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All Forum Posts by: Josane Cumandala

Josane Cumandala has started 1 posts and replied 105 times.

Post: New York Market for young and new investors

Josane CumandalaPosted
  • Appraiser
  • Brooklyn, NY
  • Posts 106
  • Votes 118

New York City resident and real estate appraiser here. 

I have bad news for you. $30-40k will not buy you a studio apartment let alone a multi-family property. New York is expensive, the taxes are high, and you are up against a lot of competition for property. Right now with the market is still reeling from the tax code changes but anything under $1 million will go in the blink of an eye. I wouldn't recommend this place starting out. 

I'm a newbie too and I'm researching smaller cities in the mid and southwestern US where property is less expensive and taxes are lower. It's not as sexy but it's where you can start out and build wealth. :)

Good luck!

Post: Ask An Attorney Anything About Real Estate Law

Josane CumandalaPosted
  • Appraiser
  • Brooklyn, NY
  • Posts 106
  • Votes 118
Originally posted by @Edward Schenkel:
Originally posted by @Josane Cumandala:

I have a question about LLCs. Do you need to create your LLC in the state you plan to do business in, i.e. CT or can you purchase a property with an LLC you created out of state?

Thank you for your generosity with your time!

@Josane Cumandala, you can purchase property in Connecticut with a LLC created out of state (foreign LLC) or with a LLC created in the State of Connecticut. If you use an out of state LLC then you have to register it with the Connecticut secretary of the State. If you have any other questions, please ask.

Ed

 Excellent thank you very much. 

Post: Ask An Attorney Anything About Real Estate Law

Josane CumandalaPosted
  • Appraiser
  • Brooklyn, NY
  • Posts 106
  • Votes 118

I have a question about LLCs. Do you need to create your LLC in the state you plan to do business in, i.e. CT or can you purchase a property with an LLC you created out of state?

Thank you for your generosity with your time!

Post: Seller does NOT want RE agent involved

Josane CumandalaPosted
  • Appraiser
  • Brooklyn, NY
  • Posts 106
  • Votes 118

Do you know why this seller is selling?  The seller's motivation might help explain their reluctance. Some people, rightfully or not, have an extremely pessimistic opinion of real estate brokers due to a past negative experience (I admit, in my market a good agent is hard to find). Other people are hiding something that a trained professional would spot from a mile away i.e. deferred maintenance, title issues, etc.

I would ask this seller what prompts their misgivings about dealing with realtors. Are they willing to let you engage your own appraiser, home inspector, and title insurance company as part of your due diligence and it's only realtors that they're skeptical of? If the answer is no and they just want to sell fast buyer beware I personally would not want to move forward but it's not my money. 

I would say the next step is to continue a dialogue with the seller and try to understand their perspective and lay your own concerns on the table. Be patient with the seller trust your gut. If something feels off don't feel obligated to move forward. Good luck!

Post: NY Out of State REI Meeting

Josane CumandalaPosted
  • Appraiser
  • Brooklyn, NY
  • Posts 106
  • Votes 118

Great idea! I wish I had seen this sooner. If there's another meeting like this in the future I am definitely interested. :)