All Forum Posts by: Les Jean-Pierre

What happens if the stock/mutual funds decrease in value?

You would have to check into the town but I woukd think it would be something like a thirty day notice. talk to a lawyer.

As a person who owns through an LLC and was sued, the umbrella insurance is more important. The insurance company had the lawyers, paid the settlement, etc. The higher the limit the better. I will say in plaintiff friends nyc, only the llc was named in the suit. Many people worry about piercing the corporate veil but that was not a concern. We had an llC, a million dollar liability policy and umbrella. It was enough but in a severe case, there could have been some risk.

Great job.

This what you mean Brooklyn R?

http://www.brownstoner.com/blog/2014/11/house-of-the-day-192-park-place/

I use Quicken's property manager. I have one property with three units. Tenants deposit rent in our account. I pretty much have my expenses down and have a unique email for account alerts. This is my first year with quicken so let's see how it goes at tax time but it categorizes everything so far.

Hi Brie, are there other sites that are like williampaid? I would like to see other options. Thanks!

NYC is a value play area over the longterm. I went to a SPONY meeting once and it was scary how thin some people's operating margins were.

Hello, one thing to keep in mind is in NYC there are housing programs that might sell 2-4 families. I live in Harlem and know people who got in that way. You live in one unit and rent out the rest. Not for everyone but that is an option. But, you need to be ready to move on it when and if they call.

You have the right to use income and credit or other economic factors but once yiu get into protected classes, you are in trouble. At the end of the day, you might not have a great clientele anyway. When I had my units on the markets, I got bank account statements, credit scores, etc. I don't know Baltimore but I would be surprised if you could not look at the factors I mentioned.