All Forum Posts by: Mike Wire

Myself and a few friends are jumping into investing in the south bronx. Do anyone know any wholesalers or realtors who focus in this region?

Delia Lopez I am not sure what you are saying is true. I'd check with an insurance agent. As far as my experience is concerned, gotten an quote for an umbrella to cover all my rentals with the understanding that it would cover all liabilities that could arise from renting to people. The only exception I was told was no section 8 tenants in properties.

Carlette E. What qualifications do you usually look for in a vacation rental? Single family? Pool? Proximity?

Todd S. I don't know if this is sound advice. The way I see it is that I'd rather sell to lock in the profit which may be tax free depending on your situation rather than do a cash out. In a cash out situation, you are still on hook for the now bigger loan and if the market takes a turn for the worse, you may get into upside down scenario.

Jay Hinrichs Still waiting for that bigger pocket podcast from you. :-)

Hi @Edward B.

Appreciated the response. This makes a lot of sense. For myself, I will probably stick with my personal name for some and llc for others and also use umbrella coverage for additional safety. 

Does anyone have any horror story personal or otherwise of lawsuit payout well beyond liability limit?

Hi Graham Parham Thanks for the detail write up. I posted this question in another thread regarding how to scale llc with increasing number of properties and didn't get an answer. Perhaps you may have some insight. Suppose I have 100 sfr each worth about 50000 with no mortgage, would you recommend one llc per property according to conventional wisdom? I think the tax preparation bill would be astronomical.

I just heard on the news that real estate prices are dropping like crazy in Puerto Rico due to the state of the local economy. Wondering if that's a good opportunity to start investing there. Anyone on BP currently investing there? Any local real estate agent from PR on BP?

Hi David Thompson , Are you still looking for investors? What kind of return are you anticipating from your deal?

@Linda Weygant

Something doesn't add. It's hard to believe that this is the first time she's scammed anyone. 

There's got to be something fellow landlords can help each other out by filing prior evictions. 

We can't let these things slide. Again, sorry about your situation.