All Forum Posts by: John Walter

Thank you @Guifre Mora Seems they can all be a valued option and I should take a deeper dive to see what would better work for my situation. I appreciate the insight; never would have thought to have an LLC that owns the other LLC's!

I lived in San Diego for three years, as well as Redondo Beach for another three years. Some of the most beautiful places I have ever called home.

@Ondrej Brown There are a lot of different areas in FL to be an investors dream. I have friends with a couple dozen properties in the Orlando area that cash flow really well, but I have been looking into northern FL recently.

I have heard (but haven't researched) that the owner of the Jacksonville Jaguars is planning major development to the Jacksonville area. If you consider that area, you may want to look into that. Could be worth your time.

@Joan Sosa Mejia Are you still in the NJ area? If so, I'm in the Newark area. Always nice to connect to those who are close-by and like-minded to bounce ideas off of.

Hey @Alex Turla. So nice to hear other service members are using their well-deserved benefits. Your strategy is very similar to mine. I am in the closing process of a triplex right now. Also used my VA loan.

Are any of your partners service-connected? This is a little known benefit to the Veteran community, but if anyone is they do not have to pay the VA Funding Fee at closing. Depending on the price of the property, this can be significant (over $11,000 for my current one). Take a look if you have not done so already. It can be a major boost to your bottom line.

Good luck!

Hey all! I work in the law enforcement realm. Currently in NJ, but formerly in good ole CA.!

I struggle every day with debating to keep real estate as a side hobby, or quit my job and go at RE full time. I just got accepted into NYU's Master's of Real Estate Development Program and start there in May. I figure, can't beat NY as a place to learn more about the business. Plus, because I'm a Veteran, my GI Bill pays for my studies.

Anyway, love seeing so many others in this community, just like me on here. It is truly humbling to have such talented folks to be able to seek advice from and ask questions to. I am still new to this game, so I rely on my hustle to make my way around.

Stay safe out there!

I'm finally getting around to reading the acclaimed 'Rich Dad, Poor Dad' book, as everyone always recommends it. In the book, it discusses starting out establishing a corporation for yourself, as a corporation is nothing more than a file in a desk, but the benefits and tax savings can be massive.

I have heard a lot of debate between deciding between an LLC vs simply insurance, but are there really benefits to starting a corporation for yourself, or is this part of the book a bit dated?

Thank you, BP!

@Alice Huang I am in a similar situation in NJ. I'm still going back and forth on whether or not to let the property go with this whole virus going on. Mine is a triplex, but if I can't find tenants for several months that will make things very difficult. If nothing else, maybe I can use this to negotiate a better price? Who knows.

I think @Rick Pozos has a great point though. If, best case scenario isn't looking all that attractive, there will always be another deal (easier said than done, I know).

I'll keep this as brief as possible, but I want to convey my uncertainty. FYI, this is my first purchase, and this would be a house hack (triplex).

My offer on a new construction home was agreed to and signed at the end of August, 2019. Close date was set to be November 30th. Then December. Then January....long story short, it's still not done. Everyone in this transaction has been AWFUL (with the exception of the lender). My realtor disappeared for months without a single update, I had no ability to contact the seller or seller's agent, the lawyer (recommended by my realtor) wasn't returning my calls. Basically, for two months, the supposed close date came and went, and I could not get a hold of anyone.

Finally, I heard from the realtor who advised it was the city's fault (permits, etc.). Point here is this: At the end of this month, I can legally back out of this contract with no penalty. The house is still several weeks (at the earliest) away from being done, and with everything going on with the economy starting to recede, pre-foreclosures in my area are sky-rocketing, I'm wondering if backing out is the best idea?

My biggest fear is I'm about to buy a house that will be worth far less in a year, and I won't be able to find tenants to fill the units (need to fill two). Sure interest rates are low, but if I can't find good tenants this will be for nothing. Also, if the market starts going south foreclosures will rise and deals will be aplenty....but I would have already put all my eggs in this basket.

Am I being paranoid, are these concerns legitimate, or something else? 

I could really use some advice. Thank you!

I am about to choose the stone and siding for my first property, which is a 3-level multi-family unit in Elizabeth, NJ. I don’t know anything about what looks appealing or what will last longest, other than what I have googled. 

Any advice or recommendations would be greatly appreciated. Let me know if I can help you all out with anything. 

Thank you!

Attached are the stone options and below is the site I was given to look at the siding. 

https://www.royalbuildingprodu...

I am under contract for my first multi-family right now and I am using my VA loan. Are you service connected at all? If so, your VA funding fee can be waived, saving you thousands (over $11,000 for me).

Highly recommend using this benefit as it allows you to have others pay your mortgage, while freeing up your cash for other investments.