All Forum Posts by: Joseph Salegna

@Anthony L. I just started out recently and just closed on 2 SFH both outside of NY (Memphis and Dallas). I went the turnkey route since i don't have time to manage myself and found a property manager to take care of everything. It works for me right now.

Welcome @Jinyu Shao. I am from NY as well as new to real estate investing. I decided to go turnkey for now with SFH. I am closing on Wednesday on 2 properties. One in Memphis and one in Dallas. What i learned early on is that NY is expensive but for someone like me i dont have the time to manage properties while working full time. Do your research and make sure you find a reputable property manager. Any questions, pm me.

Good luck. 

@Andrew Acuna. I looked into this with a few friends of mine. It's probably best to go through an attorney that can help with the various  clauses that @Christopher Smith mentioned. In case you don't have an attorney, I stumbled across a website called upcounsel where you can specify what you are looking for and place it out for bid from various attorneys. You'll have to consider the partnership agreement, articles of incorporation, process service, etc. Prices ranged for me from around $1,000 - $1,500 although i ended up not forming the partnership. Hope this helps. 

@Jonathan Roveto  I suggest googling Clint coo s of Anderson advisors. He's an attorney that has published articles on setting up an llc. I remember him advising setting up a manager llc. But when in doubt. Consult an attorney. I'll be closing on my properties in a couple of weeks so I need to see if mine will allow. If not I'm going to increase my umbrella policy. 

@Jeff Caldwell what I am doing is setting up a separate personal checking account. At some point I will form the LLC and have a business checking account but for now this is what I am doing. You can also use personal finance software like quicken. This is what I use to track my finances.

@Christopher Phillips you're right. My day job takes too much time and i'm not leaving it anytime soon. I'm sure if people have time then definitely can find something. 

@Jordan B. anytime. feel free to send me a message if you have any questions. 

@Jordan B. - I would use this website and do as much research and speak to as many people as you can until you are comfortable. You need to fund a good property manager that you can trust to manage your properties. There are a lot of people on this website that you can speak to about out of state investing. PM me if you would like some names of people i have spoken to. 

@Jordan B. and @Christopher Phillips I am relatively new to real estate investing and i am getting a late start. I think it is great that you are looking to start out early. For me, I am looking into out of state investing in buy and hold properties. I dont have the time to manage the properties myself and not leaving my job. I find NY very expensive and looking outside. 

welcome @Jordan B.  

I'm sure you'll find what you're looking for here. I would visit the forums and I'm sure you'll find the topic you're looking for. I don't know anything about house hacking so I'm not helpful. But if you have any questions along the way feel free to PM me