All Forum Posts by: Michael R.

Dont see why this should be a protected class. It is result of something they have done in the past that would make them not pass screening. Same as poor credit, past eviction etc.
What if you are forced to knowingly rent to a sex offender and then they are brought up on charges involving the neighbors kid? Will the landlord be named in a suit for knowingly renting to a sex offender?

I dont misspell anything because I use spellcheck.

I have both S-Corp and LLC for Rental properties. Both accountant and attorney said it was fine to use S Corp for rentals. I am in NY am the cost to form an LLC is high about 1200 as opposed to the S corp that ran about 220. In NY you need to advertise your LLC formation in 2 newspapers for 6 weeks and that really adds to the cost. This is not a requirement for the corp.

Looking around in Fl this week while Im here and took a look at a few low income rentals. Some dont have heat. Since this will be a sec 8 rental will this be an issue? My rentals here in NY heat is required for obvious reasons.

To bad I just moved my account from HSBC to Chase. Chase really seems untrained to have workers. At my branch they can barely open an account.

I still have my personal account at the local credit union and am keeping it there. Only reason I moved my business account to chase is that is in convenient to my properties.

Well I do invest in the same area as Mark as well as other areas. And yes I did get both for $700.00 each. Both are duplexes on the same street about 10 houses away from each other. Both need the typical complete rehab. New plumbing furnace etc (elec has been upgraded) Both have siding and decent roofs.

I bought one in December for 2k. A single needing a roof and complete clean out and rehab. All plumbing was intact though. Spent 6k on the rehab and its rented for 800 a month. Not bad for being all in at 9k.

Now these are not in war zones but not in areas I would want to bring my gf. And mostly every vacancy you have breakins and thefts. You need a good PM or you need to be hands on. Mostly all properties I buy are from an out of state owner who has no clue about landlording and dealing with the city and cant take it anymore. They thought buying a house for 10k and renting it was a no brainer. Also I buy everything cash and mostly do my own rehab work.

Hey Mark,
I know it is a PITA just seems like they want extra info or something. I was gonna check with my agent as well but just keep forgetting. Doesnt seem that important anyway.

While I think roc is a decent place I sure wouldn't live in any of the bargains I am getting lol Overall it is not a bad city but it is progressing in the right direction. I know I went to the upper falls park once and I dont know if it some place I would want to bring my family.

NY has your fill out a anti-arson application when you apply for insurance. What is this exactly for?

haha I would edit it but yea I messed up.

I never meet my sellers. I used to try to meet the sellers but the local sellers usually want more than the property is worth. I now buy from owners who live out of state and never meet them.