All Forum Posts by: Achi Adamit

Silly question maybe, but can I buy a property in NY with a NJ LLC? Trying to save the LLC cost which can be upwards of $1k.

I know there's publication requirements in Binghamton...does anyone know off the batt how much an LLC formation would cost? If so, can you share your guy/girl who does it?

@Joshua Johnson

Funny you posted this.  Just yesterday I was feeling miserable because I met a kid in his mid 20's who I've been telling about all the properties I own in a small town upstate NY, and sure enough he emails me the other day telling me he just closed on a $95k property last month and is NOW CLOSING on a 1.4MM portfolio.  Like..where'd he get that money?  What bothered me the most is that I do this professionally, and I'm from this town (he didn't grow up there) and yet it seemed he is better at this game than I am!  Pissed me off.  But I have to say, sometimes luck plays a role -- he married wealthy, has well-off parents, and is living rent free in an apartment owned by his in-laws.  Some times in the absence of any alternative, you have to just create your own luck.

Even though yesterday was a miserable day, I always find myself coming back to real estate and pushing even harder.

Everyone has different reasons for being in real estate but it doesn't really matter what your intention is as long as you want to succeed.  And if you want it bad enough...you'll make it happen!  It's how the world works, no one knows why.  

Here's to you, and me!

I found Wesco AM Trust through an insurance broker I met at a real estate event in NY.  Problem I had was that I was usually paying around $800-1000/ year for insurance on a 4-7 unit building but since I live out of state the insurance companies have doubled it since I am considered an "absentee landlord"  - has anyone ever heard of this?  

Anyways, I was able to find a cheaper quote through this broker, but I still stand at approx $16-1700/year when I was paying half.

Following this.  Always looking for new small towns to invest in where rates returns are great despite having little appreciation.

I use a combo of local stores where the properties are located where we have relationships with, though they are a bit old school, but super friendly.  I use Home Depot as well.

Buildium is the best for everything property management in my opinion.  I've gone through several software companies and I'm currently managing $200mm worth of office buildings in manhattan using this software.  Needs a bit of tweaking since its not wholly designed for commercial but the benefits outweigh the negatives.

Hi @Keith Weigand, makes sense. Didn't know CPM's are a requirement in other states though. I thought it was an autonomous entity.

I've started a property management company and am wondering if there are any advantages to becoming a Certified Property Manager?  Is it worth the laundry list of requirements? If you have this certification, what is your experience?

I own a 5 unit in a very bad neighborhood, but its generally a solid money maker.  

I would like to install surveillance cameras around the perimeter since they are cheap now and could provide additional security.  In your experience what are the advantages and disadvantages of installing security cameras, and should I use wifi or not?

@Nick Hakim will be messaging you!  Thanks!