All Forum Posts by: Les Jean-Pierre

Thanks. Any changes to depreciation under the most recent tax law changes? 

Hi, I know the rule is if a person inherits a property there is a stepped up basis for capital gains purposes. Does the same rule apply to depreciation? The property in question is purely a rental and would stay that way. Would the person inheriting the property be able to start the depreciation clock over and at a current FMV for the property in question? Thanks

They said the tenant's address where the eviction occurred did not show up in their SSN search. But, the case did go to trial and has an index number, etc. 

Hi, I have a terrible tenant that I had do a background check through Cozy. Cozy's provider missed an eviction from 2017. They did look into this but came back and owned up to it. I have proof of the eviction and shared with Cozy. Needless to say, I won't be using them for this again and caution anyone else.

Not worth it in my opinion. The whole point of pulling a permit is that the work is done to code. Most people likely don't pull permits but if the DOB somehow inspects your place and sees work that was unpermitted then you get a fine and likely have to redo the job.

Been to a couple in Brooklyn. Lot of the properties got pulled. When they do go, it is fast an furious.

Great work. Since you started small, do you have a formula for an offering price like the 70% rule I hear so much for wholesalers/flippers?

One more question: how do you manage it from NYC?

Nice job. Do you list it on Airbnb or any of the other vacation rental sites?

In theory if the water bill does not get paid the entire building could have a DEP lien placed on it. Eventually, the building could go into foreclosure over a lien. It would take years but could happen. Only way I see to handle this is to get on the board and play hardball with the other owners.