All Forum Posts by: Les Jean-Pierre

Makes you wonder why didn't they sell their stuff to pay you. Congrats.

Heather, I got a condo that is nice and not 100k a month!

And just because you have an llc, don't think you can skimp on insurance. I can share a scary story for you offline.

Glad to see the high prices as a guy who lives and owns in Manhattan. Hoping for same type of returns in Brooklyn. I just look at the rest of the world. Europe's economy is not great. Like Brandon Cohen said, people park their cash here because it is safe or at least a better option than a lot of places or vehicles.

Did you publish? You should have an operating agreement. If you want to ppen a bank account, banks ask for it. Is it a single person LLC?

Welcome aboard. I lived in DC for four years. Still have a bunch of friends there. Live in Harlem. This is a great site to learn.

I spoke to someone from the county treasurer's office and she said the max rate is 10% and is a bid down auction. Most rates for winning bids recently were around 3%. You might be in competition with a prior tax lien holder who wants to protect his interest. Then, normal stuff, you have big players going against you and know what you are bidding. $100 to bid but you can go see for free. I will let you know what happens after next week.

I have not but I think the benefit is that you don't have to liquidate your stock to buy a property. Risk is what happens when the stock goes down.

Creating an LLC is easy. The real issues relate to the operating agreement(particularly what happens when the members want to part ways, etc). Also, one has to abide by the rules so the entity is not susceptible to the corporate veil being pierced. Even if you have an LLC, you need adequate insurance. And to let you know, my family owns a property in Brooklyn through an LLC and were sued and the case settled last year. You want insurance because they have the lawyers to litigate and pay the settlement.

@ Max, I was only referring to the areas I know being Harlem and East Bed Stuy. I think if you saw my earlier posts, I was talking about my experience. Sorry if I was not clear.