All Forum Posts by: Kenneth Wong

Hi Emilie,

Welcome to BP.

I'm fairly new to BP as well, and have found this forum to be an absolute treasure chest of information, with lots of resources and willing folks to help out when you ask a question.

There seems to be representation from all levels of expertise and in numerous states too. Good luck to you.

(My wife is an Emily). Cheers. -Ken

Hi Alan,

I am fairly new to BP. And, will be setting up my single member LLC in ten business days. It would be prudent to have a business partner, rather than single member, simply because the LLC works to protect partnerships. My brother refuses and I cannot use my spouse.

From what I have read, your property in the LLC is encapsulated within the LLC.

If someone who slips and falls on your sidewalk and then sues the property owner, in this case your LLP, your personal assets are protected. If your partner is not listed, then you will fight the lawsuit on your own. There are probably more situations to think about, but it is better explained here: www.myllc.com

I've spent over 10 hours on the site learning. All REIs need to have an understanding and a level of expertise on so many topics in order to be successful!

Cheers.

Hi Brady,

I'm relatively new to BP, so not an expert at this yet. See if this article from Forbes helps:

http://www.forbes.com/sites/anthonynitti/2013/11/27/final-net-investment-income-regulations-irs-grants-relief-to-real-estate-professionals/2/

The gentlemen appears to have left you some doubts, so that should weigh more against him, while the girls collectively represent enough to pay the rent if one loses their job.

I have an option to buy (for $11,500) an attached 2 story brick (2br, 1ba- 864 sq ft, with basement) as a complete gut renovation in Newburgh, NY. I really liked the idea of a smaller unit as my first real property renovation for resale, and anticipated ripping everything out to the studs on both floors and then rocking from basement up. I had originally thought each building was a standalone four sided brick building attached to each other, and I was hoping the electrical was OK, but I did not anticipate having to re-framing the entire flat roof!

So today, I finally got into the building and OMG.....the roof collapsed on the building next door, and standing in the small living room and kitchen, you can see into the other building. I took a peek through some boarded up windows, and realized the identical half building is a shell- no roof or floors.

It appears that the original builder built a brick rectangle 32 x 50 (next to a third brick building), and then split the box into two 2-story buildings- I want to own the left side. So standing in the living room of the unit I’d like to buy, the wall that separates the other building was actually about 6-8 inches of wood lathe and plaster- not a brick wall. What a disappointment, but that’s a gotcha…

Here is my question: how do you frame half of a 32 x 50 brick shell, when you only own half of it? The side that meets my neighbor is open to the elements, since there is no roof, or floors (see below).

The unit I seek on the left also needs a complete new flat roof, second floor, first floor.

When I got home, I did some research, and I have located the owner, and placed a call to him to find out what he plans to do with his half- perhaps I could buy his side…

The easy answer is to just walk away, but that is not my style, and I love challenges, and I'm open to cutting my losses when necessary.many areas

Here is some info on myself: I have renovated all of my previously owned homes, collectively: “100” squares of pitched roof, 1000s of square feet of oak flooring, tiling, 300+ sheets of wall board and Durock, plumbing and gas lines, so I am not exactly a newbie. I have done some light framing in vaulting a master bedroom, but never a flat roof from scratch, or a 2 story building from basement up. My preference is to hire a contractor for all of the framing- if it is even practical. To be fair, my spouse is leaning towards walking away from it…

I look forward to hearing from some of you with more experience. Cheers.

Hello Peter,

Welcome!

I am also a native New Yorker, living in the Bronx, and recently joined BP. I own my home and I own a Jersey City Condo rental.

Soon, I will have my LLC formed and on my way to purchasing, renovating and re-selling properties.

You can find out almost anything here on BP, so feel free to ask.

Best wishes to you in your quest.

Welcome to BP, @Amy Meza.

I think I might have joined BP a few hours before you. I am also in NYC up in the Bronx. I've actually found some reasonable (SFH) properties in Connecticut by auction, that are below $100k, and that are not in a distressed zip code.

These folks on BP seem to be willing and talented to explain the finer details of real estate investing. If you want info on the Bronx, Forest Hills, and lower Westchester, then give a shout. Good luck. Cheers. ;)

Many thanks for all of the quick replies. One of the staff had approached me and another fellow and offered the 3 day course to us at half price. And, we would have gone to White Plains tonight to sign up. After weighing the timing of this event, and not necessarily the cost, we both decided to pass. I'm new to BP, and hope to learn a few new strategies. Cheers. ;)

Good day All.

I'm new to BP. Sorry for the long introductory e-mail, but I have a pressing concern.

I'm located in the Bronx in New York. I am about to take the NYS Real Estate Salesperson exam for the second time in 25 years. I own a few properties as primary, and a landlord. I'm a Wall Street castoff after 20+ years, and seeking my next career in buying, renovating and re-selling properties at under fair market value.

I attended a seminar last night as follows:

Thank you for registering to attend the FLIP MEN Free Exclusive Preview Event. Be sure to mark your calendar because you surely won't want to miss this!

• Find valuable real estate at wholesale prices.
• Get up to $500,000 in pre-approved real estate funding not based on my credit score.
• Get a hold of pre-auction and tax deed auction properties and turn them into Cash.
• Find income properties I can flip overnight.
• Sell income properties before I even close just like the professional investor does.
• Learn the four secrets to reduce risk.
• Avoid the common road blocks most real estate investors eventually face.
• Generate real cash flow from the comfort of my own home.

We look forward to meeting you at the event!

Sincerely,
The Flip Men Team

Scott and Amie Yancey of Flipping Vegas, and Doug Clark and Mike Baird of Flip Men seem to have sponsored this event.

After reviewing pitches from a dozen or so talented "flippers" of real estate, on Youtube, this seminar had one added twist: access to $500k cash per deal, not based on your credit, assets or collateral.

Has anyone seen this, and if so your thoughts please. I did not sign up for their 3 day intense seminar, to be held in Tarrytown NY in one week, but it sounds awfully tempting. If you complete a deal in 100 days, they will pay you back your training tuition....

-Ken