All Forum Posts by: BB Liu

I do NOT recommend Capital One Spark anymore. They did something ridiculous, which is remove from their services the ability to pay vendors via checks arranged online in your business account. This is a basic service for business accounts and they inexplicably took it away. 

@erikbaumer Here are two other good summaries of the 2019 law changes: http://www.realestateindepth.com/news/things-to-know-expansion-of-rent-regulation-and-tenant-protection/ https://www.nysar.com/docs/default-source/legal/2019-nysar-landlord-tenant-reform---memorandum.pdf?sfvrsn=2

Hi Shanitra, I am also an attorney in New York State, and I am in the process of selling my first flip. I am employed full-time as an attorney, and did the flip on the side.

I am confused by your questions, because you seem to be mixing two totally separate things: whether you need a professional license related to real estate; and what kind of entity you want to set up for your house flipping business. 

To be clear, you don't need any kind of professional license whatsoever to create an entity. Any person can do that. The most common entity for house flipping, by far, is an LLC.

Regarding access to MLS, that is where you might need a professional real estate license. If you get a license to be a broker, you don't need to answer to anyone else, but then you need to pay for your own MLS access (plus you may have other concerns such as needing to get insurance etc.). If you get a license to be an agent, then you need a broker to hire you, and you need to answer to this broker. But, the broker will get you MLS access. You may also want to explore other, less orthodox methods, such as getting hired as an assistant to someone who has MLS access.

I think you should probably read up on things before you take any action. I don’t recommend getting bogged down in the research, but I think it’s important that you are at least clear about basic concepts such as entities versus licenses.

Good luck! 

@Account ClosedI use this one: 

http://planning.westchestergov.com/images/stories/...

I recently opened a checking/ savings account for my LLC, with Capital One Spark Business. I chose them because they have no fees and no minimum.

In case this is helpful to anyone, this is the website to apply:  https://apply.capitalone.com/index.html#/getting-s...

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And, this is some of the information they need (I'm pasting this from an email they sent to me):

1) Personal ID verification - please send a color image, front and back, of: Current Government or State Issued ID

2) Tax ID verification, send copy of: SS-4 IRS Notification Letter (Unable to accept SS-4 Application)

3) Business Address (listed on your application) verification, send copy of: Utility bill or Government/State document showing the business name and physical address

Please note, we are unable to accept PO Box or commercial mail forwarding addresses

4) Business Agent (listed on your application) and Legal Business Name (if any business type other than Sole Prop), send copy of: Articles of Incorporation/Organization or Operating Agreement (signed and specifying you as an agent/officer/member)

5) DBA Name verification (if applicable and listed on your application), send copy of: Assumed Name or Fictitious Name Statement showing DBA.

6) Business description: Please describe your business and provide a link to your website.

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The entire process took less then 2 weeks to be up and running.  Very easy to connect other bank accounts to then (for free).  

PM me with any questions!

Hi, try the rental calculator here: 

https://www.biggerpockets.com/real-estate-investment-calculator

One thing to consider is which state has easier waive-in rules, and get your license in the state where it is harder to waive in. That way, if you eventually want to be licensed in both states, you can waive into the second state. 

Dan:  As you know, laws re mechanics liens are very state specific, but in case a lien is actually filed, I wanted to share something we have here in New York State:  In NY, if a mechanics lien is filed against the property, the owner has the option of serving upon the contractor a demand that the contractor file within 30 days an action in court to foreclose on the lien.  If the contractor fails to do so within 30 days, then the owner may go to court to seek an order discharging the lien.   

Hope this helps, and good luck!  

Hi BP community.

I am a relatively new real estate investor, but I have been a full-time attorney (litigator) for almost a  decade.  I am about to start my first flip, and had done research into what to do if a mechanics lien was filed against my property.  This 2-page article was the single best source of information I found, and I wanted to share it with the BP community:  www.thsh.com/documents/s-Liens.pdf

It was published in the New York Law Journal, which is basically the daily lawyers' newspaper in NYS, and it sets forth the legal options for the homeowner if a mechanics lien has been filed.

Can someone please tell me:  What is the best way to go about finding an expeditor for my area?  Thank you!