All Forum Posts by: Harry McNamara

 2T budget deficit - Nebulous DOGE savings + 4.5T tax cuts = ???

Thanks @Shawn Mcenteer

Manik, I sent you a connection invite. The area surrounding NYC is full of pockets of regulation, and other places where STR is allowed. It's really helpful to work with an agent who knows the area and what locations are fair game to invest in a short term rental property. I work out of Kingston, NY and cover a large service area across 6 counties that might be of interest to you. Looking forward to connecting!

Harry

Hello BP community!

Question is pretty much in the title - any other self employed RE professionals using a Section 105 on your taxes to offset insurance and medical costs? Curious if you got any pushback from your accountant, or if there is a boilerplate form to self record the establishment of the program going forward. Not sure if I should tap an attorney, or my accountant, or if I can just do it myself. 

Thank you fellow tax savers!

 Haha, I had no idea! Let's get deep man.

Most people at or below the poverty line already pay no or negligible taxes, so this would actually act as a huge tax hike on the poorest Americans, not to mention that it would erase other programs that help lower income Americans, like child tax credits. 

Not paying my CPA would save me $450, an absolute pittance compared to my annual spending x30%. 

This would be an absolute disaster for the economy as spending would collapse at the retail level beyond necessities.

It totally depends on your budget. You can make great returns on a house hack, maybe even pairing your residence with a cool STR if you find a single family with accessory in the Catskills or Hudson Valley. Or go straight up LTR and keep it simple. You want cheap? Oneonta. Want stuff to do? Albany/Troy? Best bang for your buck? Mid Hudson if you can find a deal, but don't expect to cash flow while residing in one side at these interest rates. You can probably live rent free and build equity though.

Absolutely horrible idea that would explode the national deficit to an unprecedented level in no time flat, not to even go down the rabbit hole of how it would target the poor and middle class. I know I'd be raising chickens and turning my yard into a farm instantly too, not to mention that it would create an underground system of barter on used goods to evade the tax. Do I need that new TV anymore? Nope. Hmm, can I make all of my clothes last the rest of my life to avoid paying 30% tax? ...Yes. I think so, better stay fit!

Very helpful reply @Chris Mason, thanks for your thoughts. 

Hello BP lender community!

I am an agent in the Hudson Valley area. I currently have a client who is in contract on a very interesting multi use property, and we're running up against this issue with more than one lender. They have both come back with 15% minimum down payment on multifamily. Is anyone still offering 5% down on multifamily, with owner occupying the property? 

Right now we are hoping for the appraisal to come back as single family with accessory apartment, which will clear the buyers with these current lenders, but if the appraiser sees highest and best use as a multi-family, we may be looking for backup lenders. Must work in NY. 

Thanks all!

Hey Patrick! 

Echoing the other comments that closing costs should be reasonable, for you just attorney and title search. I just wanted to jump in and say don't bother with the purchase offer agreement, in an off market deal where your attorneys are handling everything just go right to contract. It's more protective of your interest, and the PO is unnecessary.