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All Forum Posts by: Patrick Martone

Patrick Martone has started 37 posts and replied 125 times.

Post: Land is under an LLC. Can I domesticate the LLC in a new state?

Patrick MartonePosted
  • Engineer
  • Monmouth Beach, NJ
  • Posts 132
  • Votes 25

I believe NC is one of those states. In this case, how can we dissolve the LLC and transfer ownership to the two members (my in-law and I)? Is there a way to do a deed transfer without it being a taxable event?

Post: Land is under an LLC. Can I domesticate the LLC in a new state?

Patrick MartonePosted
  • Engineer
  • Monmouth Beach, NJ
  • Posts 132
  • Votes 25

My raw land is under an LLC in NC. I want to domesticate that LLC in our home state of NJ so we can be the registered agents instead of paying a third party. Is this possible? I know businesses can easily move to other states. I would assume the parcel is technically an asset belonging to the LLC. The LLC was created because my sister-in-law and I have joint ownership.

Post: Cap rates for 1-2 br condos and apts?

Patrick MartonePosted
  • Engineer
  • Monmouth Beach, NJ
  • Posts 132
  • Votes 25
Originally posted by @Yuriy Skripnichenko:

@Patrick Martone

Cap rates aren't used in condo. They are for commercial RE (MF 5-units and up). Also they vary in different areas of any given city. 

You should find another metric to use to analyze your deals. Perhaps ROI or CoC that you would want to have from your investment.

Hope this helps 

Maybe ROI is a better language. Off the top of your head, what kind of roi are people getting on one and two bedroom apartments and condos?

Post: Cap Rates for 1-2 br apts and condos?

Patrick MartonePosted
  • Engineer
  • Monmouth Beach, NJ
  • Posts 132
  • Votes 25

What sort of cap rates are you getting? I am an out of state investor, and want to make a long term investment where I can put some of the responsibility on the HOA if they allow you to rent. I understand I won't make as much as a purchasing a home, but I am curious.

Post: Cap rates for 1-2 br condos and apts?

Patrick MartonePosted
  • Engineer
  • Monmouth Beach, NJ
  • Posts 132
  • Votes 25

What sort of cap rates are you getting? I am an out of state investor, and want to make a long term investment where I can put some of the responsibility on the HOA if they allow you to rent.

Post: What are realistic Cap Rates in Philadelphia?

Patrick MartonePosted
  • Engineer
  • Monmouth Beach, NJ
  • Posts 132
  • Votes 25

What kind of cap rates are you guys getting in south philly now?

Post: Philadelphia Brewerytown Meetup 1st Wednesday of every month

Patrick MartonePosted
  • Engineer
  • Monmouth Beach, NJ
  • Posts 132
  • Votes 25

Hey, is this event still recurring? when is the next meeting?

Post: Buying houses that need a lot of work?

Patrick MartonePosted
  • Engineer
  • Monmouth Beach, NJ
  • Posts 132
  • Votes 25

You can get some of these rehabbed homes for not much more than you'll save buying a home in need of rehab. Run your numbers and see if its worth the stress.

Post: Jersey City V.S Newark Wholesale Market!

Patrick MartonePosted
  • Engineer
  • Monmouth Beach, NJ
  • Posts 132
  • Votes 25

Any REI meetings for Newark or Bayonne?

Post: Average Cashflow per unit Newark NJ

Patrick MartonePosted
  • Engineer
  • Monmouth Beach, NJ
  • Posts 132
  • Votes 25

Are there any REI meetings or groups in Newark