All Forum Posts by: Kwame L. Dougan

As an attorney and investor I have formed series LLCs for clients in New York, New Jersey, and in the District of Columbia. Not all states have adopted the series LLC and there's not much case law. Banks are not risk takers and will likely lack much guidance outside of its own experience.

However,Working with a good attorney will make the process easier but having a good administrative structure will be critical because there are a number of steps must be followed for compliance...which makes the SERIES LLC a little more involved in setting up your standard entity.

Happy to discuss further.

Hi,

I'm helping a small-business client purchase a single-family home in Central NJ.  It has a separate apartment attached that would be income generating. It would require a good amount of TLC, and we'd like to compare commercial and conventional mortgages (JUMBO).

We're working with a downpayment of 20% on ~$680,000 asking price.

The client's credit was near 850 until a few weeks ago when a loan they had co-signed wasn't paid on time. But she's paid off the balance, so I'm helping her secure get a reasonable loan rate that reflects the whole picture.

Thanks

K

Congrats. Get a good accountant and look into property managers. And read!

Hi All!

Thanks for reading.  We're looking to buy a property in Mercer County, around 2,500 sq ft.  There's an above ground oil tank that doesn't seem to have any issues (fingers crossed).  The seller is telling us that there's also a second, hidden oil tank that doesn't have a closure statement.  We want this property and wish to mitigate risk to environment and self.

I read that some of the following options are available.  

1) Scan for the tank 

2) Take soil sample and test there is no soil contamination 

3) Then remove the oil tank after that or leave it.

Mind you, we're not expecting to resell this property anytime soon. 

Beyond the headaches of trying to resell, or getting a mortgage/insurance, what are the risks of buying this property? Has anyone got a good resource they could recommend to learn more, get expert support. 

I promise to post more for the benefit of all. 

Thanks,

K

@jalen I'm coming to buy in Philly. Need an agent.

 Dude, it's turn key. You're not living there. And before by saying high crime areas you're not contributing--just tarnishing. Not a good look. 

Philly's a great city that's up and coming. New York has "high crime areas" with great real estate. 

Hi,

With a group of investors we're looking to buy multi-families (4-6) units in University City, Center City but open to other areas (even N. Philly-Brewery town and surrounding). 

We're look to buy ASAP, have some financing in place but not completely, and will be looking to tour prospective properties the 2nd weekend in December 2016 (Dec 9-11).

We're not newbies but not old hands either, so some patience is appreciated.

Please PM.

Sean, 

Impressive!

How's it coming along?

Much thanks.

Anyone have good experience with a real estate broker in Philadelphia. 

I've an investor in Harlem, with properties in Manhattan, Princeton and really trying to invest in West Philadelpia.