All Forum Posts by: Peter Sanchez

@Tim Uittenbroek  looks like you have the best of both worlds, you can make money in a thriving economy and invest anywhere.    I hear great things about Singapore, Jim Rogers (George Soros' first partner) moved there recently so that his daughters would grow up speaking mandarin.

Good luck with your investing.

From the banks point of view, why would they allow you to transfer something that you and your wife are personally liable for to an LLC that you can walk away from? And if you refinanced, I seriously doubt that a new bank would lend to a small new LLC without making you and your wife sign personal guarantees for it. So if you're still on the hook, why do you need an LLC?

Why don't you just load up on more insurance and if the tenant wants to sue because they slipped on a banana peel, then it's State Farm's problem, not yours.

@Thomas Abbott welcome.  I'm in DC and I've done a gut renovation of a rowhouse here so if you've got some questions about it, let me know.  cheers.  

@Gerald Green welcome!  Your construction background should come in really handy when buying properties to flip or renovate.  Good luck in your new career! 

Good luck.  My best advice is to decide if you want to rent it or resell it. No sense in over improving something that won't bring higher rents.  If you're going to sell it, that's a different story,

What do the numbers look like?  If you fixed it up well enough to rent it, would you be cash-flow positive, and by how much?  Things have bounced back a lot in south florida, so you may be able to sell it quickly if you go that route instead, but decide which path you want before you start spending money on it, because it will affect every repair decision you make on it. 

If I had to guess...there was a wall there originally, and that's why the outlet is on that island.  They tried to make it open concept, but the wires were still there and rather than put back the wall, they did...THAT.  

Hey @Matthew Buckley !  Welcome.  My sister went to FAU too!  

Getting your license is a good idea to give you access to the MLS and to put you in touch with buyers and sellers. If you want to join a brokerage, my brother John runs Highlight Realty (one of their offices is in Boca, where you are). It's an independent brokerage so your commission splits are higher.

BP is a good place to get advice on your deals and connect with like-minded people.  I'm sure your friends and family are nice people, but most people are content to just get a check every two weeks and they have no clue about investing or real estate, so they can't help much.

If you're getting started at 19, that gives you a looooong time to learn and master it.

Kitchen looks great.  Black appliances are cheaper than stainless and look great.

I worked at PC Richard in my 20s and I would recommend them too.  They have a wholesale division that sells to landlords and smaller mom & pop appliance stores, might be worth it to check out.   They also have (had?) a clearance center in Deer Park  Long Island with new, but discontinued models for cheap. 

@Jeffrey McKee No the pipes were okay, and the electrical had been updated in the 80s, but the rest of the place needed serious work. Plaster and lathe walls, but no insulation (several dumpsters of debris to get rid of it). Windows with no headers.  A sagging kitchen floor because plumbers had cut the beams. And the old hardwood under the carpet was ruined b/c when they ran new electrical they cut a foot wide, 20 foot long hole in the floor and just put plywood and carpet over it.  

So, i'm still living in it, and it's 100x better now, but if you're going to live in it, don't buy an old house unless you love old houses.