All Forum Posts by: Salvator Lorick

Afternoon everyone,

So I am new to the northeast (Middletown, NY) and never really had to deal with snow. How do some of you invest during the winter? Is the market still good when it begins to snow? Does business slow down? If everything does slow down to a halt or crawl what do you focus on? Any kind of pointers would greatly be appreciated.

@Michael Carbonare

Enjoy the sunshine state my friend, I am originally from Miami and this cold really has me thinking about going back lol You know I never thought about it from the perspective. I guess I was just concerned about getting into a contract and being stuck with it until spring. Or if investors focused on other things until the winter is over. I do like the idea of sellers being more motivated especially since not a lot of people are beating down there doors to buy

@Charrand Jones

From what I read most lenders frown upon signing over the deed to an LLC. Highly reccomend you contact the lender first to see if signing the deed over will trigger the Due on Sale clause. Search the forums for Delaware Statutory Trust (DST) for an easier way to transfer

@Ryan Stover

You should search the forums for "Delaware Statutory Trust" (DST). From what I read this is a very good option to avoid the Franchise Tax

Afternoon everyone,

So I am new to the northeast (Middletown, NY) and never really had to deal with snow. How do some of you invest during the winter? Is the market still good when it begins to snow? Does business slow down? If everything does slow down to a halt or crawl what do you focus on? Any kind of pointers would greatly be appreciated. 

@Basit Siddiqi

Thank you for your response. I hear a lot of people saying to open an LLC in a more tax lenient state. Would you be able to tell me what the benefits are for opening an LLC outside of NY? thank you again

Good evening everyone,

I am very new to REI. I just moved to NY a few months ago and looking to begin my REI career here. As we all know NY is not very friendly when it comes to taxes. Would I be able to open a foreign LLC in a more tax lenient state like Nevada or Wyoming but purchase Real Estate in NY? Also would I have to pay taxes in both states? I understand that any info that is given is not legal advice. Any help that you all can provide would be greatly appreciated. Thank you in advance