All Forum Posts by: Samir Goel

@Diane Manders I'm in this situation now, how do you like Voro? Would you recommend them?

Hi @Candace Noel - would definitely recommend an LLC to manage the investment from a tax and liability perspective.

Would also love to chat as I'm actively looking at purchasing my first property in Baltimore and it would be great to compare notes. Out of market for me as well so looking to learn as much as possible before moving forward. 

Congrats @Shawn Lowery, especially on your first flip. Appreciate you sharing the details and nitty gritty. 

I'm curious, for your next flip would you pursue the same financing option or would you go down a the sub2 route?

Excited to keep up with your future deals. 

@Jon Crosby - This is terrific. I'm new to the short term rental game, but will be trying this out as I want to build systems from the start. Thank you!

@David James - have you tried the service? If so, curious to get your thoughts on it.

Completed. Still very new but hopefully helps out. Loving what I've seen so far. 

One value in my mind could be recommendations / matching for future connections & opportunities based on previous deals, investments, connections run through BP. Would make people put more information on the site and come back because it cuts down discovery / BD costs. My concern would also be providing that service without reducing the authencity of the site.

Hi @Genesis Pacheco - I've set up multiple LLC's in NYC (not for real estate). Most of the incorporation paper work is available online and if you are a DIY person you can take these templates, adjust some of the language and probably ask a friend in law school to take a look at a high level to make sure there are no red flags.

However for peace of mind you could also use legal zoom (https://www.legalzoom.com/index-b.html) to set this up. They will file the incorporation, set up an EIN, cover state and federal requirements and even provide a 30 consultation with an expert for questions for ~$350 for NYS. All of the above should be set within 30 days so if you need to move fast you can. If you need a business address you can always set up a PO Box within a week for $112 dollars in NYC.

You can also use this service if you choose to incorporate as a corporation (s-corp or c-corp) so I'd advise you to first determine what entity best serves your professional needs (scope of your work) and your personal needs (taxes and maximizing income). From there Legal Zoom can get you there in the shortest hassle free amount of time. 

Hi BiggerPockets. I'm in the midst of exploring using a service called HelloRented (https://www.hellorented.com/) to be a guarantor as I take on 1-2 leases on apartments in NYC. Do any of you have experience with them? They provide the following services:

1. Will serve as guarantor in exchange for ~1 month of rent and will have their guarentee backed by insurance company in case of default

2. Will provide security deposit for monthly fee 

Let me know your thoughts on this and whether it's worth doing? I recently left my job to work full time on my own start up so providing bank statements / consistent income is a challenge. Goal is to find a 2-3 bedroom and airbnb out 1 or 2 rooms to cover all or majority of total rent while I'm bootstrapping. I'm new to this space so just trying to learn as much as possible as well and as I have more liquidity make some more significant estate investments 

Thank you!

Thanks @Jason Sylka! I'm new around here too and this is very helpful. Appreciate the great contribution.

Hi Bigger Pockets - I'm thinking about Airbnbing out one of the rooms in a two-bedroom in NYC with a goal of covering my overall rent. I will be living in the apartment still to ensure compliance with NYC policy. 

Have any of you tried this before? Any tips / recommendations? Do you think this is feasible in terms of breaking even on overall rent? I'm looking at places in the upper east side / East Harlem.