All Forum Posts by: Whitney Clay

Hi Everyone,

I am a new investor and recently purchased a 3 family property using a FHA 203k loan. The house is currently in the rehab process, and I am looking to set up my real estate business. I will be owner occupying one unit and renting the other 2, and plan to run property as a business. I plan to "pay myself rent", same as the other tenants and set up a business account to deposit funds, with future goals of purchasing more property.

Should I be setting up an LLC for this process? I have standard homeowners insurance, no umbrella policy yet as this is my first property, is that worth looking into at this stage? I just want to set things up to take full advantage of the tax benefits of the property ownership both as an investment and personal residence. I still work a W2 job (obviously) but do want to grow this into an actual full time business. I also want to make sure im covered from a liability standpoint and am not sure if a LLC is needed. I plan to self manage the property and am looking for any tips for running a landlording business.

Thanks!

@Zach Matteo Thank you, and good luck with you duplex! Albany does seem like a good market to be investing in

@Chaim F. Thanks, same to you Chaim

@Ryan Vienneau In my situation, I went to see the property the first day it hit the market, and as soon as I saw it I knew there would be huge interest. That forced me to put in an offer that same day at list price, and in order to strengthen our offer my agent suggested we waive any inspection contingencies (we still ended up in a multiple offer situation!). That left me in a dangerous position, but I was comfortable with the worse case scenario of losing my earnest money deposit if I had to walk away from the deal after getting it under contract. Contract terms seem to really favor the bank in REO purchases, I guess it's one of the risks you take for the discounted property.

@Account Closed Thank you, I'll send you a colleague request and message immediately 

@Justin Roland Such a small world, I wondered if I would run into anyone I knew on here. I replied to your message, we should definitely talk/link up.

@Ahmad H. Thank you for the mold remediation referral, i'll be giving them a call tomorrow.  It is the property on Dove St, i'm not a seasoned investor but as soon as I saw it on Homepath I knew it was a great deal. Put an offer in the first day it was listed, and still had to deal with a multiple offer situation. That increased the price a bit, but I still believe I got a great deal.

@Larry K. Thank you Larry, Albany does seem like a pretty good market to be in. Lots of options with the surrounding areas. I grew up in the area, so i have a bit of market knowledge but im learning everyday.

@Constance Kang Thank you for the congratulations!  I know the prices in the city are a whole different world, investing in upstate is a good option.  My mother is actually from Brooklyn, and most of her family still live down there. I've spent a ton of time downstate, even lived in Brooklyn for a year or two when I was younger. Good luck on your future deals, let me know if you need any info about Upstate.

Hello everyone,

I recently had my offer accepted on a triplex property located in Albany, NY. The property was a REO and needs some renovations. I am financing this through a FHA 203k loan, and this is my first investment, as well as my first home purchase. I am looking for a general contractor to handle the rehab and was wondering if any BP members had any recommendations? 2 of the units are in great shape, needing only light rehab work (painting, hardwood refinishing, door replacements etc.) while the basement unit is in need of more work (flooring, drywall, some water damage/mold). Outside, there is some cement retaining wall work needed as well as wood siding painting/patching (or possible vinyl siding replacement?). Just looking for GOOD contractor referrals for my first project.

Thank you for any recommendations/help! 

Hi everyone,

My name is Whitney Clay and I thought it was about time I introduced myself! I have been on the site for a couple months absorbing everything I can, and I finally feel comfortable getting more active on the forums.  I just happened to find BP while google searching a question months ago, needless to say I was overwhelmed by the amount of information I found.

I am investing in the Upstate New York area, and recently had my offer accepted on a Tri-Plex! I'm looking forward to using this site to help me renovate and manage my first buy and hold investment. I plan on creating another post with more information about my first investment property, with plenty of questions! 

I am starting off as a buy and hold investor, with aspirations to grow into flipping and other aspects of REI, eventually turning this all into a legitimate real estate business. These are my first steps in this direction, so it is definitely simultaneously exciting and nerve wracking! I hope I can become a valuable member of this excellent community.

Thanks everyone!