All Forum Posts by: Adam Wigdorski

@Uzi Pablo I mean it’s your money so your the bank. So you set the terms. You can do 3 month, 6 month, 1 year, 100 years Def get a lawyer who knows his stuff though. Because he will have to do research on just not the state but even the county or parish. He’ll have to come up with a good dead and dot to make sure your covered. I mean everyone’s different. I know a pml who does 80%ltv, 30 year amort, 1500 fee, and max 18 month term. And then I know another guy who does 100% of whatever you want at 16%

@Amber Turner Yeah They definetly do them. You can join the credit union for like 25 bucks I think. https://www.penfed.org/home-equity-center/home-equity-line-of-credit

@Amber Turner Why did they tell you no. I have two helocs through PenFed. And one was literally done like 4 mo this ago?

@Amber Turner Pended.org Pentagon federal credit union. Literally the only bank I could find. But you have to meet criteria to even join. I’m in the military so I lucked out. 80% ltv also. Good deal and they do it under a month

@Uzi Pablo And by the way. If you really do have that current income you are going to get mobbed with a crap ton of brokers trying to sell you everything they can and people wanting you to fund their deals. Find the big real estate lawyers in your area and tell them you’ll be a private money lender. Come up with a standard like 65% ltv, 12% interest, and 1.5 points. Call the title companies in your area also. Learn on how to vet the deal yourself. Start small on like a 100k project or something and if you like it grow and if not recoup your money and move on.

@Uzi Pablo Maybe don’t even own the real estate. Be a private money lender and collect 12% without the headaches of actually owning the property. Hire a good lawyer to vet your deals and be 100% hands off or use him and yourself to vet

Sweet I’ll gather all my records for someone to look at around May ish. If anyone wants a new client send me a message. I don’t care if we don’t meet. I keep all my files electronically anyways

Crap already filed for 2017

Yeah like I print him a step by step outline of what went on that year and he misses stuff. Any recommendations. I have all paperwork saved electronically.

I remember listening to one of the podcast and there was an accountant featured on the show explaining tax strategies. Im looking for a new accountant to review my past years returns and kindof audit them. Ive caught to many mistakes with my current guy. I make it easy for him , w2's, 1099's, etc , and a single page showing my rental income expense per property. Any suggestions? Mine get filled in nys