All Forum Posts by: Stuart Blackwood

New investor to Binghamton area, would like to focus on multifamily and single family student rentals. Needa partner for property management at 8% rent monthly, need a good real estate agent and also bank leads, also willing to syndicate. All deals welcome including fix/flips, brrrr etc

@Michael Plante

Not sure yet. We havent really talked to sellers except my wife had to rush to the notary today to sign a return form for the seller to put the deed back into their name.

This was the letter from the bank lender today after i had sent the post on BP. Bear in mind they ****ed up and this is how they respond,

Hello *****,

I wanted to follow up with you from our conversation Friday. We need to know a few things so we can try to get this all figured out.

Have you found out anything about moving up closing on the sale of your home in NY?

Do you know what the seller’s side on the house in MA wants to do?

Would **** (ME) be willing to be added to the loan? Adding his income may possibly resolve the issue with your debt-to-income- ratio.

I want to see this matter resolved, but there is going to have to be cooperation on all sides. Your lawyer and real estate agent are going to have to focus on moving forward with a resolution instead of trying brow beat me and The company. They are barking up the wrong tree as I am simply a messenger at this point in the transaction. I have zero authority to make something happen, but I will give a push to whoever needs to be pushed to get to a resolution.

At this point i am thinking of writing to the BBB or banking complaint organizatjon

Thank you,

Chris Smith | Consumer Direct Mortgage Loan Originator | NMLS #1295135

My wife and I downsizing from a 600k house which we both have our names on. To a 400k house which we are trying to buy in my wife’s name only (this will free up my larger income for rental propertly loans which we want to do next) we got a loan with a certain bank not aure if i can say the name here so . Lets just call them T bank. Well we got the cleared to close and my wife packs up takes a day off i move things around and she drives four hours to the new closing location. She is at the final steps of closing and T bank decides she cannot close because we havent closed on our house which we currently live in yet. We have already sold our house closing is august 6 and we are getting 50k additional to what we wanted from that house. The loan was never stated as a “contingent on closing loan” point is now our lawyer is holding then funds and wrote a stern email to the bank who basically responded that he is not the right person at the bank to call and told our lawyer not to contact him again and the bank will reach out. We stand to lose 15k if we walk away from the deal. Wtf you guys ever heard of a bank not doing their homework and what can we do? We need the kids to be in this new city for school time to get them registered and school fixed up.

Any ideas . Thanks bp

@Kris L. I was wondering the same thing you are. In syracuse ny (120 inches of snow yearly) I have solar on my primary residence. 28k system for a 4400 sq ft. House. I now also have an electric car. Solar is a bit underpowered. My thiughts are

1. Buy rental properties with roof damage south facing. Reconstruct roof and add solar. Take the 26% tax credit. 1

2. Put heat pump in and get rid of HVAC

3. Insulate. House properly

4. Can i depreciate the full cost off all 3 above. ?

Do i get a tax credit on the roof repair.

Can i depreciate the price before or after the tax credit?

Can i depreciate $10000 of roof repairs.

Can i depreciate the $7000 of insulation.

Cost segregation analysis and bonus depreciation how quickly can i depreciate any of this?

Does it matter if the house is in my name or an LLC or S-Corp? Also i i put 150k into house and appreciation is only 80k gas it really depreciated or is this not what depreciation means? As in why cant i just claim 70k in depreciation in the first year since that is exactly what it has depreciated by rather than the 3.1% that we normally assume things will deteriorate at?

Any help on this?

@Anthony Romero

Can you ressurect this thread? K am wondering can you depreciate the solar using cost segregation analysis and if so how long to get the money back 7 years? 27.5 years?

@Bill Keast

Are you guys still doing these meetings?zoom? Newbie investor looking for partners