All Forum Posts by: Lyle Cooper

Doesn’t look like I can pick and choose. My interpretation is either I fully deduct the points paid this year against zero income or I prorate over the life of the loan. See https://www.irs.gov/taxtopics/tc504

I bought a small building in 2017. I bought my mortgage interest down by 0.75%. It costs me $25,000 (Points paid). I have no income in 2017. Can I defer when I write deduct the points paid? Or am i forced to amortize it over the life of the loan? 25000/30 = $833. I’d like to defer to 2018 or 2019. Thanks!!

I found a cabinet company called fabuwood that is considerably cheaper and they have quality cabinets and contemporary style. Definitely going to pass on schuler and Kraftmaid - pricing is too high.

Thanks John! Love the fact you bought in bed stuy at the peak and held through it! I just bought a place in bk and will be doing the same thing you did. Live in a unit an renovate another unit. So I thin the 22.5k that Home Depot is charging for cabinets and top are out of this world. I also don’t want to spend so little that it hurts rental appeal of my unit. I’d like to spend 12k for the counter and about 4k for the top. What are good brands to look at that have 2-3 week then around time?

Both Bathrooms were recently renovated. I like the idea of these customized doors on ikea cabinet boxes. Genius business idea. What are the ikea boxes made of? Mdf? In terms of appliances, does it pay to be a brand “slave” when renting the place out?

I am renovating my NYC condo in preparation to rent it out. I want to make sure I’m not overspending or underspending on my kitchen reno. Here are the numbers: Expected monthly rent: $9,000 Kitchen Renovation breakdown: - Cabinets (Kraftmaid) for 9’ x 10’ kitchen with Island: $14,000 (Price does not include installation.) - Appliances: $6000 (GE, whirlpool, LG, Bosch, no viking) - Countertop Quartz for 60 sq ft; $4500 (Includes installation) - TOTAL : $24,500

@petermackernan The contingency in my contract is an inspection contingency. And the wording is such that only major repairs will be dealt with. Those greater than $1000. Is there another contingency that I am not aware of? Or can I say I don't like the area and get out of the contract while in escrow? I think once earnest money has been given and a contract has been signed, it's legally binding. The only way to walk away is to forfeit my earnest money. Unless I find something wrong with the property through an inspection and the seller doesn't want to repair it. Because the cost of repairs doesn't make economic sense.

I signed a contract in Delaware in a sketchy part of town.  It's a hot corner with a lot of drug dealing etc going on outside.

I hired an inspector to evaluate the property and his vehicle was surrounded by the local thugs.  He cancelled the inspection out of fear for his personal safety and his equipment.   So no inspection was done.  I do have an inspection contingency clause in my contract.  I could call another inspector, but at this point I am convinced me no one will rent the apartment from me.

The broker did not deposit the earnest money check, so I cancelled the check.  Is it the wrong thing to do?  OF course.  But I'd rather they fight me for the money than vice versa.

At this point, what is the legal action, the seller can take against me?  What are my defenses?

Thanks.