All Forum Posts by: Patrick Crotty

Hello BP world, I may be in the fortunate position of being gifted a plot of undeveloped land. The donor and myself are wondering if there are any ways to circumvent the gift tax that would come with the transfer of ownership of this plot of land. It is well over the $15k limit. 

  I have read a little about Lifetime Gift Exclusion but am not sure if that applies to any and all scenarios (if so, why doesn't everyone use it?).  Any good info would be very helpful. Thanks!!

@Gregory DeRosso, @Trevor Ewen, @Scott Wolf, @Vitaliy Volpov

This is all great info.  Thank you all very much for your contributions. It really clarifies what is at stake.  

Hello BP World,

I happened upon this article yesterday and have been trying to do some more research but have been coming up short.  Is this something that will be restrictive only to NYC or will it affect the entirety of New York State?  I haven't heard a big fuss from other investors so I feel like I am missing something.  Maybe this isn't that big of a deal?  Can anyone break this down for me?  Many Thanks. 

https://www.city-journal.org/r...

@Frank Patalano I have been looking in Nassau County, Long Island.  I have been to some network meetings but they seem to be mostly investing long distance. However, I have been going to the same meet-up group.  It might be time to expand my network. 

@Frank Patalano. This is a great thread. It is encouraging to see that I am not the only one struggling to get a foot in the door. What's holding me back is a combo of trying to expand my knowledge to a place of more comfort, and also having trouble finding what I am looking for in my market and surrounding area. My plan was to purchase a multi-family under an FHA loan and house-hack. My wife and I both work in Manhattan so we can't go too far from the city, which limits the available multi-family homes that aren't getting bought up at close-to-market costs by the 'big guns'.

If I am patient and continue to practice my analysis I am sure I can find a deal in there somewhere, or maybe be a bit more flexible in the plan. 

We also have a baby on the way and I am hesitant to make the plunge on a risky venture. 

Hello all,

I am trying to establish my property management experience by offering my services to my landlady where I already live.  The building is a three unit townhouse in which the landlady also lives.  I already do a lot of things around the building for her and have experience in construction management.  I brought this idea up to her and she rejected the idea out of concern over how a property manager would affect her taxes among a few other concerns that I have been trying to assuage.  Apparently the City of New York (she wasn't clear on what department) asks her every year if she has a property manager.  She is an older lady and definitely is having some trouble understanding my offer on the table. I have slowly and consistently been explaining exactly what this would mean for her, but I do not know about the tax question.  Any help here is much appreciated.  Thanks. 

Thanks Caleb

I am 36 and currently researching real estate investing. I have about $60k in student loan debt spread out over 6 loans and am making about $450 in monthly payments. I have approximately 22-27 years left on my current repayment plans, respectively. Making larger monthly payments would obviously reduce the overall cost of my loan and the amount of time I would be paying back, but would affect my debt-to-income ratio (gross income is $120k/year). Is this affect on my DTI enough to be worried about with regard to getting a mortgage? I have fantastic credit.

I could technically speaking wipe out my savings and pay off my student loan debt in one fell swoop, but then I would be starting at $0.

I'd appreciate any advice that anyone could offer. Thanks

@Gary Swank This is a great blog with some very helpful information.  Thanks!!

@Brian Adzadi. This info is great and very much appreciated. I can certainly modify my original plans/goals to work with the particular aspects of the most feasible market. Thanks for your help. 

@Alex Deacon Thanks. I will definitely take a look.