All Forum Posts by: Peter Fokas
Peter Fokas has started 52 posts and replied 111 times.
Post: Does getting licensed affect your earned income versus passive income status?
- Investor
- Ridgewood, NJ
- Posts 113
- Votes 10
It can help. One of the requirements to achieve the "real estate professional" tax status is to work at least 750 hours a year related to your real estate work. So doing real estate agent activities does apply to the 750 hours but their are some caveats like your real estate work must be more hours than any other job you do; you must own a % of the real estate agency which can be accomplished by being an independent contractor; etc. need to review all the little details but it can potentially help.
Post: Purchasing MF - need advice on next steps
- Investor
- Ridgewood, NJ
- Posts 113
- Votes 10
Looking to purchase a 6 family building. Inspection came back with a bunch of issues. Whats is best strategy in getting these addressed? Request seller to fix or negotiate credit adjustments to price?
| Termite damage - needs to be treated |
| Temite damage - extent of damage unknown so need to inspect further |
| termite damage - damaged beam needs to be reinforced properly. Right now have makeshift wood column providing additional support |
| Electrical - replace Federal Pacific equipment, replace fuse panels with circuit breaker panels, remove or disable any knob and tube wiring |
| move air conditioner so can inspect fire escapes |
| chimney -Have a qualified chimney contractor service or repair the chimney(s) as required to assure long term function and safety |
| Old Roof - have roof contractor inspect and find out cost to replace as its old |
| Some floor tile in common halls is older 9 inch floor tile of a type commonly containing asbestos - do I need to be concerned? |
| Section of drain pipe poorly connected into opening into older drain pipe - this is health hazard so need to rectify |
| back entry steps need to be repaired or replaced |
| roof drainage - Have the roof drainage system cleaned and maintained on a regular basis by a qualified gutter maintenance company, do I need flood insurance? |
| plumber replace all old iron or brass water supply pipe and aging shutoff valves |
| plumber replace the lead water main and main water shutoff valve and repair or replace it as necessary |
| Pro-active replacement of these old heating systems with new units. |
| Have a qualified contractor modify the stair railings to ensure they are safe and comply with modern standards. |
Post: inspection process
- Investor
- Ridgewood, NJ
- Posts 113
- Votes 10
My offer got accepted for a 6 family building so want to proceed to the inspection process. Do I need to order two different inspections? One for general structural and one for phase 1 environmental? Or is it just 1 inspection?
Whats the general rule of thumb when it comes to investment properties that are identified as commercial (more than 4 units)?
Post: Would you buy property with active UST?
- Investor
- Ridgewood, NJ
- Posts 113
- Votes 10
this is multi-family
Post: Would you buy property with active UST?
- Investor
- Ridgewood, NJ
- Posts 113
- Votes 10
Seller is willing to remove UST but he wants me to pay for replacement tank that will be placed in basement. Any recommendations?
Post: Would you buy property with active UST?
- Investor
- Ridgewood, NJ
- Posts 113
- Votes 10
Lots of potential risk involved with an active UST. Anyone every purchase a property with an active one?
Post: found out multi-family has UST. What to do?
- Investor
- Ridgewood, NJ
- Posts 113
- Votes 10
Turns out this UST is actually in use so simply removing it is not so straightforward. Any recommendations?
Post: found out multi-family has UST. What to do?
- Investor
- Ridgewood, NJ
- Posts 113
- Votes 10
Thanks for replies. I did not consider the holding in escrow option so this is helpful details.
Post: found out multi-family has UST. What to do?
- Investor
- Ridgewood, NJ
- Posts 113
- Votes 10
4 unit.
Post: found out multi-family has UST. What to do?
- Investor
- Ridgewood, NJ
- Posts 113
- Votes 10
How do u go about finding out if there is a leak and contamination prior to actually owning it? That is only way to figure out cost?