All Forum Posts by: Nick G.

@Steve Hall I will confirm with an attorney. 

Totally agree with approaching as a  sophisticated investor, but my funds  are coming from a 1031 and title has to be taken in my name at this time to match. I will then switch to an llc, but have to move forward this way due to time constraints. I do have my umbrella policy in place to mitigate any short term risk by temporarily holding the property like this. 

@Evan Wiesner LLC will be the next step.

Hey BP, 

In the state of Florida, is it mandatory for your spouse to go on title for an investment property held in your personal name?

I know because of homestead this is mandatory on a primary residence, but I thought it is not required for an investment property since no one is claiming the homestead exemption. 

Can anyone confirm?

Thanks

Congrats @Tina Jenkins 

What do the units rent for?

@Sean D. Jackson you could use a card that provides balance transfer checks & direct deposits. I have multiple cards with 30-40k limits, that are always offering to deposit cash directly in my account for the 3% fee then give 0% for 12 months or longer on the balance. Just plan your exit before the promo expires. 

Keep your credit utilization in mind, as maxing out a card will cause your fico to swing and may cause issues with any other traditional loan apps. 

I see these as another great tool.

@Shaun Walton did this sell?

I'm surprised they didn't ask him to leave for brining in outside food. 

He's trying to show how extreme you could take it, but if you are going to socialize in a dinner setting and don't want to spend the cash, then eat prior and show up for the coffee or dessert. 

@Allie Dattilio

My personal experience with BOA looked like they were just using previous sales comps.

The house I bought was a foreclosure and the computer was valuing a little higher than the last sale price. My purchase price was 236k, computer valued at 260k, walkthrough appraisal came back at 380k. Then I sold 6 months later for 421k.

I do think it varies per bank on how they weigh in on their underwriting data, I’m sure one of the lenders or underwriters here can chime in.

Yeah, it’s one of my partners that’s really interested in it. He sees as a long term play, the appreciate would be huge if you could ride out the terms of the rent control and turn units back to market rent over time. But with NY in general and new legislation I’m not optimistic that things take a turn for the better from the landlord side @Johann Jells

Hi Everyone, 

Just looking for some feedback on this scenario from anyone that is familiar with rent controlled units in NY. 

Looking at a small multi-family in Brooklyn, most units are rent controlled. 

1 unit is occupied by an elderly lady and her son. What would be the logical reason this unit has no lease in place but is still honoring the rent controlled rate?

This was a complete kitchen gut I'm wrapping up, installed the cabinets and built island myself. Total is just under 15K

$5,400 - Cabinets.com - Deerfield American made all wood

$5,400 - Quartz Countertops

$2,600 - Whirlpool appliances

$1,200 - Misc - sink, faucet, misc plumbing, backsplash