All Forum Posts by: Raul R.

Electrical Engineer, been in Broadcasting for over 20 years investing in RE for 3-4 years..

@Adam Blachnio

I live in a very expensive Market and invest in the SE. I work w 2 different PM companies and rely on their expertise and local knowledge. Even though I now have a great team it wasn’t overnight and it took a lot of work. Even as recent in December of 2019 I had to make an emergency trip for an issue it’s never 100% passive even w good PMs..

I fully understand why investor invest in their backyard, it’s definitely much easier I had to learn a new market from scratch and it took many trips and lots of time to learn it. If I could I would prefer investing in my backyard but I don’t regret being a OOS investor. I collected 100% of my rent in April not sure if that would have been the case in our current environment if I invested in my backyard...

@Charlie Anne

First purchase was a 3br/2ba condo in CLT.

Purchased it 4 years ago for $62k it’s worth $110k now

I wish back then I knew what was a non-warrantable condo and how hard it is to find financing on those type of properties....

@Erin Dorsey Robinson

With the extra Unemployment benefits and stimulus checks some of my tenants are making more money being unemployed than when they were working.. I’m concern what long lasting affect this will have w the economy but for now my tenants are fine I don’t plan in providing any discounts.. I’m considering not raising the rent this year that’s about it..

@Peter Johnson

I had the same opinion starting out but what I’m learning is my wealth is building as my Properties appreciate I tap into the equity and increase my cash flow at the same time by taking advantage low interest rates. Cash flow helps you quit your day job appreciation builds wealth!!!

@Chris Gavre

Don’t quit your day job for real estate investing you will need capital even for Wholesaling. Find a way I have multiple W2s and invest OOS & I have a family to support.. If you want it bad enough you will find a way.

This is one of the most popular questions, I think I asked the same question when I started out..I thought just like you did I need a LLC to start out the reality its optional..

Creating an LLC in NY sucks you need to publish it after creating it typically in a Newspaper for a couple of weeks, that was the case a few years ago assuming its the same right now but I haven't checked. There are companies that do it for you after creating but its just another expense thats not the case in most States. Typically you create LLC in State where you are doing biz but be aware if you buy property under LLC you will not qualify for Conventional Financing and your lending options will be limited if you're buying SFH or 2-4 units I learned the hard way..

@Grant Speer

I own several Condos in CLT. What you are referring to is the HOA Manager, the Manager of HOA is responsible for the Common Grounds not the inside of the unit. As the owner of a Condo you are responsible for the walls within and anything outside is HOA responsibility..

I started my journey buying Condo Units which I still own but there are pluses and negatives as with any investments that you need to be aware of. The biggest negative is you have no control of HOA fees and if Condo is Non-Warrantable harder to get financing not to mention dealing with any HOA is always challenging.

To answer your question yes you need a Property Manager that works for you not the HOA.. Standard PM fee in CLT is 8% is worth it especially in times like this that its hard to travel and not to mention in this time us New Yorkers are not wanted.. Try driving to midwest or Southeast with NY license Plate in this times, dont recommend..

@Nick Rutkowski

You think Kushner will allow this new Landlord bill to pass and ruin the family biz??

Horrible bill fortunately it has no chance in passing.

The $2k a month bill has a better chance in passing but I’m concern that it’s becoming more profitable for some being unemployed than working. What will be the incentive to go back to work when this is all over..

@Nathan Nance

Congrats, I give you credit most who look for that long don’t pull the trigger but you did!!!