All Forum Posts by: Matt Lane

Hey @Peter Mikhjian, i dont know if i agree with you. In this litigious society if someone wants to make a buck and they know the owner is an individual and the management company is an LLC i think they would go after the owner since they are not shielded and would have "more to lose". All of my investment properties are owned under their own LLC. I am sure there is a way to transfer the ownership to your LLC while maintaining your mortgage but i've never done it. I would definitely look into it and insurance as well in order to protect either you/your LLC in the unfortunate event that someone sues for getting hurt on your property

Excellent question @Matthew B. I am guessing the reason for having the operating LLC above both the buy and Hold LLC and flip LLC is because he wants to have one bank account/credit card to handle all the expenses from, at least thats my reason. I don't want to have to carry a separate CC for each type of business, i rather use one CC for all marketing, networking, dinners etc and then allocate those expenses to the underlying entity/investment afterwards for simplicity sake.

I currently have several buy/holds under my invest LLC which subsequently is one of the members of the LLC for each individual property (i own the properties with multiple partners) and i have a checking account and CC for that investment LLC. However, now that i am expanding my rehab business i want a separate LLC for those projects but i don't want multiple credit cards (multiple checking accounts might ultimately be required) hence why the idea of a master/operating LLC sounds appealing. I haven't done this yet either so i would be really curious to know if that's how most people set their business up

@Gregg Alexander if you're looking to wholesale i'd be interested.  If its out of my scope, I have a few personal contacts who do new construction in the neighborhood.

Hi @Josh Caldwell, 

Thanks for the suggestion! You're and i do have a conservative ARV that a calculated the deal on but now when speaking to some other investors and mortgage brokers they are coming up with significantly higher numbers so i wanted to get a sense of how conservative i was being. Great idea to drive the neighborhood and call local brokers, will definitely do that!

@Elan Kels Its a fix and flip for retail buyers/investors (single fam 3 bed, 1 bath with a large basement, bath, kitchenette and private entrance.  Also has an attached garage).  The problem is there are few houses like it so when i search for sale comps in the last 6 months or so nothing comes up similar to the property.  However it seems a similar property (not rehabbed) was just listed by another agent but i don't know how accurate that is either. 

I guess the best bet is to get a few brokers in the door.  I wonder if it would make sense to have the agent who's representing the other property near by to give me their opinion or do you think this would be a bad move?  

@Jonathan Valerio I myself am a newer investor but come from a family of real estate investors/developers and am actually doing my first solo project in the bronx right now (i've done a few with family already).  If you are looking for a serious investors with cash to wholesale deals to in NYC send me anything you have.  We are adequately capitalized to purchase projects of any size if the deal makes sense.

If you're just looking to bounce ideas off of someone to get a feel for the market feel free to hit me up as well, might not be an expert but maybe i can point you in the right direction!

I am new to the BP community so apologies if this is not the best place to post my question.

I am a newer investor/developer mainly doing deals with other family members but i have been striking out on my own and doing my own rehab in the Bronx. Unfortunately i am not entirely familiar with the area so i'm having difficultly coming up with an ARV for the property i have under contract. I have spoken to a few other investors i know but they are not too active in the area so the ARVs have fluctuated a bit.

If there are any Bronx RE agents on here that could assist I'd appreciate it

thanks and looking forward to building a some solid relationships!

Hi Victor, i'm a new-ish investor in brooklyn and queens, if you have any properties you want to discuss i'd definitely be interested.  This is actually my first post on bigger pockets as i wasn't really sure where to start!