All Forum Posts by: Greg Rusianoff

I got a piece of land from a tax lien that did not redeem. It's been 1 year and 3 months since I bought the tax lien, but only 2 months since the deed has been recorded in my name (1 year redemption period in this state). If I sell the land, will it be a Short Term or a Long Term Capital Gain for tax purposes?

Don't know about Manhattan, but my buddy bought a 600 sf condo in Williamsburg, Brooklyn for 430k a couple years ago. He bought it w/ 30k down. His neighbor just sold identical unit in the same building for 610k.

the L Line corridor has been a yellow brick road for people who got in early around 2011-2012, and prices still going up.

Thanks Tradd,

It's west of Park Circle area but east of Rivers Av. It's zoned for retail.

There's another coin op laundry in the area on Mixon, but this building is even closer to the population it would support, and could steal a lot of business. However, it would be a lot of capital to invest, first to rehab the space, then to make sure all the water issues are OK, and then 2k per machine - not sure if the cashflows would be good enough to justify all that capital invested. In addition, the 2nd floor only has wooden stairs leading up to it around the back. Not sure if people would want to go to 2nd floor with all their laundry. Might have to think of another use for the 2nd floor.

Was also thinking of a wine shop. But too close to churches/schools by SC laws. Plus that's a shady business and hard to run passively.

Thanks for the suggestions for art space.

My concern is that young artists may not have the financial strength to be good tenants. From your experience, are they able to make timely rent payments?

I recently acquired a 2 story cinderblock building. Total sq. footage is about 3000 with 1500 on each floor. It's located in a troubled but gentrifying area of North Charleston, SC. Very close to low income homes. Accross the street from a strip mall. Trying to figure out what to do with it.

My goal is to create passive income.

I was thinking self-storage or even document/record storage, but it seems that the space is too small for that.

Another idea is laundromat on the bottom floor and something like a barbershop on the top floor. But I think that would involve a lot of equipment purchases, not sure if a laundromat is a good business.

Also thinking about turning it into a restaurant, however that's far from a passive income business...

Looking for ideas...