All Forum Posts by: Peter Tryon

Thank you for the quick response Ann! I actually just listened a few weeks ago to the BP podcast you were in. so it's pretty cool getting a response from you!
i'll ask the lenders today about their specifics. I'm new to hard money so it seems a bit intimidating, so i want to know it all before presenting anything.

Hey everyone, not sure if this is the best place for this question...
But I have a question about hard money lending. I've been researching some lenders in my area and most say they only give LTV of 75%. My question is 75% of what? The total purchase price? The total purchase price and reno costs? or 75% of the projected value after reno? If im looking at a property that is priced at $100,000 and needs $30,000 in renovations but has comparable sale prices of $200,000 what can i expect to receive for the loan? I just want to be sure before approaching anything.
Any help would be appreciated

Hey Nik, definitely check with a mortgage broker. Also find out what the max FHA loan amounts are for multi families in your area. Im in upstate NY and I know our max loan amount for FHA on a 4 unit is $720k. But good luck! You're definitely making a smart decision.

okay I finally got a response from my accountant. He said in NYS the capital gains tax on the purchase price is do at transfer for non residents... gotta love NY lol..
with that said does anyone have any creative ways to make this deal happen that could lower or avoid the state Cap Gains? the seller is becoming skeptic because they do not want to lose that much profit in taxes now...
My initial idea now is maybe make a lower purchase price offer (so that the capital gains is lower) but now have a higher interest rate on a 5-7 year ballon? so that way all the added interest gets the sellers overall net close to the original purchase price we negotiated? what do you think?

Thanks for the quick response!
I've told them a few times that it has to do with the location of the property and not them...lol but for whatever reason they believe they'll be taxed for the entire purchase price..even though theyre only receiving the down payment and then receiving the installment payments as negotiated. So both federal and state taxes would only be charged on what they receive, correct?

Hello everyone,
I am new here so I apologize if this is the wrong section to post this.
But..I am currently working on purchasing a multi family property using seller financing. I have negotiated a price and set terms with the sellers but now the sellers accountant is advising them that they will have to pay all NYS taxes upfront rather then in installments (as a normal land contract works) because the seller no longer lives in NY they live in Florida..is this true? I've contacted my accountant about it. But i am in a bit of a hurry to find an answer so im sorry for the run on paragraph.. If anyone knows anything about this I would really appreciate the help!
Thank you!