All Forum Posts by: Monica Chan

@John Warren Thanks for your insight John! Generally, how often do you have to replace the washer/dryer machines in your buildings?

@Jeff Bisgier I was grappling with this exact issue just a few weeks ago and ultimately decided to form an LLC myself for my first property (a two-family). In addition to the asset protection, I see another benefit of forming LLC to be its deterrent effect, because tenants and/or other randos who are deciding whether to sue would see a LLC as the landlord (which would involve a more drawn out legal battle for any recovery) rather than an individual (which is a much easier target).

But like you said, this decision is highly dependent on individual situations. Also ask yourself, how organized are you? Because the legal protections afforded by the LLC goes out the window if you aren't able to stay organized and separate your personal and business expenses (i.e., pierce the corporate veil).

Hi all,

I’m currently in contract for a 2-family in Jersey City (newly renovated in B/C area). There are no washer/dryer in either unit, and the closest laundromat is 0.5 miles away. I’m considering installing a set of coin-operated washer/dryer machines in the basement common area, 1) to make the units more appealing to renters, and 2) to make a tiny little bit of side money from the machines. Do you think the machines would be a worthwhile investment?

thank you everyone for your responses and advice! Does anyone have recommendations for an asset protection attorney in the Jersey City area?

Thank you Neil and Colleen for your quick responses and advice! Apologies for my rookie mistake. I just tried Google and it does have a lot of good articles on this topic, next time I'll try there first

Hi everyone, I’m a newbie to Bigger Pockets and am excited to learn from and to know this community of knowledgeable RE investors! So I’m just dipping my toe in real estate investing and am about to make an offer on my first multi-family in Jersey City. The fundamentals of the place look good, and I plan to rent both units out (I live in my own apartment). I would like to set up an LLC to purchase this property but was told by my NJ lender that the loan would be considered a commercial loan, 30-year conventional isn’t an option, and the interest rate would be much higher. He recommended that I buy an umbrella policy instead. What are your thoughts on the pros and cons of buying with a LLC vs. buying individually with an umbrella policy? Any advice or tips appreciated, thanks y’all!