All Forum Posts by: Amy C.

I'm a new investor, buying first property in Philly, and we live in S.Jersey...I wish we could buy in our cute S. Jersey town, but the dang property taxes prohibit the numbers from working the way I want them to. My preference is to buy in Chicago where I lived for 20 years and the housing stock kicks Philly's... but too inconvenient for a novice. Hoping Philly continues to improve, though I still think about 1/3 of it needs to be bulldozed. Best of luck!

Hi,

We are buying a triplex in Philly, as a rental, not to live in. Regarding the cost of insuring the building, which is being purchased for $262,500, my agent quoted me $2486/year. Does this sound reasonable?

With no LLC, we are going to buy an umbrella policy for this one and only rental (though hoping to buy a couple of more in the next several years), but for now, which sounds like a better buy...

$2 million for $579/yr or $3 million for $779/yr...I'm inclined to CYA (ours) for $3 million. Opinions? Thanks!

To be clear, we are financing the property and it is in Philadelphia. My mortgage guy just clarified that we cannot buy it with an LLC due to Fannie and Freddie, etc. I am thoroughly confused now as to how to protect our personal assets. Yes, you can buy an umbrella liability policy, but anything over coverage limits, you are then personally liable for. Will reach out to realtor for her opinion as well. I am confused as well, the benefits of individual LLCS/property. Thanks for the input!

Met with attorney last night to discuss issues re: first investment. One item was forming an LLC, which attorney said he could do for a bit less that $1000. Today, met with banker (Wells Fargo), and during the course of conversation, he said they do LLCs all the time for their customers, and it only costs the $125 the state of New Jersey charges. Basically, you follow instructions on the New Jersey government website, pay the $125 and you get some type of certificate. Then, go to the IRS website and give certificate info and within a couple of minutes, an EIN is produced...bada-boom, bada-bing...nearly instant LLC (well, more like 30 minutes). Does getting the EIN signify the completion of the LLC formation? Does this sound complete, legit and safe? I really don't want to ask my attorney what makes paying the $1000-ish to him different/worth it, but saving money is always worth an inquiry? Any experiences with this? Thanks!

Ralph D'Angelo for inspections

Hi guys,

For those of you in the Philly area, I am looking for professionals to assemble my team. Those persons being, RE attorney, accountant, inspector, anyone else who you've had excellent experience with. Thanks!

Thanks Elizabeth...excellent points!

Hi Ryan,

We left about 11 years ago...this is on the near northwest side. Resources consist of friends and any property management company I may end up using. Thanks for your input!

Hi guys,

Interested in a quad in Chicago. I lived there for many years and know the price and location to be very good. However, it is all vacant. If vacant, simply due to lease expiration, would you still go ahead with the deal? I generally have wanted fully occupied, for obvious reasons, but this is too tempting. Thank you!

Hi Rose,

Welcome to a great group where you will learn more than you ever thought! I am in the Philly area too and a new investor. If you would like to talk please feel free to reach out to me for mutual brain-storming. Good luck in your new venture!