All Forum Posts by: Account Closed

Jessica Zolotorofe let's say I have people interested in partnering up, is there a way to set up a paperwork without starting an entity? I don't want to create an LLC yet unless I have to if that's the only way to utilize partnerships.

Jessica Zolotorofe both

I am in the process of wanting to start a partnership to accelerate my real estate investing. I have been successful in the NYC market and now I'm transitioning to the NJ market focusing mostly in the union, Essex, Hudson and Passaic counties. I have been doing this for 6 years now and all on my own but I feel with other partners/investors on my team, I could be working on 10 properties rather than 4 per year in this market. How do you go about setting up a partnership?

Paterson has high property taxes in comparison to other inner city in NJ.

Monica Narvaez being that we are both in the same market, I could give you an ideal cost. If the leak is coming from any pipe that's pass the water meter, then that's your pipe and it can be fix at a low cost but if the leak is coming before it reaches the water meter then that's also your pipe but requires city permission and that's at least $10k. Your from Brooklyn I'm from queens, I have work on these pipes before and I could tell you is going to be a pain. It's going to take time and the whole pipe that comes from the city line to the water meter is going to be a mission because is underground. I see people quoting $20k and that's not true. If the water line has a shut off valve attach to your property then your safe at $10k, but if your water line has no shut off valve then that means there's only one shut off valve that controls the whole block which will cost you $20k. NYC has not yet upgraded all the pipes so that's why you have mix water lines in our market.

Juan Perez that's one creative idea and everybody on this forum made solid points on covering the basics of your idea. Here's 3 basic tips that I feel should get you rolling things faster in the NYC market. 1. Don't do this alone, Have 1-2 more partners/investors in your team. Then after a few deals, going on your own will be smooth. 2. If your going to flip the property, take taxes as a huge consideration. if your profit is $50k on a flip, then you need to consider capital gain tax, self employed tax, federal income tax and UBT tax. The UBT tax only applies when conducting business in NYC,queens,Bronx,Brooklyn and Staten Island. That $50k profit just got slices in half. 3. Don't become a DIY, on your idea it sounded like you were going to do those renovations yourself to make the numbers work. DIY is a trap, your here to learn how to build your RE business, not learn a skill trade. Hope this help, any other questions feel free to ask and wish you the best of luck.

Welcome Kim Phillips restoring neglected homes is also my pleasure being a contractor. It keeps me motivated in this business and it will keep you motivated as well, any questions you may have feel free to ask. Best of luck

Anne N. New York City, queens, Bronx, Brooklyn and maybe states island are all high prices for a beginner investors to come in and be successful right away. What seems to be very profitable in real estate in NYC is developing.

Devang Patel and how long do you anticipate the eviction process to go for? The reason I ask because I'm shifting from NYC to NJ investing and want to compare the time frame of the evictions. Here in NYC from the minute you send the notice till the Marshall comes to kick them out is 8 months average.

Welcome to BP Jazmine Ducker you already have some experience in RE by being an agent and it sounds like your motivated to succeed. Best of luck and any question feel free to ask