All Forum Posts by: Patrick Q.

Hello all,

I am in the early stages of getting into the residential rental real estate world in Hudson County New Jersey.

Does anybody know of any associations or organizations that I could get involved in to meet people in the industry?

I am trying to learn and network.

Thank you,

P. Quaid.

Thank you @Lawrence Zhou

Will start looking into those areas.

If things work out perhaps we can help each other out with challenges and questions down the road.

I am in construction management (electrical construction specifically).

If there is anything that I could help you figure out let me know.

Thanks Michael,

I will be doing that at some point soon.

Cheers Moises.

You are really looking after me today.

Hello All,

I am new to the property investment industry.

I live in Jersey City NJ and would like to start running numbers on properties in areas known to have available deals for rental or BRRRR properties.

My intention is to get my feet wet in areas that are close to me so that I can actually attend open houses and go get to know the neighborhoods in a bid to learn by doing.

My budget for the first purchase is $250K or less.

Question:
Can anybody suggest a couple of areas within 45 minutes of Jersey City NJ that I could use to start running the numbers and potentially be the first area that I buy in?

Pajo.

Thanks Moises.

Just joined BP today.

Going to get into all the content ASAP.

Hello All,

I am just getting started with investing in real estate and want to make moves to purchase my first rental property.

Assuming I do not establish an LLC or other business entity to 'own' the property the following are my questions;

-How is it handled in terms of taxes. Does it appear on my personal taxes (both income and expenditure)?

-Should I set up a separate bank account to receive rent and pay expenses and keep all financial events completely separate to any other financial things in my life?

-Are the proceeds of the rental taxed at the same rate as W2 income or a lower passive income rate given that there is no business entity set up?

-Should I set up a business entity with which to purchase the property? 

Looking forward to hearing any advice that you guys can offer.

P.S.: Any recommendations for study/reading material on the topic will also be graciously received.

Pajo.