All Forum Posts by: Harvey Greenstein

never saw a way to secure a dumpster. best to get it filled quickly and get it out of there. Dumpsters have a way of collecting other peoples coaches, cabinets...

I have a good tenant that will be out of state for a few months and wants to sublet. His lease runs out in August. I informed him he will have to let me know if he intends to return and sign a new lease before we discuss if I would consider a sublet. What are some of the things I should be considering?

Thanks

Mike

Sorry if I was not clear. I currently have single family properties and am accustomed to looking at and evaluating them. The property is across the river from downtown which is also a college town, walking distance to mass transit, restaurant... So the location is attractive.

This is the first multi-family property at which I am looking. Any advise in how to evaluate a multi-family versus a single is appreciated.

HGG

I am looking at my first 4 family building. Does anyone have any suggestions on what to look for? I would like to hear any horror stories you have to offer. I would like to avoid making the same mistakes and prefer to make new mistakes.

Regards

What are your suggestions for closing on a property with tenants in place. I am curious when you meet with them in the process and how that goes.

Regards

Harvey Greenstein

From my perspective and experience it doesn't matter which comes first. Just understand the implications. LLC first means the LLC is purchasing the property. This implies a business loan if it is being financed. Business loans are at a higher rate than a personal loan.

If purchased as an individual and then transferred in to the LLC it could trigger a transfer of ownership as far as the lender is concerned, if the property is financed. I go this route and have don't think the bank cares who is paying the note. This can also effect your title insurance, so the LLC will need to purchase it's own title insurance for the property.

The true benefits that I see for the LLC is that it protects your personal assets in the event of a law suit. The other benefit is that the LLC earns, spends, and then pays taxes on what is left, where as an employee you earn, pay taxes, and spend what is left. So your operating costs, car allowance, insurance policy... are paid with pretax Dollars.

That all being said, I am not an expert, this is only my experiences. Good luck.

In NJ ss it best to purchase a property in an LLC or is it better purchase the property as partnership and then to transfer the property in to an LLC. I would like to use the LLC as a way to protect our personal assets

Thanks
Harvey