All Forum Posts by: Evan O'Brien

@Randy Gutierrez Thanks you so much! And awesome! Where in Sayville did you get married? I’ve been thinking about investing in the Lehigh Valley area, I’ve heard great things about purchasing property there as well as the increase in employment opportunity’s there. I’ll definitely send you a PM since I do have a couple of questions and if you even wanna meet up in person when Covid calms down I’d be interested in that too!

Hello, What are some great questions to ask when hiring a potential Real Estate Agent for your team? I’m looking to purchase single family and small multi family properties below market value for long term buy and hold while obtaining cash flow and rehabbing the properties to increase their value!

Hello, when is considered an appropriate time to open an LLC for your rental property portfolio? From the research I've done it doesn't make sense to create an LLC after you purchase your first rental and you shouldn't have greater than 3-4 rental properties in each LLC since the person who's suing you can go after all your assets in that once LLC. Does anyone have any suggestions?

@David Ribardo David, thank you for reaching out! The Lehigh Valley was one of the markets I’ve been exploring and considering investing in! Would I be able to send you a PM to learn more about the market, how you got started and what factors to consider when investing in the Lehigh Valley?

@Danish Jawaid thank you!

@Shai Flax Hi Shia! Thank you so much for the information and reaching out! I would be interested in learning about your experience and how you got started so I could apply it to when I start! Can I send you a PM?

Hello BiggerPockets Community!

Earlier this year I came to the realization that I’d like to invest in Real Estate. Just to share a little about myself, after I came to this realization I primarily focused on paying off all the consumer debt that I had (I paid off $45k in Student Loan Debt and a $6k car loan in full as of 2 weeks ago) . I am interested in purchasing single family and multi family properties that are approximately a 2-3 hour drive from Suffolk County, Long Island (which is where I live) within the $100k-$200k price range that are in need of being rehabbed.

For funding deals I'm planning on using my investment accounts which include a brokerage account (which I plan to invest a $1000 a month into stating in January), my Roth IRA (I plan to invest $500 a month into and I can pull out the principal amount that I invested without paying a 10% penalty or taxes), and a 401(k)/TSP loan through my job where I can take a loan on half of my TSP balance (currently have $20k in my TSP account). In the future I plan to utilize private funding once I've developed a set system for purchasing rentals and have a team in place.

I am hoping within the next 1.5-2 years I’ll have enough saved up through my investment accounts to start purchasing rentals. I also plan to utilize cash out refinances on each rental I purchase to repeat the same process over and over again with the same funds.

I do have a couple of questions and anyone’s feedback would be greatly appreciated. The first question I have is does anyone have any suggestions for markets to invest in they’re 2-3 hours driving distance from Suffolk County Long Island? And if so what experience have you had investing in these markets and what factors made you determine that this was a great market to invest in? The second question I have is to any experienced investors, what tips and information do you wish you were told when you first started investing in Real Estate?

I look forward to hearing anyone’s feedback!! 😁

@Brandon Beatty Hi Brandon, thank you so much for the information!

Hello! After you put an offer on a property that is approved by the seller and it is under contract, is that when you’re able to have a contractor inspect the property and provide you with an itemized bid of the scope of rehab work that needs to be done? And if so, are you able to put a contingency in the Purchase and Sale Agreement stating that you’re able to back out of the deal based upon the amount of rehab work that needs to be done on the property?

@Daniel Feigelson awesome, thank you so much!