All Forum Posts by: Randi Plevy

Series LLCs are common in DE and may be formed there regardless of where you own property.  

The New York State Bar Association (nysba.org) has some great books on this.  Good luck.  

Is this retail or office?  Current or past demonstrable rental income provided by the Seller?  Unfortunately some of the recent draconian rental laws passed in NYC also affect commercial spaces relative to evictions.  Two words :due diligence.  

@Robbie Snipes: I'm sending you a direct message.  I think there are some ground issues to clear up here.  

$13,000 in property taxes is not atypical for a NYC condo.  But be very cautious: city lawmakers are trying to pass a new law which could substantially raise taxes on condo and coop units in the next two years.  https://www.nytimes.com/2020/0...

I second the responses which advise to consult with a Landlord Tenant attorney in your locale prior to serving your tenant with any paperwork.  Many will speak with you for free over the phone if there is the prospect of an ongoing relationship.  Good luck.  

New York State law requires the parties to be represented by attorneys at the closing.  Presumably, if you are a wholesaler in New York, you are using a contract that a New York attorney provided to you.  Depending on when the assignment takes place, it may be your attorney, or your assignee's attorney that will hold escrow.  You may also persuade a title company to hold escrow, but in my experience, most would be reluctant to do so without a good reason.  

@Thomas Tamay: Where are your deals?  If they are in Queens, Brooklyn, the Bronx, or Manhattan, I have an easy hard money lender.  Let me know if you want to discuss further.  

To be more clear, the partnership I was considering would have been on a townhouse in Washington Heights, but the Seller did not accept my offer.  The coop is my primary residence.  In most cases, you can not purchase a coop as an investment.  Of course, I looked at more than 100 units before settling on it and purchased it from an estate.  The contractor gutted and rehabbed it under my direction.  In fact, I am putting it on the market at the end of this month, so I'll find out if I bought it (and rehabbed it) correctly.  

My apologies for not responding sooner.  I did not in fact partner with the GC.  I did hire him to renovate my NYC coop, and found that at the end of the experiment, although I was very happy with the quality of the work, communication between us was difficult and his subs were less than forthright.  I'm glad I had that experience to vet him out.  And so I echo some of what has been stated by others, try them out first and see if you have a quality working relationship.  Also, as stated by Will, consider how difficult it might be to keep tabs on someone that you have not established a significant amount of trust with.  Thanks for letting me circle back into this conversation.  I hope all your deals are successful ones.