thread

Sure it is a 6 Family that was built in 1935 which automatically pulls it into the rent stabilization program.  The issue that I'm running into is that the seller hasn't kept up with their rent roll registrations (last submitted was 2008).  I'm concerned about if there are fines for not keeping this up to date.  In addition, there are some units (2) that are vacant which I'm trying to determine how much those can be rented for (assuming no upgrades made to units/overall property).  I get conflicting information particularly on the rental amount for vacant units (whether can charge full market rent or is it the 20% over the last rent charged).

I'm potentially looking to purchase a small rental building which falls under the NYC rent stabilized program. Looking to pick the brain of an experienced investor in this space in NYC as have some questions and running into a brick wall with DHCR.

What is the current rental amount?  Also, do you have any details regarding expenses?  Please e-mail me at [email protected].  Thanks.