All Forum Posts by: Les Jean-Pierre

Bravo!

Welcome!

My cousin bought a condo a couple of years and was financed through NACA. She had to have her financials scrutinized for a year and said NACA was slow but she has a 30 year fixed mortgage below 3%. So, I guess it is worth it.

Lis Pendens is public but hard to find. Prop shark is the easiest. 

I don't think you can own a co-op in an llc.

I would go with WV personally if you can get in.

Another thing with a co-op is that they might want 20% down and 18-24 months in mortgage/maintenance in escrow. 

Agree with Brian Burke. the LLC formation is the easy part. Operating it correctly is the key.

A person on my block in Bed Stuy sold a small two family for 305k cash a few months ago. She inherited the property and I guess used a lousy agent. She was oblivious of the market. 

I have two section 8 tenants and one is outstanding. She has a high credit score and pays on time and keeps her apartment very clean. The other is a good guy but I have to get after him for rent. But, neither one is wrecking the property. It is nice to get the direct deposit on the first of the month. I should say in nyc you can have a decent city govt job and need Sction 8.

Hi, I live in NYC and I don't think for tax purposes NYC recognizes S corps. Might want to verify with a CPA. Depending on which borough the house is, be aware the NYS llc publication requirement will cost money. Finally, get adequately insured. I can share offline but you can be liable for pretty high amounts for slip and falls in nyc. Good luck.

I am in nyc and moved my parents property from in their name to an llc. We got sued and I found insurance was  as or more important than the llc. I think the issue is what happens when someone dies, wants out, etc. Get the llc but think out the scenarios.