All Forum Posts by: Scott Wolf

Obviously speak to an attorney, but document all fees for cleaning, and take from the security deposit.  

And if he's soured on the idea, he can stop accepting pets.

Welcome @Jerry Quintiliano,  Best of luck in your search for a MF home!  Will you be house-hacking it?

 That's great, but make sure you have an attorney that will make sure that happens with no loss of funds.

Ask @John Hickey, he's the Newburgh guru on BP.

Welcome @Benjamin Bratton! I think you'll find a lot of helpful information here.

Where have your flips been?

Hi @Sam Dal you should definitely get more quotes.  I have a trusted roofer if you need a referral.

@Kevin Wheeler only looking at the loan payoff is the wrong way to look at it.  There are other considerations to keep in mind, like closings costs, which you mentioned, asset class, location, cash-flow etc.  But the most important one is appreciation.  Finding another asset to 1031 into as simple as snapping your fingers.  

A 1031 is about protecting capital appreciation, and not the only way to do so.  If there is little appreciation, but a lot of built up equity through loan payoff, you can cash-out refinance to tap into the equity.

Hey Ria, a friend of mine is a mortgage broker.  Would you be living in the house, or purchasing as an investment?

Feel free to PM me to continue this discussion if you still need help.

@William Cheung I do not think you will be able to make a property like that cash-flow(or have zero out of pocket for your rent) if you are living in one of the units. What you can achieve is growing equity in your home, and perhaps achieving a lower out of pocket rent then what the rest of the market is asking. Any BRRRR strategy you try to employ, will have tons of competition with other investors.

You need to reassess your goals about zero out of pocket costs for your rental.  If you looked in the Bronx, Yonkers or Mount Vernon, that might be an achievable goal.

Additionally, as a fun fact, 4-family homes are not subject to the mansion tax in NYC.

Best of luck.

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