All Forum Posts by: Gaspare U.

@Michael Plaks I was just curios what entity RE Syndicaters before me have used. I have no intentions of DIY. But thank you for clarifying. 

Seems this is too delicate a topic not to speak to an asset protection attorney. But wish to thank you all for your input. We'll see what happens after a convo or two.

Thank you again!

Gaspare

@Michael Plaks thank you again for your reply! That was exactly what I meant.

I read Garett Sutton's book. He goes into great depth on the pro and cons. In short he basically says a "business" gets a tremendous benefit as a S Corp. And LLC are great to hold property.

Syndication is a bit of a hybrid. They collect fees and get an owner stake in the property.

@Michael Plaks thank you for taken the time to share your knowledge. Perhaps I am not explaining myself correctly or I am not understanding. In an example my company Senate Syndications syndicates a deal in Texas. A 100 unit multifamily in Austin with 10 accredited investors from different states. 

I understand the the Operating Agreement will be in the name of an LLC in this example Austin MF Investment LLC.

But my company, Senate Syndications should be created as a LLC or S Corp. And this entity that I pick will change from deal to deal.

Hope this explains myself better, thanks again.

Balancing the Pros and Cons for a Real Estate Syndication company. I live/work in NJ but will be syndicating deals out of state as well. My NJ accountant says LLC in NJ, Garrett Sutton (www.corpartedirect.com) goes into great detail why use Nevada or Wyoming.

RE Syndicators please tell me what you picked and why.

Thanks!

Gaspare

Try Robyn Latman at 201-853-0100, she handles evictions. You can mention my name. Fortunately I haven't used her services but I liked her professionalism. 

Best of luck,

Gaspare 

@Jared Forman Not to get involved with politics but anyone who has a nickel to loose in NYC is pissed at the Mayor. 

There very much is an aura of fear/potential crime. Homeless/addicts are at every corner. Trash is everywhere in the streets. I have been WFH and have only been back twice in the last few months. Rest/Bars/Rooftops all close early. You are eating in the gutters with cars/bikers wizing past you and every 15 min you get a lovely view of a dog pissing 15' from you. 

Issue is the CAP rates are so dam low here, it has forced me to look elsewhere. I have a value add focus and if NY State has removed my ability to increase NOI through renovations, what am I doing here? Waiting for inflation to kick in.... I will say this NYC is a wonderful place to inherit property, sucks to be the immigrant grandparent who bought it, forced to live there.

My only advice is make sure you have staying power. Perhaps a CORE strategy, buy in the best areas, and do not get leveraged to your eyes. 

All the best!

Gaspare 

Being a NYer nothing would be greater than actually having a crown in Manhattan. I'm afraid to look seriously do to my emotions getting involved and not allow me to look at a deal with clarity. 

Having said that... NY is getting crushed right now do to COVID. The last time things looked this bad here Mayor Dinkins was in office. I'm a fan of running into burning buildings. So I think there is an opportunity BUT.... 

Best to get proficient on the NY State regulations that got passed in regards to decapitating Landlords and their abilities to raise rents, evictions, etc....

Good Luck!

So here is the thing and I was discussing with RJ.

1. I'm not sure who is willing to travel to Cranford area once a month for a start-up group, especially now during COVID.

2. Not sure a virtual will add much value currently. 

3. I think perhaps some sort of hybrid where we begin in virtual and plan an in person meet in Q1 2021.

4. I'm working out some kinks right now with my site and UW some deals. Let me get back to this and will update everyone interested in the course of action I would like to go with.

Thank you all for your interest.  

@RJ Staats PM sent.