All Forum Posts by: Account Closed

Stephen Chittenden if there is a 1099-S reporting, who takes care of that paperwork? Myself or the title company?

Percy N. Thanks that was a very good advice that I could not find in Google.

Eric P. You and me both that NYC has become a no investor zone unless you have $500k to play with. If you have your team ready and that amount of capital on stand by, NYC neighbors NJ has many properties to start with. I just purchase a property in Newark for under $40k 2 family distress condition. As a contractor it's an easy gut/renovation then off to section 8 rental. NJ market has not recover fully like NYC so I suggest you take advantage of it.

Percy N. I'm currently in contract on a distress property, should I pay him a check on closing or it's the title company suppose to do it?

Dave Toelkes thank you for Your response now everything seems clear.

I don't mind moving to Florida for a while also, yes your right those are cash only deals.

Your area along has a lot of great rental potential like Newark, Elizabeth, Paterson and etc which can be rented to section 8 easy. I don't know why you would not want to take advantage of at least Newark alone which houses are price $40k and less then get in the section 8 and watch your cash flow.

Shanell Williamson i don't think Benjamin Barredo was trying to be negative at all, he was being realistic. The concept is simple, no landlord in this world would give free housing. It's your responsibility to ensure section 8 process their work to make it happen, the landlord did his job and providing you a place to live in a livable condition so there's nothing he could do. If I was in your situation I would go to the section 8 office and start a show everyday and you'll see they will process everything fast. The landlord did his part and he notice your not doing your part and not surprising he will evict and successfully win because nobody has the title to live for free.

John Anderson Wow that's technically correct, I'm a landlord and when I file my taxes I input the rent my tenants gave me regardless but that's a good point. I'm starting to think wholesalers get away with not paying taxes (not all but at least half) and their fee is more than the 6% an RE Agent would receive on commission which I assume is because they need to cover thier taxes.

Great, no 1099 on the agents but how about the wholesalers and his fee?