All Forum Posts by: Marylynn Caruso

I'm taking the course for New York State RE license now.  Thought I would breeze through because of my investing experience.  Not even close.  It's tough.  Lots of memorization.  I'm taking this very seriously and hope I pass!  Fingers crossed.  Good luck.

another one for Dishwasher.  You will still have the counter space which is important too.

Nope

I just can't wrap my head around the fees the banks and state government are getting for mortgages.  I just got off the phone with a bank I wanted to have a relationship with.  The list of fees was about 5% of my purchase price!  It seems like every time the government wants to sneak a tax in, it is in a RE transaction!  Can anyone chime in and tell me your thoughts on this subject?  I just assume pay cash and do my own due diligence but as a "Professional" I want a relationship with a bank.

sorry, also meant to say that I live in NYC and as tempting as it is to want to list my apartment, I wouldn't dare.  Not right now anyway.  Change will come.

I renovated an old schoolhouse for the sole purpose of putting it on Airbnb and it is doing great.  Kept the exterior true to the history but did high end, modern finishes inside.  Get high end guests and have 5 star reviews.  I need to do another one!

My husband and I were in a similar situation. We put our first rental in an LLC and when we got a second one we added it. We also have a sub S for a different business. We were advised to structure this way for protection as we all know. It also made it easier and cheaper to insure the properties. Good Luck!

I like the way you think.  I am a huge proponent for self insuring however with your holdings, I would reconsider.  As much as I hate paying insurance premiums, I do believe that a good insurance policy is your best risk management tool.  My lawyer told me that.  You have a complex legal structure in place but is it really rock solid?  You won't know until your in court.  If 1 thing is omitted, they have you.  The lawyers who set up the trusts are the same lawyers who will be picking it apart.  You will be in their wheelhouse and it will be expensive.  Run, don't walk to to the nearest insurance agency.  Introduce yourself and negotiate the best deal you can.  A good insurance agent is an important part of your team.    If you need one, let me know.