Two Reasons:
First, let's face it, your home or investment property may be the single largest asset in your financial portfolio - selling or buying a property can be complex, stressful, and even risky. I bring institutional-level knowledge to the average property owner. Having me in your corner throughout the process can avoid costly mistakes.
Second, I add real value. I work with you after the sale to minimize your potential tax exposure and maximize the hard-earned proceeds of your sale.
The subject was a 2-family brownstone on Quincy St in Bedford-Stuyvesant, Brooklyn.
The property was purchased around 2004, and the owner used it as her primary residence until 2016, when she converted it into a 2-unit investment property.
The transaction had many of the potential issues that arise during a sale: Tenant eviction, incorrect Certificate of Occupancy, open electrical permits, a tight timeline to close, and a significant capital gains tax consequence.
Under my guidance, the owner rejected the buyer's initial attempt to renegotiate the sale. Instead, we followed a sound strategy to correct what the owner could, delivered the property vacant, and, because of the closing timeline, negotiated a discount that was a fraction of the buyer's original renegotiation attempt.
In addition, the owner was also subject to a Capital Gains Tax of approximately $300,000. Instead of paying this tax to the IRS, she elected to perform a 1031 exchange that took the $300,000 potential taxes, added other proceeds from the sale, and placed it into a tax-deferred, professionally managed, fractional ownership investment with monthly income to supplement her retirement.
More importantly, this strategy is flexible - the seller could later take part or all of her money and use it to buy another investment property titled under her name, rent it out, and later convert it to a primary residence if she chooses.
Yes, I am.
You're probably asking why I don't just list the property. Good question. The answer is simple - It would not be in the seller's best interest to hire a broker who lacks local market expertise.
This is one of the fundamental reasons why I chose to work as an advisor. I recognize the importance and value that a broker with local market experience brings, and that is why we (you and I) will interview multiple brokers to find the right fit.
Not entirely. I offer limited maintenance of vacant or owner-absent properties to avoid violations and potential squatters.
I also work closely with attorneys handling tenant evictions, expediters clearing up title issues, and contractors or city agencies closing out open permits or violations.