All Forum Posts by: Patrice Penda
Patrice Penda has started 14 posts and replied 447 times.
Post: Connected Investors Inc.
- Investor
- Hoboken, NJ
- Posts 464
- Votes 179
I wonder the same...
Post: Houston Texas Property Investment
- Investor
- Hoboken, NJ
- Posts 464
- Votes 179
Hey @Sean Yehuda
I don't precisely about the Houston market. But if you are going to invest out of state, you should check out the book wrote by David Green.
Hopefully, it will help you figure out how to go about investing from far away
https://www.biggerpockets.com/store/long-distance-...
Post: Introducing myself to the forums.
- Investor
- Hoboken, NJ
- Posts 464
- Votes 179
Welcome to BP Jim
Post: Why are they selling?
- Investor
- Hoboken, NJ
- Posts 464
- Votes 179
Various reasons. People's situations change. They get married, have kids, need to move to a place with good school for the kids, downgrade because the kids have moved out. People gets relocated for work. Get fired, etc.
Etc.
It never hurts to ask the broker why the seller is selling. But there is a whole hosts of valid reasons.
Post: Avoiding residential $10K cap in 2018
- Investor
- Hoboken, NJ
- Posts 464
- Votes 179
Originally posted by @Mike H.:
I would strongly disagree that the reason they passed this tax change was to get states to lower their property taxes. The reason this tax change was passed was because, for the most the part, the states with the highest property tax rates were democratic states so the republicans figured why not stick it to them.
"That's what this SALT provision is all about. Twelve states get hit with a tax increase; all 12 states happen to be Democratic. Happen to be states that the president lost. Happen to be states that don't have a Republican senator," Cuomo said Jan. 31.
I've seen where some of these states have already looked at ways of getting around this new limit. Something about creating a new charitable fund that residents could contribute to and then direct that contribution to be applied to their property taxes.
So they would then use this contribution credit to pay their property tax. They would then take the charitable contribution as a deduction against their income since there is no 10k limit on it.
Not sure how it will all play out. But don't be surprised if these states figure out a way to bypass a large portion of the effects of the SALT limit. Unfortunately thats going to be yet another contributor to how ridiculous the deficit is going to grow over the next few years.
Its funny how these same politicians were so up in arms but a few years ago about how critical it was to get the deficit under control. And now those same idiots just jacked up the deficit by the largest amount ever......
Totally in agreement with you here !
Post: New Member Introduction
- Investor
- Hoboken, NJ
- Posts 464
- Votes 179
Welcome to BP @Justin Torres
Wish a lot of success on your RE journey
Post: Commercial contract assignment
- Investor
- Hoboken, NJ
- Posts 464
- Votes 179
I haven't done it myself but I know it is possible.
it is not much different from contract assignment for residential properties.
Just my 2 cents
Post: Waterfront in Weehawken
- Investor
- Hoboken, NJ
- Posts 464
- Votes 179
@Miguel Cohecha
Weehawken by the waterfront is a great place to live.
Plenty of luxury condos with lots of amenities.
Those condos come at a hefty tag price and very high HOA fees, like you pointed out.
My opinion is they don't make great investments either for living in or renting out.
If you were renting out, unless you put down a very large deposit, my intuition is that you'll be out of pocket every month.
Buying there is buying into the speculation that prices will keep rising and possibly close the gap with Manhattan prices.
Maybe they will, maybe they won't. It is a bet!
If there is a market downturn in the short term, whoever buys there will be in negative equity.
But in the long term (10 years from now), they will be worth more.
In summary, Waterfront area in Weehawken is a speculative market, it is not for investment in my opinion.
You can make huge return in the future or find yourself in hot water and not being able to sell when comes the decision to do so.
But again it is a great to place to live in.
Hope it helps.
Post: HELOC Loans under an LLC
- Investor
- Hoboken, NJ
- Posts 464
- Votes 179
I am might be wrong. But based on the terms you are getting, it looks to me like the seller is pretty knowledgeable about Real Estate.
Which makes me wonder.
DI d you get those figures from the sellers or the person arranging the transaction?
Did you confirm those figures yourself (ARV & repair costs) ?
Did you have the property inspected by someone by a home inspector or contractor? Unless you are knowledgeable yourself about repair costs .
Post: Waterfront in Weehawken
- Investor
- Hoboken, NJ
- Posts 464
- Votes 179
Congratulations @Miguel Cohecha
Are you looking to live in the property or would you be renting it out?