All Forum Posts by: Anna Hamann

Hi @John Laabs

We will have to set up the LLC agreement based on how much money every member will be able to invest ( cash + financing), but it will be more or less the same for all 3. We wanna start from something, so it could give us room to grow further.

@Adam Giles

His reasoning behind it was that if something fails, it would not affect all 3 people and 2 people can still get loans later, which makes sense too. But you're correct about one person responsible for the majority of the risk. But he said maybe we can get loans, pull them into the LLC account and they accept that too. We are just going to talk to more people, I will check on the credit unions and local community banks - thank you!

@Adam Giles

One more question: we are a group of 3 people and thought of forming an LLC and buy a property. And get a loan under LLC or under all 3 names. The mortgage broker is saying that it is not very smart to put all 3 names on the loan, but then if do not we may not have enough money individually to secure the deal. We are looking to buy 1-4 fam house (s) and looked to pull our funds together to do that. Looking for an attorney now as well.

Thank you.

@Adam Giles

Thank you so much for your reply. It does help me a lot! 

Hello everyone,

Myself and 2 of my colleagues want to invest together, and we wanted to find out what is the best way to organize ourselves. Form an LLC or a partnership? Then also if we are all willing to get financing, we do that individually? can an LLC get investment financing?

@Damon Bodine

it is a brownstone building in Clinton Hill in BK, it is not rent stabilized, because it is configured as 1 fam for now, and you can make it 2 fam. And yes, this is one of my concerns, that since it is an estate sale, the Sellers may not agree to this, but we will shall what happens. Appreciate your response

@David Dachtera

I appreciate your concern with it, and if this was my own deal I would use a formula to help me understand.  In this case I am working with an investor, who is using his own calculation. All I know is that the property priced way under market, and the location is superb.  

@David Dachtera

The deal is good because it is a run down brownstone in a very good area, and if you buy right, then invest to renovate you will get a very good cash flow producing property. The current tenants are definitely not market rates, and just take advantage of the deceased owner, who was not taking a good care of the house anyway

@Aaron Montague and @Will H.

The issue here is that this is an estate sale, and whoever is making the decisions may not be so lenient, I'm not sure how that works though in estate sales, never been involved in one.   

Hi @Will H.

Yeah I know NY is very favorable towards tenants, so that is why they need to be extremely cautious. I wonder if after 30 days notice the tenants won't leave, then you have to go to court to file for an eviction, and that would take 3 - 6 months + attorneys fees, which they would like to avoid of course. So yeah I agree that the best way is not close before everyone is out 

Thank you!