All Forum Posts by: W. Alex Benitez

Looking for recommendations for a local CPA specializing in real estate.

@Vincent Sottile I plan to take a drive down there myself.  How did your search go?

Second for Andrew Newman...helped me out a few times as well.

Hi Lauren,

Being a landlord myself, i do focus on quality by using a brand name.  However, being that I also pay for the water in my rentals the main focus is $$.  So with that said, I prefer to use a low GPM water head.  The one i recently installed in one my rentals is priced appropriately and has a 1.5 GPM rating.

In addition to the shower head, I also installed a 2-button flush toilet system.  

Good Luck

I echo what others have stated with a multi-family.  It allows you to gain experience with being a landlord and building your personal wealth.  In addition, owner occupied rental property allows you to tax deductions (utilities, maintenance, supplies, etc...) associated with the investment.

Hello Shawn and welcome to BP.

We all learn lessons and life and congrats on brushing yourself off and jumping back in!!

I would highly recommend networking with like minded individuals who have common life goals. That being said, I enjoy going to local meetup groups to discuss REI topics with fellow investors. They are a great resource of valuable information, you can see what others are doing, where, how, etc.. I have attended a few in Philly so know they are out there.

In addition, SJREI is another great source with great presenters covering a facet of topics.  I added the hyperlink below for your reference.  

http://www.sjreia.org/default.aspx

Other resources which has helped me throughout my new journey is Podcasts, Audible, BP of course!! so just get out there and introduce yourself.

Hope to see you soon!!

I echo what many others are stating that there is a concern in the "deal".  The numbers do not lie and you must factor all factors (operating costs, vacancy rate, etc..)to analyze the deal.

In addition, know the local market and gather statistical conclusive data to come up with a more quantitative analysis. In your original post I noticed too many "maybes' "assumptions" and presumption.  Do your due diligence as numbers do not lie.  Get a reputable real estate agent to give you a more thorough comp.  

It does sound like you are motivated which is great but just be careful.  

Good Luck

Welcome to the forums.....

I see you are in the Harrison area and I myself haven't been up there for some time.  I was taken back by the development that occurred around the Red Bulls Arena. 

There are some great resources in the NNJ area starting with meetup groups.  I encourage you to join Meetup and attend some meetings for networking with like minded individuals.  This is not only are great way to meet people but also gain education on the area you are interested in.

Good Luck!!

All great advice from other members, highly recommend to get plugged in with a local REI club, try meetup as well. They are great to network and meet other like minded individuals who may know the area your looking to invest in, may have a mortgage company, may find an attorney, etc..

They have been through the process and may give you sound advice.  My advise is "its all in the mindset"....focus on your goal.  It all starts with you and your desire to get there.  You may run into obstacles but learn from them and learn how to overcome them.

I am in a similar position and did some research then contacted my RE attorney.

What I heard was that you can perform a quit claim deed and transfer the property and insurance into an LLC.The challenge is with the lender, typically lenders to a conventional loan will not allow transfer to LLC but you may want to call and ask.If they approve get it in writing so you have a legal document.

If you try to perform this without informing the lender, they may call the loan.This will typically happen when they are confirming that you have insurance on the property.If they see the insurer as XYZ LLC, red flags will go off.

In speaking to my attorney, he advised that I contact my lender and inform them which I did and they refused.Sooo my solution is to renovate a unit (tenant moving out) and refinance to a commercial loan.