All Forum Posts by: Andre Green

Yes your thought is right that your down payment would be lower but he lender has to qualify you and one of the questions would be are you commuting to your job daily from this property. If you were able to convince them of that your plan may work but please be aware that telling the bank your living in a property and not living in a property is fraud (according to the banks and laws). I hope it all works out for you! Happy investing! Never quit!

Will Vera That would depend on a few variables such as 1. How far out if state will the property to be from you. 2. What type of financing will you be able to get (owner occupied vs. investor). The benefit of really house hacking is to live for free while the tenants pay your mortgage and you get landlord experience. In your scenario you would still be paying rent or something for where you live in NY?

What a great question @Paul Garciaand the answers will probably stretch across the board. For me it a long sacrifice after digging myself into a huge whole making all the mistakes in personal finance along the way. I had to figure out how to pay off $70,000 worth of personal and credit card debt (young and dumb college student) in my 20's while making under $30k a year at my w-2 job. My sacrifice was working 3 jobs, no disposable income and aggressively paying off debt for 6 years to get back to zero! In the end it was all worth it. I used those things as motivating factors to be the reason I made it. 

@Mehran K.Congrats on reaching your goals and I hope to hear many more great things coming you soon!

Hey @Andrew Taylorfrom all broker/agents I would like to thank you for even asking the question! If you know what type of properties you are interested in it would help to be as specific as possible. To build good rapport with the agent you would be upfront with the agent and let them know you are looking for this type of property even though you are not ready to pull the trigger. A good agent should still be willing to assist you on your journey appreciating the fact that you know what you want but your just not ready to buy yet.

Let us know how the search goes!

Hey @Jake Thompsongreat question but I think that you should have done some of those things prior to purchasing your current rental property but as you may already know it's not to late to do so. I am not an attorney or CPA so be sure to get a professional consult but putting your property into a corporation is a good idea. An LLC vs Corp will always be up for debate depending on who you are talking to and your tax liability/responsibilities. The incorporation cost are quite minimal in comparison to the cost of acquiring a property and possible exposure you would have personally if things go left. So I don't think your con is really a con just a business choice that may be the most prudent one. I hope this helps! Happy Investing and keep up the good work.

@Nidia C.Welcome to BP! and Congrats on taking steps period! That's more than most do. I am in NYC and network in your neck of the woods. I have attended a few events for a group called the http://www.tristatemixer.com I have personally made a few good connections there as well as some NYC meet-ups and the BP meet-ups (I haven't heard about any in a while tho). I hope this info helps. I am here if you want to network as well.

See you around BP!

@Serena HeCongrats on getting licensed! I am in NYC and I know there are some variations from state to state but these core principals should be the same for all states. You do need to have your agent (salesperson) license with a broker to legally conduct business as an agent within your state.

In order for you to have access to MLS you would need to be signed up with the local MLS which can only be done through a broker and not to an individual agent. It is frowned upon by all MLS companies to give your login to others to access your account (with the exception of an assistant). The fees for the MLS do vary depending on MLS company.

I started out on the realtor side of the business for many of the reasons you stated. I got my license more for protection when moving deals to investors since I am in the extremely competitive market of NYC. So I would explore moving your license to a broker for protection but it will not really give you a competitive advantage in finding deals on MLS.

I hope this info helps! Keep us updated on how things go!

Hey @JP Zurita, It seems as if you are only asking about the closing procedure when buying under a corporation name. You will be able to sign the contract and close under the same corporation name. The closing should not be an issue as long as you are dealing with a title company and lawyers that are familiar with what you are doing. Seasoned investors normally have title and attorney that are familiar with this.

I hope this information helps.

@Daniel Elijah Richardson A great way to find cash buyers in any market is to research some recent sales in your area where the buyers were cash. Most of those purchases are going to be distressed properties bought all cash. If you do not have access to your local MLS it would be a good idea to meet some local realtors that can help.

Another great way to meet cash buyers is to visit some properties currently under renovation and speak to the owner of the property. 

I personally have used both of these techniques to build my buyers list.

Good Luck!