All Forum Posts by: Michael Vazquez

Hello all, I am new to the real estate business.  I am currently working on a a multifamily property in the Bronx (that's a subject for another post in the future).

I'm hoping to hear everyone's opinion on the type of advise I should give my son.  My son is a junior in high school, this is about the time that he should start considering which college he wants to attend.  He has seen the work I've been doing with the Bronx property and I regularly talk to him about my plans for building a real estate business.  He is excited about the possibilities and wants to be part of the business (nothing can make me prouder!).

I've told him that having him as part of the business would make me very happy.  However, I also told him that he should follow his dreams.  If he really wants to follow another path I would still be proud (he was considering becoming a sports therapist at one time).  I got a text message from his mom (my ex-wife) this morning that he told her he doesn't need to go to college because he will be getting into business with me after school.

I am a firm believer that you don't need college in order to be successful.  I never finished college and I make a very good salary in the IT field.  However, I know I would've climbed the ladder faster if I had a degree.  That being said, if there is a field of study that may be beneficial to the real estate business I would like my son to consider it.  I'm thinking that something like a degree in business or maybe construction management may be wise.  

Would love to hear your opinion on this. Thanks!

My wife and I recently took over a rental property in "da Bronx."  It's a major fixer upper that she bought a long time ago with her ex-husband and he allowed it to fall into major disrepair after their divorce many years ago.  Anyway, that's an entirely different discussion.

My question has to do with the setup of our LLC(s). We created a LLC for the Bronx property and plan on creating an individual one for every other property we purchase down the road. However, we would like to publicly represent ourselves under one name with all of our real estate dealings. Should we create a "top level" LLC with the name we want to use or would a simple DBA suffice? Also, do we place any or all of our properties under any type of legal exposure if we use the top level public name in our dealings with businesses and tenants?

Hope this all makes sense.  Thanks for any input and advice you can offer.

@Taylor Hudgins

Thank you Taylor, this is helpful. I agree that my best bet is to get an agent to assist me with the property.

@Abel Curiel

Thanks Abel, great advice. I think I will ask for some help from an agent.

I found a property in Newburgh, NY that I'm interested in pursuing (first property). I did some research and along with some assumptions I ran the numbers and they look good, good enough to call the realtor for further details.

The property is a 3 unit building with a commercial unit also attached.

I want to make sure I have enough information to make a good decision before moving forward to the next step. Would love to get some suggestions on what type of information I need to ask for when speaking to the agent for the first time.