All Forum Posts by: Shawn Ackerman

Separate meter? That expense goes to the tenant!!!  Unfortunately if you have a triplex or duplex with one meter you have to bite the bullet, however your rental price should reflect gas and electric expenses(give yourself as much cushion as the market will allow for a utilities included unit).  But if the meters are separate gas and electric are on the tenant.  I think water and sewer are typically the owners responsibility.

@Michaela G. It make sense to hear someone being very passionate about it.  Both you and @David O have helped put me at ease.  Additionally, Is the job of the title company to resolve any back utility bills?  I know that things like mechanic liens or mortgage liens have to be straightened out before title transfer but if the water work did not put a lien on the property is that something the title company would step in and say to the seller "This has to be paid?"  wasn't sure about that.  Any insight would be appreciated.

@David O Thanks for the heads up.  I was wondering how important it was.  I remember when buying my primary the lender said that it was required however since I'm not using a lender, at least initially I wasn't sure.  Thanks for the insight, greatly appreciated.

If the inspection goes well tomorrow I will be buying a property from a wholesaler(cool person) and I wanted to know if I should get title insurance.  I'm buying the property cash and will most likely be putting a mortgage on it after purchase(unless i hit the lotto first).  I wanted to know two things.

I'm going with the wholesalers title company.  She seems to run a tight operation but I'm still a little apprehensive.  Thoughts?

Should I get title insurance?

Well three questions lol!!!  While doing my due dilligence i found out that the seller owes back money to the local water work to the tune of $1,500.  I was told by the representative that the back money was added to the taxes for the 2016 tax year(No goood) and the outstanding amount stays with the property.  I say all of that to say, Is this the job of the title company to make sure this is resolved before the transfer takes place i.e. closing or do I need to add this as a contingency in the contract?

Thanks for the HELP!!!!!!!!!!!!!!!!!!!!!!

you got it

Don't shoot yourself in the foot with the "purely" part. You never know what having your license will do for you. Once you put it out there many people will be looking to your to get access to houses/apartments etc... that the public does not have access too. Keep in mind that all of the sites like trulia, zillow, redfin etc.... all get there information from the MLS because it's the most accurate record out there. I say go for it. Take a look at this school realestateu.tv. This is where i got my license. At the time it was $87.00 on Groupon. No brainier Now, I'd leave you with one more thought. The MLS is not free. Not by a long shot.... For me i I pay $687.00 annually in October. Totally deductible come tax time.

What are your plans once you get access? investing I'd imagine.

I like the thinking.....Keep us posted with how things work out for you.  Good Luck!

It's a good idea to get your license in NY. I'm from Long Island NY and I work as a realtor for Keller Williams. Their RE training is unparalleled. However there is little training on investing in real estate. Access to the MLS will help no doubt however where I live in order to invest you need a minimum I'd say of 300K(Not gonna happen right now) Additionally MLS access is regional. Meaning if your brokerage is in Rochester NY you would have access to Rochester and small surrounding area MLS. If you, like I do, live in Long Island you would have access to Some Brooklyn, Queens, Nassau and Suffolk County. So that's something you'd have to consider. Another benefit of getting your license is when you purchase your personal residence you get the commission. I work as a realtor part tiime. I do open houses, take buyers out etc...It's really just for extra money. I really got my license for the education more than to become a realtor plus I like the fact that any property I buy in the future for 500-600K I will get a fat commission check!!!! Oh and If you buy a property out of state, as a realtor you are entitled to a 25% referral fee which comes from the commission of the agen you are working with. And there is a misconception about the cost. To be honest with you i got my license for less than $200 in 3 months!

Cheers!!! and Good Luck!

Out of all of the markets I've looked in and all of the offers I've submitted, I think Milwaukee is where I will land.  I'm a New Yorker so this journey will be Long Distance.  Looking for some guidance regarding property management, preferred areas(although I've narrowed down two), Long distance investing tips etc.... I keep hearing about someone named @Dawn Anastasi who is investing in WI.  If anyone know who she is please reach out to her on my behalf.

Thanks in Advance for your help!

Shawn