All Forum Posts by: Paul Stewart

@Adam Scheetz Did you get flood quotes? 1995 won't be built to FEMA standards get some quotes because that could really effect your cash flow as well. Also heads up in AC you have to pay the city every year for a landlord occupancy certificate.... keep in mind with gauging rent in AC there are so many available properties in the area for rent. The recently built NOBE luxury apartments that just opened is basically empty.

Hi All

Recently purchased and Rehabbed a property in Atlantic City NJ for the purpose of Short term rentals airbnb etc. I do own another property that I house hack in NY. I now want to set up a LLC for this property in AC. I see that it is not that hard to set up a LLC on line but then on the other hand I have read that when doing a simple LLC on line it leave a lot of possibilities for the LLC to not be set up correct. I have read several different things on line and even on Bigger pockets but there is a lot of conflicting statements on this. Was wondering if anyone has any experience in setting up a LLC in Atlantic City or NJ and from another state. Any recommendations for a fair attorney to use to do this process would be great as well. Thanks

I would suggest reading this book by Bigger pockets

 The Book on Investing in Real Estate with No (and Low) Money Down:

 It will give you the answer to every question you have on this topic. Plus its a great book anyway. 

Huntington in what state there is A lot of towns/Cities named Huntington ?

Hey

So for starters Good for you! At your age what a great time to start...So obviously I would suggest to keep gaining knowledge and reading as you can never learn to much. Do you work a full time job? what type of Income do you have and how long. It will be hard to get a lender to lend to someone with not much work history or history of Income in general. My suggestion overall is just dig deeper and deeper as far learning..maybe try to meet some local investors and ask them if they need help with their properties and that way you can build a relationship that can turn into a mentorship and with that so much more. The amount of action you can take between your age and 5k is very limited but you can start to build a foundation for a future in REI. Have you tried to speak to a Mortgage broker at all?

Double check your local laws as if it is a illegal apartment the fines when a mad Tenant leaves can be A lot. 

Are you looking to purchase a home for yourself or are your looking to purchase a multi family that you can house hack? 

Hey Nick

Any area's that you know of that are up and coming would be a good start...I mean you should get to know the Area around you meaning at least anything 40 miles in any direction of where you live. I know D.C is tough what about parts of Maryland? Have you done any research? Also what are your thoughts on Foreclosures I have only 2 properties but one was a foreclosure and yes it was hard to deal with the selling bank but I did get the bang for my buck.. I walked in with 30k equity via my banks appraiser before I even put a dollar of rehab into it. ( It was hard to find though) IF you have not already you should seriously consider REO properties.

 Hey Is your P&I correct that seems extremely high 

 Just was curious how has your search in Bridgeport turn out any luck?