All Forum Posts by: Freeman Schultz

What are the important questions to ask vendors who maintain the property?

If you are buying a property that already has a vendors who are already maintaining the property, what questions do you ask to determine whether they should stay or you should look for a new vendor?

Before buying a property, is it best to keep the policy that previous owner had on the property or is it best to get a new one? What is the industry standard?

I heard that if you are a sole member LLC that you must pay income tax on the money that is in your accounts. But you will pay less taxes if there is more than on member.

How does this exactly work? 

Does having an LLC bring a huge tax burden if you are the sole member?

Maybe two or three.

What I have also noticed is that everyone gets sued at one point or another, even if they have an amazing track record. For instance, sometimes people get dragged into lawsuits that have nothing to to do with lawsuit itself but they were associated with the property so they get sued anyway.

One of the things that have been coming when putting together a team is how to screen candidates. Sometimes candidates have histories of lawsuits. Is that enough to disqualify them? Or is just bad luck? For instance, let say you are looking for someone to do a Phase 1 Environmental Assessment and one of the candidates has great references but is a defendant in a lawsuit. Should you ignore the lawsuit in hiring them or reject them?

Nothing yet. I am really just starting out. But I am reading a ton of stuff and I just want to be ready when the time comes.

What I have been reading about real estate investing is that putting together a team is important.

In selecting the members how far do you go in meeting them?

Having a one on one conversation with a broker and a lawyer for the first meeting makes sense. But in a situation where an offer has been accepted on a property is it necessary to interview the property inspector and mortgage broker in person? Or is it best to have a conversation over the phone or email?

Thank you so much for the responses.

I am learning a lot.

Is it wise to use the property address itself for the LLC?

Thank you so much for the responses. It has been very helpful.

Is it normal to interview a property inspector in person or over the phone?

So I am interested in investing in real estate in Michigan, New Jersey, Connecticut, Pennsylvania and New York. One thing that pops up is the property inspection. 

What is the best way to select a property inspector?

What are the standard qualifications of a good property inspector? 

Should they be part of an organization? What type of license should they have?

What are the red flags?

How much should it cost? I have heard it ranges from $300-$500.