All Forum Posts by: Lucia Lilac

Thanks everyone, I appreciate all the advice!

Hello BP!

I am currently in the market to purchase my 3rd investment property in Rochester NY. I purchased the first 2 under my name but have been doing some research that buying under an LLC is safer. I created a LLC but I am having a hard time finding a Bank that will allow me to purchase under my LLC. I did some research and it seems like it's pretty hard to purchase an investment property under a New LLC. I saw some people saying they put their properties under an Umbrella Policy. When I spoke to the bank all they said to me was I had to work with a "Business Bank". I am unsure if I should continue looking for a bank that will let me purchase under an LLC or if I should put my properties under an umbrella policy instead. Any advice would help on this topic, thanks in advance!

Thank you all for the references!

Hello BP Community!
I am a new investor and looking for a CPA who specializes in Real Estate from New York. I currently live in Long Island but own 2 investment properties upstate in Rochester. I purchased them last year, this will be my first time filing taxes on these properties. I tried calling local CPA offices but after doing further research I noticed most people saying to hire someone who specializes as a CPA in Real Estate. Does anyone have any referrals that they can share? Thank you in advance.

Thank you for your replies! I told my property manager it's a no go. I also spoke to my Home Owners Insurance and they said it is not covered under my policy. Glad I came here and asked first before renting it out. Thanks again!

Hello All,

I am a Newbie to Real Estate Investing and have just purchase my second 2 family house. The house I purchased is in Rochester NY in the 19th Ward and I have a property manager looking over the property as I live in in Queens NY. I have a potential tenant that is looking to rent out the property but wants to run a child day care center out of it. I am a little bit iffy to do so as I do not know much about it, she says she has all the legal documents/certifications needed for it. Anyone have any advise on this? Thanks in advance!

Investment Info:

Small multi-family (2-4 units) buy & hold investment in Rochester.

Purchase price: $86,000
Cash invested: $30,000
Sale price: $100,000

2 Family

What made you interested in investing in this type of deal?

Cash Flow