All Forum Posts by: Thomas Tsitouridis

I do prefer buy and hold in Albany NY as well. I am from Brooklyn, NY and "discovered" Albany in 2021. It has good rent to price ratios but taxes are on the high side and I have found that I need to be diligent with oversight of property managers who run operations; especially with lower income tenants. I am just getting a handle on things.

Let's link up sometime. I am in Queens NY. Always looking to connect with investors

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Bryan-College Station, Texas

Try looking into a self directed IRA account. I did this and pulled 100% of funds from my Roth IRA and used the capital to expand in RE. Tax free. Money gets transferred to an entity that you manage and you can use the funds to grow your capital. You would not be able to pull funds to your personal name, as that would result in tax obligations.

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Try some creative financing, if you can find something seller financed or subto. If not, and you are eager to invest, why not pull out enough equity on your home to put the capital up for the DP of 20% and under an LLC you can also use 0% interest cards for additional capital on renos. We did that for 2 STR's. Worked out great.

1 Vote

Pittsburgh, Pennsylvania

I started with 3 2-family properties, then STR, almost bought a boutique motel, now back to good ol long term holds. Long term play, this is likely your best bet. I am a NYC contractor and partner is a RE broker. We invest in Albany NY now and the returns are great. Looking to get into larger, 20+ units now. Just need to get our private lenders on board!!

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Bryan-College Station, Texas

Quote from @Andrew Puglisi:

Any NY investors with OOS experience?

I live in NYC and am a licensed GC here. All properties I have ever owned are either upstate NY (at least 1hr 45min) or PA (at least 2hrs). Have been successful and looking for larger value add properties.

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Quote from @Anthony Carollo:

Licensed Real Estate Broker owns a Realty One Group Franchise and also owns a Property Management firm servicing Queens, Brooklyn, Bronx and Long Island

Welcome Anthony! If you need a GC from Queens, would love to see how our team can help. Will send a DM.

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New York City, New York

Quote from @Robert Ellis:

Quote from @Thomas Tsitouridis:

This project features 1 of the 3 buildings with one being ONLY for AirBnb purposes. Supposedly first of it's kind in the Miami market that is centrally managed & has a partnership with AirBnB for super host status from what they say.

Looks like a great project. Wondering if anyone has invested in a new development like that as I've only had experience with existing structure purchases, BRRRR and STR of SFR.

Here is the project:

https://e11evenresidences.com

Looking to purchase a unit for $670,000

Sleeps 4 with approx. 614SF and one of the few units with outdoor terrace and cooking area

From developer:

PAYMENT STRUCTURE

10% @ contract signing

10% in 6 months from contracts

10% @ Groundbreaking - Summer 2024

10% @ anniversary of Groundbreaking

60% @ closing 2/3 Q 2027

Let me know your thoughts here!

From what I've found, Miami as a whole averages approx. 80% occupancy @$300/ night

Appreciate any help here...... as I'm typically one to do the leg work. This is more of a, sit back, we'll do it for you approach.

P.S. My broker bought 2units 2 years ago and has $400k in equity already (approx. 300-400k per unit then)

did you ever purchase this? how is this going

Did not go through with the deal! Thought about it and since I’m in the construction business, I’m looking to take more of a hands on approach. Beautiful project though, but don’t see the numbers making sense in something turnkey for me

0 Votes

Miami, Florida

Quote from @Jethro Stoltzfus:

An interesting question for sure. From my understanding, if you list the properties under a legal business and sell the business itself the ownership of the account isn't getting moved. It was always under the business. You are selling the business itself and with the sale of the business, the electronic assets get included.

I've heard of people doing this exact thing to circumvent non-transferable agreements. Some car companies don't allow transfers of their cars shortly after they are released. Think of vehicles like the cyber truck where you need to sign up ahead of time to pre-order and so many people want it that the value increases shortly after they are released. These companies don't want people to buy the vehicle just to resell it and make a quick buck, so they don't allow transfers right away. To get around this some folks will purchase the vehicle in an LLC and then sell the LLC, and this is not breaking the agreement.

The same thing would apply here. You are not breaking any agreement if you sell the business, and the Airbnb account is part of the business.

Went into the business with the same intention. What we did was open a holding company, and the LLC that owns the RE and management company under that. Now have a portfolio of 6 properties with some that are owned others just managed but turn key operation for sure.

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Quote from @Cody Kennon:

My credit score is stuck at 670. I have a $2k limit and only spend $75/month. It’s on autopay as well.

How can I increase this?

Here’s how I did it, and currently in the 800s

download the credit karma app.
there are sections that tell you what you need to do, to be in the “green” zone

Such as….

PAYMENT HISTORY

0 late payments is “green” zone

CREDIT CARD USE

0-9% (of total limits) use is “green” zone

DEROGATORY MARKS

0 is “green” zone

CREDIT AGE

9+ years, and not much you can do here. Good thing is that it has a medium impact

TOTAL ACCOUNTS

21+ accounts is “green” zone they don’t all have to be open, just opened throughout your history.

HARD INQUIRIES

0 is “green” zone, but low impact so don’t worry much about it especially if you are opening accounts to achieve the 21+ accounts

The best part?

None of this really matters =)

You can always put proeprties under an LLC and use commercial loan which are typically based on the asset performance.

1 Vote

Quote from @Sonu Sundar:

Hello

I have found too many sites that allows us to create Texas residential lease agreement.

I am a newby to this arena, and trying to renew the lease for my house for another year. It is a standard 3 bedroom and 2 bath house. Initally I used a property management company for lease only and I cannot use that same lease as I took over to manage on my own.

What is the good lease agreement template that I can adopt that legally binds both parties, a standard residential single family house with all the nuts and bolts of the lease without me spending $ on legal fees etc.. .

Appreciate the input. Thank you all.

Try ChatGPT…. Seriously!

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All Forum Posts by: Thomas Tsitouridis

Thomas Tsitouridis has started 5 posts and replied 44 times.

Post: Boring Buy and Hold Investors

Post: Seeking Advice on Using Retirement Funds for Real Estate Investment

Post: New Investor Looking for Lending Advice

Post: Boring Buy and Hold Investors

Post: NY / OOS Investors

Post: Broker and Property Manager

Post: Looking to invest in a New Development in Miami.

Post: Airbnb Hosting as an Individual or Business/Brand? Building to sell/transfer

Post: How could I increase my credit score?

Post: Good website to create a Texas Residential Lease agreement