All Forum Posts by: Scott Wolf

Hi @Damon Tyler from personal experience, I know an LLC can be a member of another LLC, and the legal counsel of my firm just informed me an S-Corp can be a member of an LLC as well. I would form an LLC to hold the property. The only issue (I think) would be for their tax liabilities.

Also, based on location and size, I'm assuming the purchase is well under the $1.5mm threshold for FinCen, so the SCorp members wouldn't have to reveal themselves, although I doubt they're trying to hide their identity like some foreign billionaire or something.

Hi @Joe Vastola, that is usually the case in NYC.  

Hi @Michael Palma what banks did you look into?

Some I would check would be Sterling National, Flushing, Emigrant, Valley National, Bethpage FCU.

-Scott

Hi @Valentin L. I'm not sure about construction loans, but the local banks will be your best bet. PCSB, Westchester, even Webster.

I'd also love to give you a quote on title insurance and save you 10-25% on premium.  Our firm is disrupting the industry in New York, and soon New Jersey.

-Scott

@Justin McElroy I don't bank with them, but they were very eager to lend me money on a purchase in Mount Vernon, NY.  PCSB Bank.  I believe they have branches in Rockland County, which may be a bit too far for you, but I'll leave that decision up to you.

Hi @Liz C. unfortunately the company I know only does 10 units and above.

How big is the property?

@Erich Braun Sterling National Bank and PCSB have been giving me the best quotes in Westchester County.

What does that $200 per month extra mean?  If they stay a full year, does it net you another month's rent? Two months?  This should factor into your calculation.  Why do they want MTM?  Has there been other interest in the property from qualified renters?

If you do accept it, make sure the lease states a clear notification time for termination.  I'd try for 60 days, but would not accept anything less than 30 days.  This way, you can properly market the property when they're set to leave.  You could also set penalties for terminating during certain months.  IE Nov-Feb, as it you mentioned it's tougher to rent in the winter months. 

Just my 2 cents worth.

@Jagpreet Singh while you may be giving up some of the benefits of having an agent represent you, your deal is more valuable to the broker representing the seller, as he will make more commission from you than if you have an agent, which may incentivize him to push your offer..  Additionally, if you bring in an agent at this point, having already spoken with the seller's agent, you may need to pay your agents commission.  

I'm not sure how you, as the buyer, would be "low balled", but if you have further questions, as a former Commercial Broker (still licensed, but not practicing), I'd be happy to offer some assistance.