All Forum Posts by: G. F.
G. F. has started 4 posts and replied 89 times.
Post: LLC formation in NYS

- Real Estate Investor
- New York, NY
- Posts 105
- Votes 69
Originally posted by Phil Mondiello:
I would do you a dis-service if I advised you about which one is better because I simply don't know. It might not be so much about the liability protection but about the taxation. The publication requirements in New York only apply to LLC's.
Post: LLC formation in NYS

- Real Estate Investor
- New York, NY
- Posts 105
- Votes 69
Originally posted by Phil Mondiello:
I hear the other publication is the New York Law Journal which can cost $800-$1300 for publication! Thats ridiculous! Is there any validity to this?
Yeah, that sounds about right.
http://publicnotices.law.com/NYLawyer/
Post: 80/20 Mortgages...both by same bank? Options?

- Real Estate Investor
- New York, NY
- Posts 105
- Votes 69
You have to approach this as it is two different lenders. The mortgage's are owned by different investors but serviced by the same servicer. 80/20's from the same lender were just a sign of the times back then. A big conflict of interest but banks didn't care because it's was other peoples money.
Post: Homeowners can't do their own work. WHAT?!

- Real Estate Investor
- New York, NY
- Posts 105
- Votes 69
Seems like pretty sensible and common rules to me.
Post: Bad Appraisal Blues

- Real Estate Investor
- New York, NY
- Posts 105
- Votes 69
Second notes commands a large discount. Especially one that is not seasoned. If the borrower defaults, that note will be easily wiped out because the first will accrue interest, late fees, and foreclosure cost. Don't waste your time. Take the 38K and move on to the next one.
Post: Bad Appraisal Blues

- Real Estate Investor
- New York, NY
- Posts 105
- Votes 69
Originally posted by Bill Gulley:
A second mortgage a week later for 75%?
Good luck with that!
Post: LLC formation in NYS

- Real Estate Investor
- New York, NY
- Posts 105
- Votes 69
I am pretty sure it's two (one weekly newspaper and one daily). The Staten Island Advance might be one but you don't get to chose (the county clerks office will tell you which ones to use).
Forming an LLC out of state will not save you money; It will cost you more!. If you form an LLC in Delaware or Nevada, you still have to register the LLC in New York as a foreign LLC. In effect, you will have to pay the filing fees to register in Delaware or Nevada and New York.
From a taxation standpoint, you are taxed on where you conduct business (New York) and where you live (New York?). So unless you move and conduct business somewhere else, you will have to pay NYC & NYS income taxes of any profits from NYC income.
Delaware and Nevada do have more favorably business laws than New York but you would have to speak to an attorney to see if it makes sense for your business.
Post: LLC formation in NYS

- Real Estate Investor
- New York, NY
- Posts 105
- Votes 69
New York has a ridiculous LLC publication requirement that is a giveaway to the newspaper industry. To form an LLC, not only do you have to register with the Secretary of the State, but you also have to pay to publish in two different newspapers once a week for six consecutive weeks. In Staten Island it should be much cheaper than $3000 because of the cost of publishing there is cheaper. $3000 seems right for Manhattan and the Bronx if you are using an attorney.
Post: Protect interest of 1st or 2nd lien in the event of tax sale foreclosure?

- Real Estate Investor
- New York, NY
- Posts 105
- Votes 69
pay the back taxes. That's why more and more lenders are escrowing T&I. You get to charge interest on the taxes that are in arrears.
Post: Help me with putting this deal together

- Real Estate Investor
- New York, NY
- Posts 105
- Votes 69
At 7.5%, I think you are taking on too much risk while cheating yourself out of a bigger return. With mortgage rates around 5.0% for top tier prime buyers, 7.5% seems to be a conventional rate for a buyer with a 650 credit score if they can qualify for financing.