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All Forum Posts by: Simon W.

Simon W. has started 47 posts and replied 1265 times.

Post: Hard Money Lenders - What % is too high?

Simon W.
Posted
  • Real Estate Consultant
  • Lehigh Valley PA & New York City
  • Posts 1,315
  • Votes 641
Originally posted by @Chris Hill:

I understand that hard money lenders have high interest rates and points.  I get it....they are taking most of the risks.  But what interest rate would you consider just too high?

You need to calculate if it will cut into your profits like crazy. If you have a hard time getting a lender with low interest-rate, than a higher interest rate might be for you if you really need to get a loan.

It all comes down to working out the numbers and if you would be satisfy with the result.

Post: LLC to start, then Series LLC

Simon W.
Posted
  • Real Estate Consultant
  • Lehigh Valley PA & New York City
  • Posts 1,315
  • Votes 641

I am an Accounting for Property Management firm. I've been doing it for my whole career.

You don't have to really worry too much about transfer monies between entities. You just need to make sure to record and make sure to "pay" it back. This is why it's highly recommended to have an Accounting/Financial Property Management firm to help you in those areas. 

You do need to have separate bank accounts per LLC.

Post: BP app

Simon W.
Posted
  • Real Estate Consultant
  • Lehigh Valley PA & New York City
  • Posts 1,315
  • Votes 641

is it still being worked on? Also would there be a feature for inbox? I hate it when I can't check my inbox via app. 

Post: New York - 10/29/14 6PM-8PM

Simon W.
Posted
  • Real Estate Consultant
  • Lehigh Valley PA & New York City
  • Posts 1,315
  • Votes 641

See you guys there! Just 7 more days to go.

Post: Newbie from Staten Island, NY

Simon W.
Posted
  • Real Estate Consultant
  • Lehigh Valley PA & New York City
  • Posts 1,315
  • Votes 641

As mentioned previously, the event is a Meet and Greet. 

Sounds like you're more afraid of going to these events to meet people. Yes, there are some places that are like a marketing event because they bring deals to discuss.

I am the organizer of the group and it's actually the first event for the group.

Post: Newbie from Staten Island, NY

Simon W.
Posted
  • Real Estate Consultant
  • Lehigh Valley PA & New York City
  • Posts 1,315
  • Votes 641

Hi fellow Staten Islander!

I am actually holding a meetup next week. Spots are limited. It's a meet & greet event.

http://www.biggerpockets.com/forums/521/topics/151807-new-york---10-29-14-6pm-8pm

Post: Working with a JV

Simon W.
Posted
  • Real Estate Consultant
  • Lehigh Valley PA & New York City
  • Posts 1,315
  • Votes 641

So I can assume no one in the BP Pro community have done JV before.

Post: First deal in Allentown PA

Simon W.
Posted
  • Real Estate Consultant
  • Lehigh Valley PA & New York City
  • Posts 1,315
  • Votes 641

I know where Linden St. I pass by the area pretty often. It's rather a low-income section of Allentown. It's a decent investment there. 

Not everything is for sale there. Allentown is pretty big. Most places BPers are talking about the not-so-great neighborhoods. I wouldn't rule it out of your investment strategy.

Post: First deal in Allentown PA

Simon W.
Posted
  • Real Estate Consultant
  • Lehigh Valley PA & New York City
  • Posts 1,315
  • Votes 641

Which part of A-town?

Post: New York - 10/29/14 6PM-8PM

Simon W.
Posted
  • Real Estate Consultant
  • Lehigh Valley PA & New York City
  • Posts 1,315
  • Votes 641

@Andriy Boychuk - See you there!