All Forum Posts by: Leah Fisch

Working with @Mark Updegraff and getting ready to (hopefully) purchase my first investment property.

My plan is to purchase and THEN put the property into an LLC.

What is the best way to track and later deduct business expenses given that the LLC for the property doesn't exist yet?

For example: Purchase, repairs, travel to/from property...

My reason for doing it this way is to get a conventional refinance loan AFTER all the work is complete

Thanks so much @Jerry Padilla

I'm currently in contact with Mark and will reach out to Keino.

I will assume that your experience with Mark was positive given the referral ;)

Hello,

I'm looking to invest in Rochester NY but live ~6 hours away

I'm looking for more than just an 'agent'

I'm looking for someone to be my eyes/ears boots on ground. 

My intended plan is as follows:

1- research property and crunch initial numbers

2- partner checks out the property and provides detailed feedback including video tour or detailed photos, help make decision on putting in an offer pending inspection

3- I'll come view the property with an inspector 

This will be my first investment so I'd appreciate any help and feedback along the way

Thank you, that's great advice O'Brian (not sure why it didn't tag). Definitely NOT going to self-manage but didn't think to work with a PM before making a purchase.

@Eddie T. great advice thank you so much! I think that's my next step, finding someone local to work with. 

@Barry Cohen DEFINITELY! I've read and heard too many horror stories to take anyone's word for it. Just looking to avoid a MILLION trips.

@Account Closed thanks so much for the offer. Sending you a PM. 

Are you actively investing in ROC already? 

@Eddie T. thanks for the advice, however I'm looking to invest in student rentals and this appears to be a fair price for my target neighborhood. My question is more about the process for this market rather than finding other markets

hey everyone. I'm looking to make my first BRRR purchase.

Ive found a potential deal pending more advanced research. 

My target investment area of Rochester NY is ~6 hours driving distance. 

What is the best way to take preliminary action at a distance? I would drive up for the inspection and closing but don't want to find myself driving up and down every day. 

House listed for 115 in need of repairs. Hoping i can purchase for 105 and 15k repairs. 

Estimated cash flow is ~200 per month after accounting for

Mortgage

Tax

Insurance 

Repairs/maintenance 

Cap ex

Management 

Vacancy 

However without walking the property i feel like I'm guessing. 

Financing lined up. 

What do you think? 

if i purchase a rental property far from where I live,do you recommend getting a real estate attorney local to the property or near me? 

would love to join. Can you please add me to the list?

Newbie to REI but will be happy to contribute business advice

So if I plan to purchase all cash then do this under an LLC?