All Forum Posts by: Munim Jalil

Lade - Thank you for the helpful insights. I’m in super early days of my real estate career. Just wanted to get a general consensus on the topic, eventually once I accumulate enough assets I’ll consult a lawyer and tax accountant. 

I also recently purchased a second house (3-family) in NYC at the end of 2019. Essentially, I'm trying to convert all my properties into a LLC, and run it as a REIT/ real estate investment portfolio.

I'm hoping by transferring my properties in a LLC I can run it more like a business - let me know if that is not doable.

Hi All,

I purchased my first property at the end of 2017 in NYC, the property is a two family house, which includes a duplex and one-bedroom apartment. When I purchased the house, I took out a traditional conventional loan as a first time home-buyer (20% down). 

I have rented out the whole house and curious about the options of moving the house over to an LLC. I want to understand the tax implication and benefits of moving the house over to a LLC vs. me having the house under my name + any cons for both sides. I'm also looking to refinance the loan with the lower-rates by moving the house over to a LLC, will this impact my mortgage?

Any advice/thoughts would be greatly appreciated!

Best,

MJ

Thanks so much for the warm advice guys. I'm currently expanding my search out to PA/NJ and still looking into the Bronx and Queens. 

I saw couple of properties in Buffalo, NY on the cheap - but I'm unsure of the rental market/the ability for me to manage it personally unless I go through a management company. 

How did you guys fair with managing a property that was in a different state then the one you were living in? How did you guys learn about that market? I have a good idea on the NYC rental market but outside of it I'm unsure how to gauge the rental sustainability of different markets. 

Thanks so much for all the advice, extremely helpful guys!

I've been currently looking at the Bronx and outer Queens neighborhood since the prices of homes are cheaper relative to Manhattan. Ideally I would love to get a 3-4 family rental with a decent CAP rate...(looking to learn from my first deal and the leverage the asset for a second property in the future).

I'm going to keep looking in the select areas and see if I can find something. I'll eventually expand my search in the coming months based on what I currently see in NYC. 

Is there any brokers that specialize in investment properties in NYC?

Best,

Munim

Hi Guys,

I know this may be very broad question - I'm interested to hear how folks got into their first RE deal and how much cash they started with....

I live in NYC and getting in RE here can be very expensive here especially if you don't have enough capital. I've saved up $60K that I'm looking to invest in the RE transactions, but I'm at a lost to where to start. I've read numerous books on RE from Flips, Tax-liens, etc so I have basic knowledge of RE but no actual experience in it (I also got my RE Agent license). 

I want to understand how folks took their first plunge on RE and how/where did they invested and what advice can they share for someone looking to start their career in RE investing?

Thanks in advance!

Thanks all for your valuable insights!

 - @Terrence Pulliam - Would you be able to share the link to the  commercial real estate investment course 

@Steve Kontos - Do you know of any networking groups in Astoria that I can potential get involved in?

@Shawn Ackerman - I would definitely be interested in learning more about the meet-up on Wednesday. 

Hi BP,

My name is MJ from NYC and I’m looking to get into the exciting world of real estate investing. I currently invest in the stock market but want to turn my focus on a sustainable means to wealth, real estate investing. I recently got my real estate license just so I can familiarize myself with some real estate terminologies and the basic aspects of real estate. I’m also trying to read as many different books on RE as possible to understand different RE transactions/scenarios (if anyone can recommend a good book that’ll be great!).

I have a corporate finance background from a major financial institution. I have a good grasp on how RE cashflow statement works, I’ve built my RE deal analyzers/ 5-20yr pro-formas with the exception being on how to apply taxes/tax credits these deals.

I have $50K cash to invest which isn’t a whole lot of cash for the NYC market so I’m open to any ideas on how to begin my real estate career. I’ve already established RE LLC to transact deals. I look forward to everyone’s valuable insights.

Best,

MJ