Updated almost 7 years ago on . Most recent reply
Buying my first property
Hello friends!
I will get right down to it. I plan on purchasing my first rental property by the end of Q1 2019. I am looking in the Rochester/Buffalo NY area, and have found some properties with some promise. I have done a lot of research on the topic, and I feel confident moving forward. I do have some questions I would like to ask however. I hope to put my property under management, what sort of snags might I hit in doing so? I am not buying in what one would consider bad areas, however they are not great either. Is there any benefit to installing a home security system for each unit? Would this lower my insurance cost or make the units look more attractive (essentially would it pay for itself)? Lastly the question of an LLC. I am would like to avoid the "old lady falls on the steps and can retire early" situations you sometimes hear about. Am I covered for situations like this where a tenant might sue a landlord through my normal home owners policy typically? Or would it make sense to umbrella the property under an LLC?
I appreciate any feedback, and wish you all a successful new year!