All Forum Posts by: Michael Maliszesky

We live in a co-op in queens, and have a little over $200,000 in equity in the home we live in. We need to get a bigger place to live, and I'm thinking about trying to buy a foreclosure or short sale or something like that to get a better deal.  I'm thinking about using a hard money loan to buy a home on foreclosure and pay for repairs. Then sell our current home and refinance the new (previously foreclosed) home to pay off the hard money. 

I would be interested in speaking to any agents who are familiar  with this type of thing, and any lenders and/or contractors who would be interested. Or if anyone has any tips or advice. 

I never bought a foreclosed home before, so I would also just like more information on how the who process works. If anyone can like a good video that explains the process, that would be very helpful too. 

I just purchased my first rental property, a single family house in Virginia. 

I understand that getting an accountant can help me save money on taxes, but in my current situation am I really going to save much? I'm thinking about just using turbo tax for this year's tax return,  and holding off on paying an accountant until I do major renovations or own more properties. 

The property was turnkey, and I'm not planning on doing any repairs until next year. I currently own 2 properties. I own my home in NYC, and I own a rental in Virginia; both have a mortgage. So given my circumstances, how much can an accountant save me?

I'm in the processing of buying a rental property. I'm thinking I want to set up an LLC, but the law firm we're using is very busy, and it will probably take a couple weeks for them to set it up. Originally I was planning on setting up the LLC during closing, but now since it is taking so long, I am thinking about buying the property under my own name, and then adding the LLC later. My self and the seller want to close the deal ASAP.

My question is, are there any additional cost involved if I buy the property under my name and then add the LLC later vs having the LLC from the start?

I live in queens and I'm trying to get started in the landlording business. 

The cash flow numbers aren't very good in my area, but I'm want to look into the possibility of renting per room, possibility near a college.  For example, I could buy a 3 bedroom place near a college and rent each room to 3 different people. 

Does anyone know if this is legal in NYC? Do I have to register as a business or anything like that? Is there a limit to how many people can be in the house?