All Forum Posts by: Brendon DeSimone

for liability reasons I do a separate llc each time. I typically dissolve the llc after the fact. If I used one llc for many properties, someone from years past could come after me. I suppose liability is limited still but a few attorneys suggest covering my tracks by doing a new one each time. Makes sense to me. Always open to other ideas or feedback.  

I buy each house I buy/renovate/sell in a different LLC, solely for the purpose of the investment. When I close, I have to open up a new business bank account, just to deposit the money, only to close the account weeks later. They hold the money for like 7 business days and it's just all sort of a hassle. There has to be a better way to do this, no?

finishing up a big fix & flip and it's been less than 6 months and I'll get killed in taxes. Considering doing a 1031 into an affordable multi-family out of state (i'm in nyc metro area) that could be a good, solid long term investment for both cash flow and appreciation purposes. Need to spend in low $2M range for 1031. Thoughts on where to begin/look/options. 

Thanks

question on wholesaling. I've heard about but never have seen/done.  I have been buying/flipping. In an attempt to find houses to buy/flip I've come across some potential opportunities that I don't want to discard.  I have the opportunity to buy a house for $650K and it's probably worth about $750K as-is, fixed up maybe more. Best for owner occupier. Would someone suggest tying it up at $650k and then spend 4-6 months to find a buyer? Seller wants long close. It would be a risk to close, renovate and list. Thoughts? How do you write a contract if you want to find a buyer during escrow?

Jennifer. I'm also in nyc and just started doing some investments in Westchester because it's close and cheaper, though appreciation not as great. But taxes kill me. I've previously invested out of state and open to doing again. I used to be an agent too. PM me if you have any interest in discussing, brainstorming ideas or even meeting up.

I sent 200 letters to owners in one part of a town that I think is on the up. Did two successful flips there recently. I got 20 calls back. I was surprised. All of these sellers want to sell and we had good conversations but only a couple have flip opportunities...just not enough meat on the bones. But all the others I think I could get a good 10%-20% below market value. They don't want to deal with cleaning, prepping or dealing with agents. They also like having time and security of knowing they have a buyer. Feel like I should take advantage of these direct connections and owners who want to sell to me in some way. Buy and hold? Taxes are very very high so cash flow not the best. I can't finance all of these solo. Thoughts on finding an investor or two to pick up ten properties or so in the next year?

Just joined BP. Been an agent for many years now doing my own investments, a few flips, now analyzing buy/hold. In Westchester NY, the taxes are insane, $14K/yr on $300K 2-unit purchase, so the cash flow stories I read on here are close to impossible. Would you simply go somewhere else or just hold and bank on appreciation and paying down loan? I'm finding some things off market which helps. Obviously rents are higher here. Also, all these $100k purchase I read about here, with big cash flow....do these not appreciate? Seems to be some disconnect from what I'm seeing. Otherwise I should move to these places?!