All Forum Posts by: Moises B.

Hi @Brian Zaug

I own in Newburgh, and currently have a property under contract in Poughkeepsie (Thompson Street).  I figure short distance from the Metro north to grand central, and mid hudson walk...what can be wrong, right?  (wrong)

Have been up there every weekend for about 2 months just to survey the area. People tell me it's not bad, though, some streets are sketchy within a 3-5 block radius. Duplex 2 bedroom units with minimal cosmetic upkeep. Needs electrical and plumbing done. What I'm learning is that ARV is not as I anticipated..which may bite me in the tail if I opt to refi as I won't be able to cash out...so perhaps a long term rental with decent tenants. Rents are 1100 to 1150, I can push for 1200 on one of the units given it has a 3rd bedroom (but will probably choose not to).

What I see up there is lots of foreclosed property...I'd think the market slowly will pick back up at some point in the long term.

Revamping my  lease 22 pages long so far thanks to you all.  We all need a drink!! LOL!

First of all great job, and congratulations!

25K.  Did this include labor and material delivery...? Just curious. I'm rehabbing one now (well 2 units) and the budget is around the same price...most of it cosmetic.

Feel better, Sarah. 

Happy Sunday!  Hope to connect in person soon.

Does acquiring a property under your LLC make it complicated to refi? I don't mean the loan. Say the loan is under my name as an investment property, but the deed is under the LLC - will that complicate things at the time of refinance?

Or should I just place everything under my name, refinance, then transfer to an LLC.

Any input is appreciated.

Congratulations, first of all! This is inspiring for me.  I'm sure you're a lot more seasoned that I am.  I echo mostly everyone that the numbers are really good.  This is the true definition of no risk no reward.

Delaware was an area I'm looking to expand, but trying to get a number under my belt here in the NY area.

One word. Nightmare...lol 

I echo @Stephanie Cabral and wholeheartedly agree with @Jeff Onofrio

The first question to ask your lender is "how many end to end 203Ks loans have you done since you were born?" if the answer is less than 5, go to the next person who specializes in these type of loans and can do these in their sleep.  Again, not kidding.  If the lender or their respective processors ARE NOT EXPERTS you're going in for a long an painful ride.  Don't ask this question after you've selected your lender, it should be the first question after you introduce yourself...lol

Thank you, @Natalie Kolodij ... I guess my question is what expenses can you then be deducted?  Say I close today, I list today, oh, but wait...I decide that before I move someone in I'd like to put in a new vanity and toilet, and by the way, i don't like the floors so I'm upgrading them as well.  Can those expenses be deducted? 

@Account Closed yes.  It needs to be your primary residence.

Thank you, @Christopher Phillips this helps.  I was way off on my planning. The devil is on the details.