All Forum Posts by: Raza Rizvi

Hello,
Does anyone have any company recommendations of insuring a 3 family home built in 1935 under a LLC. Any help would be appreciated. Thanks

Hello everyone,
I am a real estate investor currently purchasing a 3 unit property in NJ. I am looking for an accountant that specializes in Real Estate. I live in Manhattan and work in NJ. I currently own:
* 1 rental unit under a LLC in AZ
* 2 CO-OP apts (1 rental & 1 primary residence) in Manhattan
* Purchasing 3 unit property in NJ

If anyone has any references for accountants that can do my taxes and guide me with LLC's etc. I would really appreciate it.

Is asbestos really expensive to remove?

John,
My contractor quoted another 70K for rehab so that's what I'm factoring in. Similar properties in the area are around $230K but obviously in livable conditions.

Stephen,
It was built in 1912 - it has been checked for lead and its negative. I will add asbestos to my list of items to test. The short sale is approved so I don't have room for negotiations. Either i proceed with the property or walk away from it.

BTW this forum rocks....

Thanks a lot Jon - really good options.

Thank you John - lots to think about.

Thanks Ali - I won't be living in the property. I guess another option is to borrow from my 401K (rather than get hard money) and then refinance the place once the rennovations are complete. What is the SFH loan? I'm not familiar with it.

Hello,
I am purchasing a 4 unit Investment property in NJ that needs tons of work, new floors, appliances, fixtures, ROOF, tiles etc. It is a short sale and I'm getting it for $70k. I can either pay cash for the property but then it would leave me very little for repairs.

I was hoping to find some options either to finance the property or get a rennovation loan. Anyone has any ideas.

The property once fixed up will bring in $1,200 rent from each apt. PLEASE HELPPPP!!!

Thank you

Thank you everyone, I will keep you posted of how it goes

Hello everyone,
I am planning to buy a couple of properties in AZ. Currently I own 2 properties in Manhattan - I live in one and rent the other. My questions are:
* Should I form a LLC for the new investments. The mortgage company I am working with said to do the following:
I will guarantee the loan in my name and then the title company can vest the property in the LLC after closing. Does this make sense?
* The other option is to quitclaim the mortgage to the LLC but I believe the mortgage company can call out my loan. That makes me nervous
* Does anyone know of banks that finance under LLC's with reasonable interest rates if I personally guarantee the loan?

Any feedback is appreciated.
Thanks