All Forum Posts by: Michael Robinson

Since Im moving to NYC to finish school. I just thought this would be a opportunity to get in markets surrounding the city like Allentown, PA or maybe Harrisburg, PA there are plenty. I hoping to get a rental for around 20k renovate, rent and then pull the equity to do the next. If anybody has any type of advice especially pertaining on how to get from where I am at to my goal.

Much is appreciated. 

Thank You Guys

Excuse me @ Michael R.

What makes you so sure the property is worth 100K?

-Other houses in the neighborhoods have sold around the 90k-130k range, my property has a little more sqft and upgrades. 

I have decided to get the real estate license for either NJ or PA maybe both just to allow me to be able to compare properties accurately and to be the go to guy for family and friends.

-The reason for becoming a real estate agent is that I really believe it will help me out while investing, along with giving me a job I'm sure I will enjoy while in college. This could also benefit when it comes to family and friends buying or selling houses. Plus there is that MLS incentive.

-I was thinking of refinancing my house now to give me capital to work with. So if I decide to buy a house, renovate and then rent I can fund this all on my own. Im looking for properties in the 15-25k range. The problem with refinancing tmy property now is the fact that I don't have taxable income (W2). All I have for income is the rent ($1000) from the property I own plus the post 9/11 education benefits which is not taxable

I was thinking that creating a llc would allow for me to bypass this.

When you incorporate, you are your LLC for all intents and purposes. You would need to Deed the property to the LLC -- but I will stop here. You need to speak to a CPA on your options for incorporating and if it is in your best interest and consider speaking to a Real Estate Attorney.

-My thinking was that I could start the ground work now for my LLC. Incorporate, get banking accounts started and build credit. Transfer the house over to the LLC giving the LLC some what of credit history, and a house as assets. I believe I will be able to save enough cash to buy a rental and if I needed credit for the rehab or wanted refinancing after I renovated the property my business would be in a good position to do so.

Well, @Rob Beland guess I will have to wait till I finish school and get thay coporate salary. Or possibly a job while I'm a student.

Thanks for the heads up

Hello to all,

I have been doing a fair share of researching and although I do understand why some people decide to corporate. I still can't find enough information allowing me to make a clear decision. I'm hoping anyone with experience on this subject will share. 

Background:

My mother and myself own a property in GA free and clear. Purchased the property 2 years ago through hud. Between me and my father we have renovated it with a new kitchen, one out of the 3 bathrooms, paint and flooring. Proprety needs just finished touches. We purchased at around 50k but I am for sure the property is worth at least 100k. At this point in my life I am finishing up my degree using VA educational benifits which means I make money it's just not taxed. I'm moving to NY this fall to finish up school the next 2 years. I have planned to get back in real estate investing but find myself with a few issues. I have decided to get the real estate license for either NJ or PA maybe both just to allow me to be able to compare properties acurrately and to be the go to guy for family and friends. Even though I own my house I really don't have an option to refinace do to no w2. I was thinking that creating a llc would allow for me to bypass this. My credit is decent but I'm thinking if the company owns the property, since it's paid for. I would be able to get loans because of the company's assets. Allowing me never to really worry about a w2, but wouldn't I have to buy future properties in my name then transfer to buisness after their payed for specialyl if it's home path property?

In general  I would love to hear about some of the doors that opened when you incorporated and some of the doors that closed. 

Thanks BP community

Thank you guys for all the greetings and help.

@Brian Braeutigam I'm in a meeting at my job right now if things wrap up here soon I will be there. 

Hi all,

My name is Michael and I'm somewhat new to REI at least in the anchorage area. I have been apart of investing projects such as flipping and buying and holding. I'm originally from the Atlanta area, where I do have a property that I was able to buy foreclosed. I put in a little bit of cash and a lot of sweat. I haven't rented it out yet but I have plans to soon as I have made the decision to stay here in Alaska.

Now being new to the Anchorage area I've decided to start investing into the market here. I'm currently renting but have plans to but a multifamily home when my lease is up. Hopefully I can get in cheap and do some remodeling, HOPEFULLY!. But on the other hand of things I've been brain storming and I'd like to corporate my own buisness in this venture of investing. I figure doing this will give me access to more credit and protection. The problem I'm running into is not knowing which route to take as far as llc, s-corp etc.

In this brilliant plan of mine lol, I've also decided that wholesaling would he great place to start as far as networking and building cash for my first flip or buy and hold whatever way I decide to go. Now I've been doing some looking, I do see some potential here but it is very slim. It seems most people don't really meet that "motivated seller" criteria. I haven't done any major marketing or anything but from the few I have contacted everyone seems to have standard process for selling there house which is via agent.

I also haven't seen much around here for investing clubs or any of that. So before I jump all in with this thing any information or suggestions would be appreciated on any of the topics I talked about above. Thanks ahead of time and I'm glad to be around people that share the same similar goals.