All Forum Posts by: Josh Keys

Thanks Uwe. That thread is exactly what I was looking for - even if the answer is not!

Josh

Hi

I am purchasing property in upstate New York for investment, and am trying to think of the best way to structure the deal.

Ideally I would like to setup as an LLC, but have heard that NY has some rather onerous (and expensive) publishing requirements. I would assume that Corporation is the only other option, but would appreciate any advice. I am a foreign resident, so S Corp is not an option for me. The problem with a C Corp is that any losses I incur would be trapped in the company, as opposed to an LLC where I could use them to offset my Salary income.

The flexibility of being able to invest in other states would be handy also. Not sure if that would mean a Nevada/Delaware LLC is best.

Any advice from other New York state investors would be greatly appreciated.

Welcome to BP

Welcome to BP Andrew. Youve come to the right place for info about investing in real estate!

How many people that have the money to quit work and life off their investments actually do that? They'll at least work part time or take up a full time hobby.

I think life is more about doing something you love rather than just cruising along doing a job you are only semi passionate about.

Suggest using HSBC for this. They operate in both countries.

In Australia, I use ozforex.com as their rates are better than the banks. Not sure if China has a similar sort of product.

Depends on your view, circumstances etc. It is difficult to answer a question such as this without seeing more info.

ie do you think your market will pick up, is your property currently tenanted, do you need the cash etc etc.

I know this is an old thread but I thoroughly recommend this book. If you can get past the 'dummies' title you will learn alot!

The best one I have read is Real Estate Investing for Dummies by Eric Tyson.

Brilliant read. Interesting too.

Daniel,

Welcome to BP!

I would not think it is necessary to get your RE license. What is crucial though, is that you write a busines plan if you are serious about being a RE investor. Doesnt have to be too formal - just something with your rough goals, strategy etc There was a good biggerpockets article or blog post on this the other day. Just browse through for more info.

Your question on strategies is extremely broad and noone can easily answer this for you. There are so many strategies (rent and hold, fix and flip, lease option, rent to own etc etc) it is difficult to know which one is appropriate without knowing what your goals are.

Also, suggest asking this question in the starting out section. You may get more responses!

Josh