All Forum Posts by: Ahad Ali

@Eli M. Your wife should be on your LLC, it’s what I advise people to do when they register as one. In terms of the loans, you should be careful not to take out that max amount whatever it be under, the LLC or personal bank loan. Send me a message if you’re looking for advice for NYC real estate/financing.

@Tamara Laycox Of course this website is a great resource but what you need to do is find a local mentor. Someone more experienced that can offer you assistance so you can get off to a comfortable start. You don’t want to make any errors now that you might regret later or overlook things that become important in the future. Lots to consider. Good luck!

@Alan Chambers Absolutely agree you should start with a business plan then get in touch with a CPA who has worked on similar agreements like yours. Form an LLC, and make sure to have open and honest communication with your friend. Good luck!

@Tom R. Seems like a time to play. I like scratch offs because it’s easier to win small change but since the jackpot is so big, I don’t know a single person not playing!

@Scott Palmer I do recommend Quickbooks, but since it’s your first time, in order to avoid costly errors, you should consult a CPA. Get some help on it for this tax season and you’ll get the hang of it for next time. Better safe than sorry.

@Marlon Long No way to predict if they will actually apply. I would say raise it but keep it realistic, so not a drastic raise or else it might affect the popularity of the place. Might accidentally lose all interest.

I agree that you should consult a lawyer. If you decide to file as an LLC, I can certainly lend my expertise on that matter. Let me know if you would like to get in touch.

Hi @John Pats, there are a lot of RE CPA's that contribute regularly to this forum. Feel free to interview multiple and see which person is the best fit for your business needs. 

I have personally invested in the area. No complaints so far.

Try to stay more on the north side as crimes are less there.

It kind of a risk reward type situation. 

Generally the area has a lot of low income population, some crime, but seems rents are low and tenants are paying. 

Hi @Callum Sinclair, there are few options for you here depending on what you will be doing most. You may even want to set up different entities for the different type of activities you'll be involved in to maximize tax benefits. But to keep things simple an LLC is great. You may also want to make sure you have an operating agreement in place so it's easier for all partners to be on the same page.

You will want to reach out to a CPA and attorney to make sure all this is set up correctly. There are many of us here on BP that can help. Good luck!