All Forum Posts by: Drew Slew

Id need good accountants, very low cost. I work in NYC, W2 9-5job and live in NJ. Have a home, so need mortgage interest off, 1099 real estate brokerage job too.

Generally who is good with he NJ/NYC commute situation's tax effects and real estate tax savvy. 

Any recommendations appreciated.

@Jessica Zolotorofe yes i do, but lets say my fellow agents order my real estate photography services, i dont want my brokerage to get that money.. so i need something, they can either write it to me as a person (liability there, what if I break a vase or something, my drone breaks the window etc.) or my legal entity like and LLC?

can you send me proposals of how much this would cost to form one quickly in NJ? I am a NJ resident btw, work in NYC.

Hi All, 

There are a few posts about this on the forum, wanted to get people's advice on forming an LLC.

I am a W2 at a firm, also a real estate agent in NYC and live in NJ. Creating a real estate marketing/photography business and I assume to get paid by clients i can go two ways: 

- they can cut a check to my brokerage in NYC / me basically as a 1099 employee

- form an LLC and they cut the check/pay that

- maybe other options? 

I heard about Delaware or Nevada LLCs being the best to form, more protected etc. Can someone give me an idea of NJ vs NYC LLC, which one is better etc?

Having an LLC, can I change my W2 job tax to my LLC, pay less tax?

Any other ideas of not an LLC but maybe a Trust or some other entity for a real estate marketing business?

Thanks

Did you get your LLC in NJ? Would love to connect and hear more.

is anyone familiar with setting up LLC for real estate agent, real estate photography in NYC or NJ? Would love to connect

Congrats. To any new investor, any good rental income areas Miami, NJ jersey city areas someone can recommend? No condos and HOA fees? Low 100-200k budget.

another millenial here w renting for years in london, beijing, nyc. Renting WAS MY LIFE i lived w foreign buddies in beijing for scrap change rent but the shower essentially was a hole on the floor above clubs, music banging all night. in london i lived for 6months w some pakistani family and their crying kid every night for a few hundred w a room next to hallway light was 24/7on..

ust moved to nyc 2yrs ago rent out two places to 2 tenants now. Both of them millenials prolly make more than me too..ready to buy a multifamily assp so i can half retire in a year or so, also working in finance here. still eat dollar pizza tho. id say NYC if played right can the cheapest place: $3 uber home, $1 pizza, profit from tenants, no car, free events w food/drink, buddy owns patry firm so never pay cover charge to clubs, can even airbnb my place if i go away for a weekend, share my chipotle w gf so its $4 only etc. however i started in a box studio in chelsea rent was over 2000/m for less than 300sqft, first my company paid it as a 20 something expat but after me having to pay it for 1 month i moved to harlem had 4 roommates and some mice, saved for a few months and now own a condo. my tenent in one of the rooms pays double the mortgage..id only have millenial tenants tho, out of towners who think they get a good deal.. 

@Brent Coombs yes wrong person, typo. 

someone all cash would be parents. they buy it, and somehow after getting a mortgage on it give it over. not sure if this is feasible or how it would work, just an idea. 

30k is ALL i have atm, including emergency, savings etc. BUT i do know that id like to get something fast that has cashflow. since gifting is not allowed at investment properties its tought to pay it all out and have nothing left.

some people said HOA and condos not good investments from investment perspective so thats a good advice, didnt think of that. @Ralph R.  good advice. 

there is no time crunch, its a different story to buy an investment property than a primary residence, so have to really look for a good deal. if anyone sees anything around newark, jersey city, NJ in general around the 100k range i will look at it.

@Kyle Tanner very interesting, messaged you. @Ralph R. good advice, yes the HOA is something that is hard to not have around NYC.

FHA loans are for primary residences only.

This is a first investment property. My lender says gifting is not allowed, it has to be all my cash. On a 120k property, id need to put down 30k plus closing... tought

What if someone buys it all cash, does a delayed financing and then I get the mortgage, puts it in my name? Is that possible, too complicated etc? 

no, i bought this place in the summer so nothing changed. HOA seems quite consistent didnt see any hikes previously too. i thought something w total fees at 1000 that rents for above 1500 is a good return. @Brent Coombs