All Forum Posts by: Cory St. Esprit

I would look at setting up a couple gravel pads for campers and maybe cut a few trails for mountain bikes. List is on AirBNB, Dyrt, etc. for people to bring their campers. Maybe even set a couple RV's on it and put on RV share. 

I am owner of a building in a Class C City in western PA. We are working on finishing rehab on the apartments (a 1 bed 1 bath and a 2 bed 1 bath) and are working to turn the bottom floor into a laundromat. We are seeking a line of credit or remodel loan on the building to finalize the project. The building is worth $160,000 and we don't have any loans on it. We are seeking about $100,000 in working capital or a LOC for this project. Looking for a business loan that's not on a 1 year payback like most hard money. Maybe minimum 5 years?

Unfortunately we won't have the space for wooden stairs, without losing out on the parking spaces. The 2nd floor apartment is longer so the third floor can open out onto the roof of that 3rd floor (it's very solid - I've been up there and I'm 6/2, 250). So we need egress down but don't want to limit the parking because the main floor is becoming a laundromat. 

Apparently not many serious replies. Thanks. 

Our city code requires a method of egress for 3rd Floor units. There's not currently one in place. Does anyone have any good options that are safe and won't break the bank? Something similar to the attached. I can find a lot of options in the UK and elsewhere, but not really in the US that's not like "break the bank" expensive. 

Quote from @Mike Hoover:

Hey BP,

Currently a partner 50/50 and I have a dozen properties under one LLC. Buying another 30+ units (7 seperate properties all in PA) and I'm going to split them up into 3 additional LLCs but wanted to add an additional structure on top of those 4 and make the 3 new ones SMLLC owned by a Wyoming LP. See attached structure. I'm good with having four separate bank accounts and separate filing but wanted to get feedback and thoughts on this entity structure.

I would say personal asset protection is #1 but lower cost is a strong #2.   We both have high W-2 income and own all our properties clean and clear.   

 What's the benefits on a Wyoming LP

I agree with JD. If you have the funds back let it go

Try RelayFI

 Agreed. Our vacation rental is international and 99% is AirBNB

I think the biggest question is why you want to do it, aside from not wanting to waste it. Real estate requires a certain set of knowledge, skills, and abilities. If you don't want to squander it but want more passive, you could invest it in tax-advantaged mutual funds. 

Now, if real estate is something you do want to do, that's a different store. I'd look in your local area for meet up groups, get to know some people, and be patient. Don't think you need to buy the first property that comes your way (I did that initially...actually just sold it at a break-even after all expenses). Now we have 6 more properties (multi-families, vacation rentals and commercials) and have started to "figure it out."

So, should you wait?

1. Is college in your future? If so, your best bet is to graduate debt free. 

2. Do you have consumer debt (car notes, credit cards, etc.)? If so, become debt free on those. 

3. What's your current living situation? (renting, paid for house/condo, etc.). 

4. Do you want to be a landlord? It's not just sitting back and collecting rent checks. Trust me. Listen, my full time job is I own a restaurant franchise portfolio and then we have real estate. This past week, I feel like I spent more time on the real estate than the restaurants (city inspections, building permits, managing a construction crew, late rent from tenants, etc. etc. etc). 

I don't think there's an inherently wrong or right answer here. My biggest piece of advice is don't jump. Just wade in, figure it out, test it out.