All Forum Posts by: Jessica Melendez

@Jim D. anything really. Of course as a landlord I will try to educate myself every step of the way. But nowadays, especially in NYC (no fault state), people want to sue for just about anything. I wouldn’t want to put myself in a position to lose it all because someone had a bad day. I’m sure that’s an a risk regardless, but again, I’m trying to educate myself as I go. The more I learn prior to owning the better position I can set myself to be in. 

@Abel Curiel Currently very interested in the Bronx, but keeping an eye out for opportunities in East New York, Brooklyn. Right now, I need an agent! I'm fortunate to be the right hand to a CFO who happens to be a CPA, and we also work in the Real Estate business. He does hear me out most times I spit out ideas and gives me some guidance. But at the end of the day I cannot go to him for everything. I'm contemplating a flip to raise capital for a MFR. But that will require a trustworthy contractor, that i also do not have.... I'm going to take your advice to heart... I need people, ASAP. Thanks! Hope to keep in touch!

@Taylor Brugna thank you! I think I have a stupid question... what is HCOL?

Hello Everyone! Question... As I search for 3-4 plex, I’m trying to understand house hacking as much as possible. I am confused about a few things, I hear and read of individuals currently house hacking who use their net cash for personal expenses. My concerns are the following: - If I purchase a home and house hack, wouldn’t it be safer to do it under an LLC (liability reasons)? - Upon having that LLC I know one shouldn’t mix business and personal expenses because of possibly piercing the veil. Wouldn’t it be better to reinvest the net income towards the business? I’m thinking I can save on both ends of the spectrum.... If i have a positive cash flow I can save that to purchase another property. Simultaneously, I can save on a personal level and either open another LLC or do a Capital Contribution into the original business for the purchase of the next property. - If I were to purchase a home under my name and house hack, how will I protect myself legally (home insurance aside)? Thanks in advance for your time! -Jess

Hello Tae, Welcome!

Congrats on your new found interest. Wish you the best on this endeavor. Take full advantage of asking questions on the forums. People are so happy to offer guidance and advice. Also, set up key alerts for everything that interests you. I think it’s a great tool. I definitely agree with East New York, I’ve been keeping a lookout on possible opportunities. You never know. 

Good luck on your endeavors! =)

Welcome to BP, Eric! Good luck on your new endeavors!

@Ron Flatt Thank you for the insight. I will start asking everyone! Maybe something will stick. I will reach out to you if I come across anything. Would really appreciate your input.

Please send me details at [email protected] or PM me. Thanks

@Brian Haase where are you looking? Most if not all of Brooklyn has exploded. *sigh*

@Brian Haase Good Morning! I did consider NJ and Philadelphia, PA. I definitely plan to live in the property I buy. Trying to take the House Hacking approach, since I don't have a place of my own at the moment. Being that I work in Midtown, living in NJ would be hectic. Especially considering the mess Penn Station is. Also, the property taxes in NJ ridiculously high. As far as Philadelphia goes, homes are much cheaper. My mother just moved there and keeps pushing for me to buy a rental property. But, if I were to do that. I would need to find someone who will offer me owner financing. That way it doesn't go on my credit and I can continue to find a property in NY. I see you're in Pennsylvania, do you have any properties in NJ or PA? Any recommendations on areas I should research?