All Forum Posts by: Kevin Stein

Hello everyone,

What happens if there's no written lease agreement? I'm moving to NYC in a few months, and I'm talking to a friend about moving in with him and two other people, AND THERE'S NO WRITTEN LEASE AGREEMENT! They have already been living there for a couple years, and the lease ran out over a year ago. I've read that in NYC tenants can do oral lease agreements after the lease runs out, but only up to a year. 

I've been following BP for a while now and the thought of no lease agreement sounds absurd to me. So now I'm wondering, from a tenant's perspective, what's the worst that can happen? They could be kicked out on short notice, but are there other possible legal repercussions?

Hey @Ben Ballinger thank you! Now that I'm looking at this post again, the images aren't showing up, so this probably doesn't make much sense. Thank you for the link to the article!

Hello everyone,

I watched Brandon's webinar the other week and started using the rent calculator. I'm trying to learn how all the calculations work, and I don't understand how you calculate Total Annualized Return.



I tried doing:

Total Profit if Sold / Number of Years / Total Cash Needed

The cash needed was $21,900

These are the numbers I got:



Please let me know if I'm doing something wrong!

@Karl Dowden Thank so much for the detailed response! I'm going to look into getting an attorney to help us write up the agreement and do some more research myself. Also, my friend interned at a CPA firm, so he is going to reach out and see if he can get some information. Thank you so much for the advice!

@Ned Carey Thank you for the suggestions! I will look more into Nolo Press. I read one article from that website but I hadn't heard of them before.

@Patrick Anibaldi Thank you for the response! I've heard of umbrella policies but I'm looking to split the deal with my friend 50/50, so we need to set up a legal entity so we can do that properly. I'm not sure there's any way around that.

Thank you @Kathy Henley!! I just added that to my list!

Hello everyone,

This is my first post on BiggerPockets. My friend and I want to buy a house to rent out and split it 50/50. We already found a deal and I'm looking to start an LLC to put the house under. I've been doing some research and there's a lot of information on starting LLCs. My question is: Should I do a lot of research and spend money on an attorney upfront to make sure it is set up correctly, or can I start something quickly online to list the property under and go back later to ensure the entity is set up correctly? The LLC would be in New York.

Some topics I've seen:

- Articles of Incorporation

- LLC partnership or LLC corporation

- Real estate attorney

- Real estate CPA

- Operating agreement

What's important up front and what I can figure out later?

I'm also wondering about the address for the LLC. I currently live in St Louis but will be moving back to New York in 6 months. Can I start an LLC in New York while living in St Louis?

Thank you!