All Forum Posts by: Robert Lum

@Account Closed you should speak with a CT attorney on whether you wish to form an LLC, S-Corp, etc. Every State has their own corporation laws, thus, different tax benefits and protection. Nonetheless, you should form a corporate vehicle to hold your real estate investments in order to protect yourself not only from personal injury liability, but also to keep these investments out of reach from creditors, judgments, etc. Hope this is helpful!

@Marlon Perez I am currently looking into NJ, PA, and possibly upstate NY.

I agree with @Michael Karl. Buffalo was hit hard during the financial collapse, and the abandoned homes on the south side of Buffalo are evident of its economic trouble. Nonetheless, as we all preach, make sure you are familiar with your target market.

@Marlon Perez 

The Buffalo Zoo area is very nice, especially since it is located inside Delaware Park. But properties around Delaware Park, one of Buffalo's nicest parks, fall on the pricey side. 

If you're looking for potential, the University at Buffalo is currently developing a new medical center/campus in downtown Buffalo. It is expected to be completed by 2017 and will be able to increase enrollment of medical students, researchers, and development in the area. I predict that it will draw a lot of renters into the area as well as revitalizing downtown Buffalo. This, along with the fact that properties in the downtown area can be had for relatively cheaper compared to the rest of the city, it would be something worth looking into. Best of luck!

@Marlon Perez I lived in Buffalo for seven years. If you have any questions about certain neighborhoods, I am somewhat familiar with the city. Feel free to message me. What made you decide on Buffalo, NY in the first place? And welcome to the community, fellow Brooklynite!

@Alex Puleio you should also factor in whether or not your student loans, if any, will greatly affect the loan you would be receiving. Some grads are unaware that student loans can create a high debt-to-income ration, which in turn can remove you from FHA loan eligibility.

For more info:

 https://www.mortgageloan.com/getting-fha-mortgage-...

http://www.fha.com/fha_requirements_debt

@Richard M. here is a great place to search for qualified attorneys:

1. www.avvo.com

2. http://www.brooklynbar.org/lrs/ (if you are in Brooklyn)

3. http://www.nycbar.org/get-legal-help/ (if you are in Manhattan)

4.  You can also seek out assistance from non-profit legal services like The Legal Aid Society, Brooklyn Legal Services, and The Volunteers Lawyers Project.

I am an Attorney whose law firm has represented Landlords in the past, and it appears you should seek an attorney who specializes in Landlord Tenant cases to best represent you in your case.

Best of luck!

@Pete Perez @Kathryn Mould

As an attorney who has drafted numerous contracts for real estate, I would not use templates per se since contracts should be created on a case by case basis. Sure there are templates, but the contracts have to be tailored to the needs of the parties and the facts of the case. Anyone can fill-in the blanks, but some people are unaware of their State's laws and are often surprised or frustrated when a certain provision in the template contract does not create any legal rights/obligation. Please speak with an attorney on this matter as this does not constitute legal advice nor does it establish an attorney-client relationship. 

That is interesting that people praise Rich Dad Poor Dad for its genuine message: to first acquire financial aptitude; however, on the flip side of the coin, my observation leads me to believe that the BP community views Kiyosaki's teachings as sale-like by pushing his products/classes.

Nonetheless, does anyone have advice for a newbie who wants to acquire more knowledge about the industry? Is it worth my time to attend these seminars? How would I know if these seminars are legit?

Thank you, everyone, for all the support. I am glad I have found this community.

Hi Gang! I'm Rob, and am new to the real estate game. Like everyone else, I'm trying to escape the rate race. I am based in New York and currently an attorney who works in a law firm dealing with, among other things, real estate transactions. (At the moment, I only handle commercial litigation.  I don't have much exposure to real estate but I will soon make it my priority to get my hands on any real estate related work so I can get my feet wet.

In the meantime, these is my goals:

1. As part-time, start with wholesaling to obtain experience with the real estate industry, and then gather enough funds to transition into buy and hold in other cities. I have concluded that the NYC real estate market doesn't make business sense for a newbie like myself.

A little about why and how I decided to get involve with this community.

Real estate has never really attracted my attention until I read a couple of books about the topic. It immediately gave me a deep insight as to the possibilities of financial freedom. As an attorney, I often put in long hours in the office only to feel drained and beat by the end of the day. The feeling is exacerbated by the fact that I am essentially helping someone else make money first. After this epiphany, I decided that I have to pay myself first and "mind my business." Soon later, I dreamed about owning properties and benefiting off steady cash flow from buy and holds. However, I admittedly  been lazy and procrastinating; and thus, damaged my motivation and ability to get into the game. I hope that joining this community/forum, and by hearing failures, hardships, and success stories, I will be more inclined to stay on track and work harder.

If anyone would share their thoughts about the wholesaling in the New York City market, I would greatly appreciate it. Wholesaling is tough, and I am prepared to face challenges in my endeavor; but I think I can start building a consistent routine and proper education/skills to succeed.The New York City market, as everyone knows, does not make business sense to purchase by and hold properties. Could anyone give me insight into the NYC wholesaling game? Also, if anyone here is located in NYC who would like to grab coffee sometime and talk about wholesaling or real estate in general, please let me know.