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All Forum Posts by: Jimmy Thomas

Jimmy Thomas has started 17 posts and replied 34 times.

Post: Irvington, New Jersey Market. Thoughts???

Jimmy ThomasPosted
  • Rental Property Investor
  • Brooklyn, NY
  • Posts 36
  • Votes 17

Anyone have any thoughts on the Irvington, NJ area? I am thinking of diving into this market for Brrrring as I see many New Yorkers who are fleeing to NJ landing there and not being afraid to pay near NY rents. I know they were known for a bit of a crime problem, but the area seems to be turning, and as a Brooklyn Native I think I have an eye for what a Gentrifying area looks like. Nonetheless does anyone have any thoughts. It seems the market is flush with multifamiles. Any thoughts?

Post: Detroit Leasing Agent...

Jimmy ThomasPosted
  • Rental Property Investor
  • Brooklyn, NY
  • Posts 36
  • Votes 17

Hi Does anyone know of a good leasing agent in Detroit that I can get to assist me in getting my newly renovated 3bd 1bath home on the west side (48219) rented quickly after closing on 12/15/19?

Or is there a better way to get it rented. We are long distance investors btw, so se need on the ground assistance for showings etc..

Thanks.

Post: Good Handy Man/Woman in Detroit

Jimmy ThomasPosted
  • Rental Property Investor
  • Brooklyn, NY
  • Posts 36
  • Votes 17

@Salliece McCain thanks I will do that today. I am an out of state investor so that would be a big help.

Post: Good Handy Man/Woman in Detroit

Jimmy ThomasPosted
  • Rental Property Investor
  • Brooklyn, NY
  • Posts 36
  • Votes 17

After getting an accepted offer on a SFH house in Detroit, got it inspected and received the list of repairs. I am looking for a handyman/woman who can give me estimates on the work and/or complete the work. The clock is ticking I have 3 days to respond. Any help appreciated.

Post: Detroit Lenders under 70k

Jimmy ThomasPosted
  • Rental Property Investor
  • Brooklyn, NY
  • Posts 36
  • Votes 17
Originally posted by @Bala A.:

Check out Huntington Bank, they lend if the appraised value is 40K per property.

Thanks. Will Do.

Post: Detroit Lenders under 70k

Jimmy ThomasPosted
  • Rental Property Investor
  • Brooklyn, NY
  • Posts 36
  • Votes 17

Does anyone know of any lenders in the Detroit Area who loan under 70k? Any help appreciated

Post: Detroit Lenders under 70k

Jimmy ThomasPosted
  • Rental Property Investor
  • Brooklyn, NY
  • Posts 36
  • Votes 17

Does anyone know of any lenders in the Detroit Area who loan under 70k? Any help appreciated.

Post: Detroit Lenders Under 70K...

Jimmy ThomasPosted
  • Rental Property Investor
  • Brooklyn, NY
  • Posts 36
  • Votes 17

Does anyone know of a bank that loans in the Detroit area that loans under 70k?

Post: Partnership 2 LLCs/S. corps

Jimmy ThomasPosted
  • Rental Property Investor
  • Brooklyn, NY
  • Posts 36
  • Votes 17
Originally posted by @Lance Lvovsky:

@Jimmy Thomas

You should consult with a CPA and attorney on tax and legal implications. Keep your entity separate. Keep in mind that only certain types of taxpayers can hold stock in S Corp. Partnerships for example cannot.

Thanks,

I have scheduled some time with my CPA this Monday, so hope to go deeper. I believe the other partner plans to form an LLC. With that I hope we can form a joint bank account for the 2 entities and conduct business that way.

Post: Partnership 2 LLCs/S. corps

Jimmy ThomasPosted
  • Rental Property Investor
  • Brooklyn, NY
  • Posts 36
  • Votes 17

Hi All,

Looking to form a partnership to complete a few deals within the coming year. I already have an S. Corp formed and the partner would like tp form a new one for our joint ventures. What are some tax, legal, and banking implications if we go into the deals as 2 seperate business entities, or is it mandatory that we form a new entity? I would prefer keeping them seperate but I am all ears! Thanks in advance.