All Forum Posts by: Lelith Walker

Its cheaper to LLC then purchase the property. In my case this worked because I did not borrow from the bank. Now some banks do not like to lend to LLC so I was advised that if I buy a more expensive property that I could put it in my name and then quit claim deed it to the LLC.

Legally your CPA can be anywhere. I prefer to have mine locally.  However, when it comes to lawyers you need one in the state that you are buying the property in.  Lawyers are licensed by state.

You can try the foreclosed auctions at courthouses to see if you can get a deal. 

This one is for Brooklyn.  http://www.nycourts.gov/courts/2jd/kings/civil/foreclosuresales.shtml

http://www.hud.gov is for all over

I have seen 43000 for LI homes that were hit by Sandy.  {I do not remember the link though.} I do not know what has been done to fortify the land in case another storm comes along either.  I would not look at popular neighborhoods to invest and instead go with those that are up and coming like Ridgewood and Jamaica.  I would also look at the Bronx because more metro north stations are going there.  You can also get advice, financial assistance and find out what the current housing opportunities are at HPD.  They do not seem to have a lot right now but you have to keep looking periodically.  They may have a mailing list too. 

http://www1.nyc.gov/nyc-resources/categories/housi...

Personally I do not want NY anymore.  It is the most unfriendly place towards landlords in the US next to CA and MN.  LI and Westchester taxes are just ridiculous.  Orange county went up a bit too.  This is why I went out of state.  I got screwed but I still can eat and I am going to make a profit.  Down south is way better and more landlord and tax friendly.  The learning experience has helped me lay down better systems for my next deal. 

If you do not want to go too far then consider PA or CT.  They are 1.5-2hr far from NYC, you can access them by train or bus, and the prices of homes are lower.  PA taxes are a lot less all around as well.  You can hire a boots on the ground person, go to http://www.wegolook.com, hire a freelance photographer, or college student to take pictures of the houses that you are interested in inside and out.  Do not trust what some of these realtors put up because they photoshop them.   Have them video the neighborhood and block too.  Biggerpockets, hubzu, and angieslist can give you recommendations on who to hire if you need a handyman or contractor.  If you do a gut rehab you may want to use a local project manager to oversea the general contractor and his subs at least 3 days a week.  Plus being that PA and CT are so close you can visit once a week.

If you decide to stay in NY you can get a multifamily with a basement or attic, you can decide to live there while you rent out the rest of the house.  If not, you could also do an AirBnb, daycare, or rent for photoshoots and or studios if you pick a place that does not have a nosey home owners association.  I even heard some people renting out their backyards for camping and weddings.  Those ads that you see on certain buildings those landlords get rent for that too.  Some fiber optic companies pay too but they normally want you to be in rural areas. Some people put homes in their parents name or have them cosign to pay less taxes.

How old is boiler, water heater, roof, smoke detectors, house? 

How much are their expenses? What utilities do they pay and what did the owner pay? insurance? HOA fees? taxes? maintenance?

What type of heating?

Whats crime or nuisances like?

Why are they selling?

Whats the house history?  Did it ever flood, have mold, infestations, paranormal acts, etc?

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When you look at the property did you examine it?  In particular doors, floors, windows, gutters, ventilation, foundation, toilet seal, and electric panel.  Were there leaks or cracks?  How is the floors and foundation sloped?   -Buyers will probably get inspector for this?

Are the appliances and cabinets updated? What are community amenities? Do you know the comps for area? Appraiser will probably look for this

There are commercial products that can kill the root of the tree and not harm the rest of your yard. 

http://www.geeksonhome.com/how_12075271_rid-root-sewer-line.html

A lady from one of my classes had this problem and used to pay plumbers but she ordered one of the products on line (I forgot the name) and it did the job.  She had to use the one that did not kill the tree because in her area trees were protected. 

You need to find ones that are certified to remove mold, asbestos and radon.  A license is not good enough in most states.  Some states have a website where there is a link to a list of all of the mold remediation contractors.  You also have hubzu, angies list, home advisors

https://www.normi.org/. 

I am not familiar with your part of Ohio but if the resale value is not much more than the purchase price +repairs then maybe just doing a rehab holding it for a while or doing a lease option might be more profitable. 

The city planning office and any local government office connected to HUD will let you know what areas are being renewed. If you can't catch them then see if you have a neighborhood housing services in the area.

I did two in another state that was  a 2 hour plane ride away.  It was not easy for me but I believe that the next time around it will be a lot better.  You have to know that in life anything will happen.  It is best to have 3 people in each position (general contractor, project manager, etc) in case anything happens.  Make sure they have real estate experience and have necessary licenses or certifications.  Project managers or boots on the ground people are supposed to make it a little easier for you.    Realtors, especially those that are investor friendly, can also be a big help as well and some can double up as a boots on the ground person.  Since this is your first time then I would go to the initial inspection and speak with the project manager and general contractor about your expectation.  Also make sure you spell it out in the contract.  You may want to add consequences if things are not followed.  One of the pitfalls I ran into was communication.  I am an email person, but the project manager was a phone person and ignored some of my emails so my houses were painted in the wrong color.  You also want to go to the final inspection of the property.  You want to test all outlets to make sure they are working. 

http://www.myrental.com

You could also go to rentometer.com, check craigslist.com, and consult a local realtor to get an idea.

The properties I bought were under 30000 so I did not need financing.  The new buy and hold properties that I am looking into will be pulled from the equity out of current homes.  The flips will probably come out of me borrowing against my 401k