All Forum Posts by: Nicole Brodie

Hi all! Unsure if there is a better place in BP for this post or not, but here it goes! I'm reaching out to see if there is a RE Investor or team out there who could benefit from a part-time administrative or virtual assistant type of support.

I've been interested in real estate investing for about the last 5 years (on and off), but the pandemic and economic situation since then left me hesitant to jump in and get started. I'm looking to reignite this spark and passion for financial freedom & investing by leveraging my skills/talents to provide value to others, build relationships, and hopefully learn along the way to start my own journey.

The best way I know how to provide value to others is through my exceptional administrative skills (organization, document management, time management & scheduling, email and verbal communication skills, etc.). My full time job is as a Senior Operations Manager for a Financial Services company and have 8 years of exceling in this area where I know I could be a wonderful support to someone needing assistance with paperwork, scheduling meetings, or any other mundane busywork that can seem to take away from leads and deals!

I would welcome any opportunities or advice as I put myself out there to connect with others and make myself available to help. I'm based in the Scottsdale, AZ area and work my full time job remotely. A remote/virtual kind of arrangement would be best but I'm open if anyone is local! Thank you in advance!

Thanks so much for the response and recommendation, Cody! I'm excited to looking into that program. 

Hi All! 

I am currently based in NYC  considering to make a move (within the next year) out of state with the goal of transitioning to a more affordable state/area in the country. The initial plan would be to purchase a small multifamily home to house hack in a market where my partners & I could dive into fix and flip as well. 

Looking for help and suggestions on any markets that might be good for this strategy! Just a little lost on how to get started for analyzing markets since I do not have any particular city in mind. Hoping this post can give me some launching off points to dive into where this could work best! 

Thank you in advance to all :)

Hi @Cal Dunagan thank you for the response! This is good advice - it is certainly best to consult a professional who can provide the more in-depth guidance it seems I need. And you are right in that finding this attorney will also work towards the vital step of creating a team for this endeavor. Thanks for the input. 

@Chris K. Yes, you are correct in that its a two-fold question. I suppose the taxation portion is more so where my questions lie as it seems to vary across options with each having their own advantages and disadvantages. Thank you for the information! Much appreciated. 

Hi BP community! I'm someone who is starting out in Real Estate Investing this year and looking to this awesome group of knowledgeable people for some advice on what type of entity to establish - an LLC or corporation. So far my research has shown that there are advantages and disadvantages to both, but below is a high level recap of what I've learned thus far.

I currently live in New York but looking to invest in Pennsylvania to start out (with hopes to expand to other markets around the country down the road). The niche will be purchasing single family homes through the fix and flip strategy. This business entity, once formed, will consist of 3 people. 

Thanks in advance for any thoughts to point us in the right direction! 

LLC:

1. Default taxation is that of a partnership with profit distributions allowed to members of the LLC
2. Owners' personal assets are shielded from risk 
3. LLC is not considered a taxable entity for income and therefore profit/loss flow to the owners' personal tax returns
4. Involves a self-employment tax 
5. Requires registration with the state (which poses questions considering we're looking to invest out of state)

Corp:

1. Members are shareholders rather than self-employed; personal tax returns are not involved 
2. Corporate tax rules apply - entity is taxed on net earnings and then any dividends paid to shareholders are taxed as well (double taxation)
   1. Would paying dividends be required? 
3. No self-employment tax 
4. S -Corps seem to avoid double taxation by allowing income distribution like a partnership 

@Craig Bellot I appreciate the recommended first steps! I'm excited to start doing this to being evaluating whether or not properties are deals. Thank you for your openness to answer questions - I may take you up on that sometime soon!

@Kevin Buckley @Shaun McQuiston @Trevor Ewen Thanks to you all for the welcome and feedback! The more I hear from people on BP, the more I realize I should have considered my upstate college home of Albany. I'm certainly open to all the possibilities and not ruling any market out - that goes for out-of-state too! I'd love to hear more about your experiences so I can continue to evaluate my options and learn more about the process. Thanks again all!

@Anthony Rosa Hi Anthony, thank you for the perspective! Definitely good insight that I should consider areas within NY as well just outside of the metro NYC area. Taxes can certainly make or break a deal and that is something I will continue to research and familiarize myself with. Thanks for the advice!

@Dan Leyden Hi Dan, thank you for the welcome! 7 years sounds like a solid real estate investing track record and I would be very interesting in hearing more about your journey. Also very likely to take you up on your offer to answer questions! Thanks so much again.