All Forum Posts by: Roman Pak

Welcome to BP!

Welcome to BP! Good luck!

Welcome to BP! Generally speaking, and this is in no way legal advice, you don't want to have any assets in your name. You should seek out a RE attorney and CPA to help with setting up the business. Remember: control everything, own nothing. 

Depends, if this is a flip, I would cover all the wood with 1/4" drywall, mud and tape. If it's for a rental, paint it white, but make sure to use a good primer. 

No problem. Good luck.

Hi @Sebastian K. I'm an investor in the NW suburbs as well. To answer your question typically you would use an LLC to hold your rentals. Today's podcast actually covers this very topic: http://www.biggerpockets.com/renewsblog/2015/02/12...

@Jim B. You are absolutely right, a basement bedroom MUST have an egress window. I had one quoted for me about 6 months back, and the cost to create an egress window from an existing basement window, was about $2200. 

My AHA moment was the first day I found BP. I had just finished reading Rich Dad, Poor Dad, and went to one of their seminars. I was eager to learn and get more insight on investing in real estate. I attended a REIA meeting near my work, and one of the members mentioned BP in conversation. I had no clue what BP was so I googled. After reading just a few posts and discussions, the "AHA" hit me like a freight train. Jackpot!

I don't know how it is in NY, but in IL you cannot purchase a property under an LLC. you can purchase in your own name and then deed the property to an LLC if you so choose, but the extra cost and time associated with this process doesn't make it worth while doing on flips.

I was told by @Brie Schmidt that some commercial lenders would allow you to buy a property under an LLC, but they typically don't lend on properties less than $500K. If I'm remembering this correctly.

In my opinion a cash offer shows that you are serious and most of the time takes precedent over any financed offers that come in, assuming they are within the same ballpark. You mention that "The reason i will be paying cash is i'm assuming i cant get a loan for under 50k." What does that mean? If it's a loan from a bank, it's a loan, not cash. Are you talking about someone you know giving you the money?