All Forum Posts by: Leonard Rybak

@Angelo Revercomb, 1st I would ask why you want/need an LLC?

1. Will the LLC be multi-membered? , or just you? If it's just you (Sole Member LLC) then most banks will use your personal income/assets to ascertain if they can/will provide you a loan. You can then choose to deed/title the property in the LLC's name, while you personally will the guarantor /payee on the loan.

If the LLC is multi-members, then I think a large amount of initial capital should help banks make a decision (Others correct me if I'm wrong)

2. Personal asset protection? I myself have bought properties with the deed/title in my personal name, and with the deed in my LLC's name (I am the sole member). For the property I purchased under my personal name, I chose to pay for a Umbrella Insurance Policy (with $3 million incident coverage [you can go lower/higher] to protect my personal assets)

-The umbrella insurance policy costs more in the long run $1-2k a year (in NY state), but I feel it is more simple and direct, and most importantly passive.

- The sole member LLC requires proper banking habits/ethics, LLC meetings, accounting. Everything has to be done by the book so that in the event you get sued your LLC's "corporate vail" cannot be pierced, and you end up leaving personal assets vulnerable. But it is cheaper to create/maintain ($300-2K over the life of the LLC)

Hi @Alberto Leonard, any luck in this endeavor. I am interested in something like this myself 

@Heidi Braunhardt, congrats.   Do you manage it your self?

Are you using a property manager for those STR's

I would harrass the contractor by any and all means,  and also start finding more contractors.  You need estimates ,  not commitment (from contractors) , right? So get someone ,anyone, to give you estimates, just to keep this deal moving forward. 

@Soniel Estime

Hello,I am an out of state investor.  I currently have 2 single family homes under my belt, 1st one in MD, and 2nd in OH.  My 1st was basically turn key (I bought a flip) and was very nervous, still had heach aches and tons of anxiety to this day about it, but nothing compared to the 1st few months.  My 2nd deal was a fixer upper in OH, and still no tenant, so I have anxiety about the slow pace of that entire project, but a good property manager has helped calm my nerves. 

I guess it wasn't enough to keep me down because I am now under contract for a foreclosure complete gut rehab and figured why not, what do I have to lose if I made it this far.  I just keep my eyes on the prize and the end goal as a way to bandaid the pain now.    I also am under contract and about to close on yet another almost turn key property in MD.

I definitely feel little to not anxiety any more about finding and utilizing an agent.  But am very nervous about any rehabs (lack of experience).   But interviewing PMs and utilizing them is not as nerve racking. 

I definetely agree reserves are key to sleeping sound, but also focusing on the future version of yourself.  Will @Soniel Estime of 2030 look back and be upset that you didn't pull that trigger.  Right or wrong, I see it as always Right, as long as you learn .  Plus it's real estate,  its not going anywhere, unless the world crumbles, and then you can have anxiety about that. lol

Hi all,

   I have noticed something about real estate I didn't know until I actually started about 1 year ago. EVERYTHING is so SLOW! From finding an agent, to seeing properties, to getting loans, to closing, to rehab, rehab, and tenant finding, to eviction.  I have found myself buying more and more deals just to have something to do on days when other properties are at a snail pace. How do you guys deal with this? Is it just me? How do I stay sane during this time. I just want things to happen asap so I can start cash flowing and growing my wealth asap. Any thoughts? 

Hi everyone, 

   I am trying to find a contractor to add some drywall and recessed lighting to an unfinished basement for a single family house in Akron, OH. Any one have any recommendation of a decent licensed/insured contractor for this type of work, of an idea of where I could start searching for someone?

Any information would be greatly appreciated!

@Alex Hochberger, yes a 4 month headache that is now sorta a win.

Hi, I am currently looking for single family homes for approx $100k-150K. I make offers using a realtor and then they send me everything to sign and submit my offers to sellers. And these offers if accepted become legally binding contracts, and in turn I then have to send earnest money to a title company listed on the contract. This seems pretty simple.   

But,  a mentor of mine said I am doing it all wrong and should be using attorneys to hold my earnest deposit as well as look over these "offers" before I sign anything.  I cant manage to wrap my head around this. 

As anyone done or is currently doing this? How do I go about doing this and is it worth it for my level of property value .

Doesn't this create too much of a time gap between offers and counter offers, and basically create the chance that I will lose out on deals in a hot market. ? 

Any advice would be highly appreciated.