All Forum Posts by: Eric Lau

bayridge, bensonhurst, sunset park, prospect height, park slope.

@Juan Avalos

I flew out of state just to see a closing and the area for the first time. If something was purchased and things showed up later on. I have no one else to blame but myself. Of course not everything is preventable but at least I did my part in a big transaction. Just my 2cents.

if you have partners: LLC

if you want to test the waters, buy it under your name with a personal umbrella policy.  but remember this still requires all your auto, boat, rv, homes under your name will need their own active policy.

I'm also from NY and currently have investment in Indiana and PA..but not Philly.  I know of others who invest in Philly (brewerytown & Strawberry). 

since you are planning to invest in Philly, I would form the LLC in the state of PA oppose to NY. 1.i believe the cost is higher for starting one in NY. 2. there is a annual cost for maintaining the LLC for NY

Attorney and accountant, you can chose this route but you will be paying premium. If you have one that you can ask a few questions will be beneficial. I formed the LLC with (Northwest) similar to Legalzoom.

But please do not take any of this a way to go about it. I did hours of research before choosing what I did.

I'm more than happy to discuss if you like since we're locals.

investing in other states.

1. yes, local bank for the state of indiana gave me a rate of 5.5% fix 15yr. based on a few factors.  My credit is 800+ and I still have 9-5

2. I gifted the money to LLC. I read if you loan it, you have to have it formalized with documentation.

without reading all the responses.  I spoke to my accountant as well.  It was said to me, if I only pull my contribution amount and replenish it back before the next tax cycle I will not need to pay anything (penalty/early withdraw) on it.  

* Roth IRA

 just realized you're in JC.  Nice I believe the returns there now. As I've invested in a 3 bed  1200sqft coop in brooklyn for $375k and is now appraised at $450K in less than 5 years. 

Now i have to ask,  Did your initial investment on this property net you positive back in 97?

@Vinh Huynh did you invest in this for business or retirement? It sounds like you’re just justifying the negative CF. -$300 this is not even considering vacancy. One month you’re not rented is going to run you $2500 out of pocket. Ouch. And no income from the property to cover this cost.

@Johann Jells this can not be real...

Brooklyn: prospect heights been here for 40yrs.  Currently looking in Indiana and PA

even this article is starting to go on to the second page of google searches. someone is persistent on cleaning up.

https://www.indystar.com/story/news/2019/03/26/fox-and-friends-clayton-morris-investment-real-estate-scheme/3128857002/