All Forum Posts by: Alicia Collins

@Steve Morris thank you. The building was built in 1925. I called the property management company today and the guy who answered told me to email this generic email because both property managers are not in the office and are working remotely. So I sent them an email with these questions and a few more. So let’s see if they answer.

@Mike McCarthy makes sense. Thank you. We will ask and see what they come back with.

Hi,

My partner and I are interested in purchasing a 1b 1ba condo. Yesterday we went to look at the property and noticed a lot of patchwork on the ceiling in both the bedroom and living room. The unit is on the fourth floor (only 4 floors of entire building). Does anyone know what this could mean? We’re thinking a major leak or problems with the roof. We are wondering if this is something we should be concerned about and exactly what this means?

Note: condo is fully renovated + turnkey.

My partner and I came across a multifamily property. It has a total of 4 units and is listed at 500K...Three 1 bedrooms and 1 studio. Any advice on how to analyze the numbers to see if it would make sense? We would house hack and live in 1 of the units and rent out the others. We plugged it into the rental tool and we are still unclear. Any advice would be helpful. Are there any key metrics to look out for in deciding if it makes sense? We also applied the 1% rule...and when we did that, the total rental income is slightly less than the purchase price. Thank you all. We are still learning and want to buy our first investment soon. 

@Scott Smith Thank you very much for your detailed response. I had no idea about Series LLC. I will look into that. Thank you for that article. Great info and value. I will have to find out if NJ allows for Series LLC. (S)LLC sounds so much easier.

@Patricia Steiner Thank you so much for your response. I understand what you are saying. Sounds like LLC is the way to go!

@Patricia Steiner thank you very much Patricia. Are there any specific reasons why you recommend that route for all cash purchase and mortgage purchase?

Hi All, 

My partner and I are getting ready to purchase our first investment property as an all-cash offer. I want to know if we should put our names on the contract or put an LLC name on the contract? We plan to rehab the property and sell it (flip). I've read a few blogs on BP and it's not clear to me for all cash offer (LLC or our names)?

Any guidance is helpful. :)