All Forum Posts by: Adam Leitman Bailey

In terms of income, you should always have an emergency fund account for a rainy day. The 15k+ salary will be nice, but if its not regular like you've said, it would be smart to have a backup account of some sort just in case. Congratulations on making a jump toward the next phase of your life.

It depends on where you're from. There have been new laws in NYC that have prevented LLC owners to differentiate themselves from the LLC in buying or investing in real estate.

This will just be a stick in the road, maybe its a sign to completely renovate. Either way the inspection should have been much more in depth, but that is not your fault. Just learn from your mistakes and move forward 

Take your time with the process. This will be a start to a new chapter in your life so it shouldn't be rushed. Take as many courses as you can to prepare, use this network to message people who have taken the exam and get direct advice from them. People are your resource here

AirBnB is a very touchy subject right now in a lot of states. Especially NYC, most landlords have written clauses in their leases to prevent AirBnB. You should do some research on the HOA in your area and make sure there are no bylaws against AirBnB. I would also advise that you save up some more money before taking on a rent-own. As with any investment you want to be sure your'e making a wise decision always

That is terrible to hear. I think all agents should be accompanied by the buyer, seller, and one other colleague if inspecting or reviewing a home that may be iffy. Its better to travel in a group rather than by yourself anywhere you go. 

A co-op owner purchased her unit in 2005 and has been subleasing it to the same tenant since 2011. The co-op board recently passed an amendment to the bylaws that states an owner cannot sublease a unit for more than two years, and it applies retroactively. The board is forcing the sublease tenant to vacate in two months, despite having a lease that runs another seven months after that. Does the owner or tenant have rights in this case?

Its a great resource. Highly recommend 

I would also suggest hiring an attorney if you have the money to do so. I think all landlords should have an attorney on hand from the first time they buy an investment or rental property. Your lease agreement will be your best friend in a situation like this.

I think competitor data is the most important. Competitors in the market, those fighting for the same house you're trying to buy, your companies competitors, anyone competing against you.