All Forum Posts by: Michael K.

Is it ok/advisable to own a rental property in personal name? I have other rental properties but they are in LLCs. But the only asset listed in my personal name would be one single family house. Would that then be ok as long as my insurance and umbrella policy reflect that a tenant is living in that single family house? Thoughts? Thank you 

Looking to install a simple key fob system instead of replacing a broken electric strike for a small apartment's building's main door. Any thoughts on how much this would cost? Have you done it in your property? Any recommended brands or other advice? It would be great to be able to active and deactivate fobs remotely. Thanks! 

Hi all - wondering if anyone has any recommendations on camera systems/brand/manufacturer for a small 6-unit Multifamily property. I can't use Nest cams because I would need a modem and wifi connection in the building. Wondering if any other solutions out there that will allow me to see what's going on at the building from my smartphone and record for security purposes! Any suggestions are greatly appreciated! Thank you!

Hi all, I am acquiring a 7 unit Multifamily property in New York for $1.2mm. Rent roll is about $150k/yr. Building Is fully occupied. I will be managing the property. Rental upside is maybe 10-15% over the next few years. 70% Ltv loan. Also, some room to push down expenses. But overall, a stabilized property. I will be contributing 10% of the equity and a passive investor 90%. I was thinking to do a 7% pref return on equity and 50/50 split plus management fee. Is this a good deal structure? The building is going to be management-intensive. Just was hoping to hear others' thoughts on this and if they have other deal structure thoughts, or maybe an all-together different deal structure that they suggest. Thank you in advance for your thoughts and advice!!!

Hi all, I was wondering if anyone familiar with the NYC/tri-state market has performed a cash out refinance of a small multi-family, and if so, can you provide me a recommendation on a local bank, lender or mortgage broker? Any help would be appreciated.

I agree with not using carpet where possible but in terms of sound insulation in a multi-fan unit, carpet and the sound padding underneath is the best for lessening sound. Any thoughts on this?

What is the proper way to record ownership %s of a LLC? Is the OA that is signed by all members sufficient? Should stock certificates that come in the LLC book be given to Members? There seems to be no public recording anywhere of ownership %s, so was just wondering what other investors do, especially when there is one Managing Member who signs on everything. Thanks

Hi

@Dave Toelkes - how does one know when they are at or near their maximum net passive loss allowance? 

Anyone familiar with the SHST (Safe Harbor for Small Taxpayers) - any insight here would be very much appreciated. Thank you!!

1) I understand the safe harbor to be the lessor of $10k or 2% of the unadjusted basis of the property. But the amount is only for R&M and improvements (like new appliances), correct? So I understand that the number for safe harbor purposes does NOT include any other operating expenses like landscaping, utilities or insurance?

2) Apparently, you are supposed to attach a letter saying that you elect to use the safe harbor. But what if you are filing electronically? Can you still attach this notification?

3) As an example, let's say new appliances are part of your safe harbor number, where do you put this on Schedule E? There is no line item for improvements like new appliances. So I guess you put that figure on Line 19 -"Other"?

I am a NYC-based real estate investor and have done several rehab deals in Long Island and Queens. I am looking to network with more wholesalers in all boroughs and Long Island for additional deals. I buy quickly and all cash if the deal works. I can usually tell you if the deal works within a day. Thanks and hope to hear from you. Feel free to PM me or post here.