All Forum Posts by: Steven Tenaglia

Are there any Long Island REI meet ups or is there any REI's that are currently working on local deals that would like to discuss details about their deals and how ther re going?

I've done things backwards I guess from REI standpoint. I've done 7 properties down in GA and now I want to focus doing deals in my back yard. I know different pockets of the country are different then others and I think Long Island is very different. I would like to pick the brain of some investors that have found continued success. Thanks

On a side note....Great webinar on portfolio lending tonight by @Brandon Turner as well. (Fellow long islander correct) ? If anyone missed it was good info and I'll be upgrading to BP pro as well.   Just a little plug for bp.   I think I spend more time on bp nowadays then with my wife.  I think she's starting to get jealous !!!

Hey Ryan , first of all welcome and good luck on purchasing your first investment. I'm also based out of NY (Long Island) but focus my REI in GA. I currently own 3 rentals and flipped 2 others. As well as helping my parents purchase 2 rentals. All single family. I'm curious to hear your story in why you choose Atlanta and how you plan on being able to control your investments from 1000 miles away? Something I have struggled with and it actually led me to leave my full time job and focus solely on REI. How did you find this duplex and what area of atlanta are you planning on targeting on your next deal?

http://www.biggerpockets.com/users/bhall005  Ok.  Sounds simple enough.  First they are not in the business of making loans as far as I know.  Just an average person who liked the way my business was going and liked the interest rate I offered for the year.  Where do I find the 1099-Int form and Is easy to fill out?  

@Joe Fairless thanks for the reply Joe, Its a long story how I decided Ga but basically in short I owed a pizzaria here on Long Island with my father and saved up a little $ through the years and was about 31 still renting living on the beach, over paying for a studio apt. Said this is the time to buy, time to grow up and be an adult. The girl who I was seeing at the time who happens to be my lovely, supportive wife now, her parents lived in GA. Her Mom was a real estate agent working with investors and father is an old school retired Italian who knows how to do everything as far as handy man. Went down to visit, saw how much further $$ gets you there and GA was at rock bottom creeping its way back up. I could overpay for a property here on LI and prob never start REI or buy a property cash, own it free and clear, rent it out, wait for market to creep up and sell and do this multiple times. Well I picked GA, and now we own multiple rentals and this year decided to start fixing and selling. Finished 2 properties and looking to finish the year out strong. Now 100% REI, no more making pizzas for the time being, although I do miss all the pizza you can eat!

Hello B P.  Ill get right to it.  Have a few private investors who have signed up for a whole year with my company.  Ive been cutting them an interest check every 3 months (1 per quarter).  When the private investor goes to do there taxes, do I or my llc have to provide them with any sort of document or statement etc for the interest payments?  This is the first time dealing with private investors that weren't family members or good friends and want to make sure I do things right and professional?  Any info or related blogs would be great.  Thanks 

Recently found Bigger Pockets podcast a few weeks ago and was instantly hooked.  Just recently drove down to Georgia (where I buy Houses) from NY  (where I currently Live) to close on a property and spend the 4th on a beautiful lake in Alabama.  Back and forth it took me over 30 hrs to complete the drive.  The podcast was with me the whole time.   Listened to about 40 of them and each one was great.  All the guests (to many to list) were very informative and really did learn a lot from everyone.  I now know which books to pick up to continue learning and growing my business.  I don't know why it took me so long to find bigger pockets but I'm glad I did bc it will help me and my wife grow our business and find new creative ways of real estate investing.  Just want to say thank you to all the pod cast guests and obviously the hosts.  

Thanks Jeff,  good advice on title company.  I don't currently have a go to title company but I will contact my attorney on monday and see if we can set something up going forward on properties.  

Best of luck to you Helen as well. I will be spending my 4th is Lake Martin in Alabama. First time taking a trip into Alabama for me. Should be fun. I have access to county tax records online here in GA. All 3 properties taxes are up to date so thats a bonus. Houses from outside are in decent shape. We'll see how it goes. From what Ive have heard from Bigger Pockets Podcast and forums is that sometimes you can negotiate the HOA liens that are due? Im sure the HOA will be happy to negotiate since you will continue to pay the HOA fees in the future and also fix up the house and better the community. So if numbers make sense go for it!

Happy 4th fellow REI's.... Hopefully we all can take a little break from our busy schedules to enjoy our friends and family today! I will be attending my first real estate auction on Tuesday and need some advice from the pros. Want to incorporate court house buying into my scheme of things. I am targeting 3 properties which I've seen personally. I know my max bid for each. I know to check my emotions and ego at the door. My concern is how can I get more title information without having to spend a couple 100 $ on title search? I checked county tax records online and all 3 are up to date. There are no HOA fees on the property. Should I feel comfortable going ahead and bidding on these properties or is there a way to dig deeper without digging into my pockets ?