All Forum Posts by: Scott Wolf

@Sara Frank, I say go for it.  If you can legally do it, just do it.  Find out what her bottom line price is, and if you think you can make some additional cash on that, then knock it out of the park.  It may be tough if there is no renovation needed, but worth a shot!

@Brian Garrett and @Joshua Schoer not sure if you're interested, but I'm an LP in two deals in FL with two different syndicators.  One of them is looking to close out an opportunity in Fort Meyers if an LP position interests either of you.

@Anthony Gallagher, absolutely not!  There are plenty of brokers that will hold your license for no fee, just commission when you decide to do something.  No reason to be spending the money to do so. 

Good luck and let me know if you'd like an intro to a broker or two like that.

@Jacqueline Vasquez, for owner-occupied, there are many low down payment options available to you.  With house-hacking, you may not fully eliminate your payment, but will reduce your monthly compared to your current rent.  I have many loan officers I can connect you with to discuss your options if you'd like.

@John Ashley, without knowing the value of the condos, it's hard to offer so much advice.

If the $40k represents at least 30% of the value of the 3 condos, you should have enough for a conventional down payment for many lenders that will look at these types of deals.  Happy to speak further if you need more guidance.

@Steve Dowding, yes that is correct information.  

For easy math, let's say your basis is $200k and the property is now worth 305k, therefore your capital gains are 105k.  The IRS is concerned with the total value of the property (minus depreciation, etc.), not your personal gain after paying back the mortgage.  So to receive the full benefit of the 1031, you will need to find a replacement value equal to or greater than the sale price (minus whatever your accountant comes up with).  

 Yes, they deemed that it wasn't a major risk, and would still insure the property.  Happy to talk about your situation further if you'd like.

@Sarah Esposito, read all you can, try to find some mentors, and figure out your plan.  New York is a big state.  You should be more specific about your area.  A house-hack can work in most parts of upstate as a low down payment way to get started.  Good luck, and always happy to chat!

Selling my 3-family in Hudson Valley NY.  Listing Below.  Please reach out to the listing agent!  Great New York find, with 3 separate dwellings on 2 lots.  $3,000 per month in gross rents.

https://www.remax.com/NY/HYDE-...

@Ibrahim Hughes, that will be an underwriter decision.  I did the title on a property last year where 4 underwriters wanted to get letters from probate court, but the 5th company did not care, so the transaction was not delayed.