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All Forum Posts by: Lelith Walker

Lelith Walker has started 14 posts and replied 250 times.

Post: Background Checks on Companies and individuals

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

How do you check out a company or person before doing business with them?

I was scammed by someone who I thought I had investigated well but later realized too late that they were not to be trusted. 

Post: LLC in every state i buy???

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

No it is not true. GA does not require that you have an LLC in their state and you do not have to register your LLC in that state either. Some states do require registration so check first with an attorney.

Post: Finding the right neighborhood

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

http://www.areavibes.com, http://www.neighborhoodscout.com, http://www.city-data.com, and http://www.youtube.com, http://www.biggerpockets.com, REIA, real estate meetup groups- use the email feature and email people in that city if it is not nearby. If you plan on visiting the city some places have neighborhood tours. If the city does not have neighborhood tours then take any tour. Talk to taxi drivers and police officers while there.

Post: HUD or NEW YORK CITY HOUSING AUTHORITY

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

HUD is Housing Urban Development. Its a home purchased with a FHA mortgage that was foreclosed upon.

NYC Housing Authority is normally the agency that governs the projects

Post: Investing in NY

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

Its definitely worth learning how to do.  The number of people who are doing the business should not discourage anyone from getting into the business.  Just because others are doing it does not mean they are successful or that they will continue.

Other places to get properties are probate, wholesale, auction.com, banks foreclosure auction, government auction, hubzu, hud, owners.com, ebay, craigslist, forsalebyowner, pennysaver, estate sales, realtytrac

When you say the town clerk office do you mean the tax assessors office? The deed should say who is currently holding the mortgage. Have you tried any of the skip tracing tools?

In NYC there is the department of buildings that give a property profile overview. We also can get info from the Housing Preservation and Development.   I am not sure what it would be called in LI. 

Post: NYC! What's it worth?

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

I would subtract how much curb appeal would be needed from the price the owner gave.  If the neighbors have parking and he does not I would subtract at least 350 from that as well.  If his house is bigger or smaller you have to factor that in too.  Eventhough you can raise the rent you still need to find out how much he is getting for it.  If he is renting lower than the neighbor who sold for 2 mil then you take that off from the price of the house too. 

I would make it contingent upon inspection just in case other repairs are needed that you are not able to notice and renegotiate on the price. 

Post: Analyzing Markets

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

Look for the place on biggerpockets, http://www.city-data.com/, linkedin real estate forums.  Also go to youtube and search for moving to <city, state> or living in <city, state>

If you check the census bureau or listen to the financial news to see where jobs and population growth is that will give you a clue.

Post: The only reason I have a 401k is to pull from it for investing...

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

I was thinking about doing this for flips and rehabs that turn to lease options but not for buy and holds.  I do know someone who did this and made about 500k.  The company I work for told me that I was only allowed to take out a certain amount and it was far less than 50% of what I have in there plus the interest would be 4%.  I will reconsider this when I feel a little bit more confident in my team.  If you do not have the right people in place then no matter what strategy you use it will not work out.

Post: Negative profit investment

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

Did he buy this via NYC Partnership HPD program?

Could you and your siblings take turns living there?

Couldn't you guys leave a room for yourselves so that whenever you are visiting that city or property you can stay there?

Couldn't you rent out the property or turn it into a bed and breakfast? 

Post: Providing Washer and Dryer

Lelith WalkerPosted
  • Investor
  • New York City, NY
  • Posts 263
  • Votes 141

It really does depend on the market.  There are some neighborhoods where there is a demand and you can charge higher rent while other areas people do not seem to care.

However, I think it is best to let the tenant buy their own.  Some tenants already have one and will disconnect yours anyway.  Some will not take care of it as well as if it was one that they bought themselves.  Some will choose to use the laundry room as another type of room and go to a laundry mat.