All Forum Posts by: Antonio Esquivel

Would you turn the basement into a separate rental or would it be one unit? Besides fixing the water issue, what other plans would you do for finishing?

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Originally posted by @Antonio Esquivel:

Hi Kristen,

I'm a realtor in the area if you are looking for a rental/flip. Omaha is a great market. I recently made close to 25% ROI on my most recent rental and can help you as well. Welcome!

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Hi Kristen,

I'm a realtor in the area if you are looking for a rental/flip. Omaha is a great market. I recently made close to 25% ROI on my most recent rental and can help you as well. Welcome!

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Just pay off the balance every month. It still shows that you are using credit and you avoid paying any interest. The type of credit card doesn't really matter.

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This will be difficult. Count big banks out unless you have a lot of assets. A while ago I managed to flip a house using a small bank with a balloon mortgage and it worked out. I want to mention I knew someone who had a good relationship with the banks president, and I had good credit. I think this route can still work. If you plan to flip houses keep working on your credit because its one of the most important thing they look at. Good Luck!

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Why do you need to show a cash offer? If the hard money lender can provide funds and the seller can accept I don't see the problem.

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I would say if you have several mortgages, pay off the smallest amount. Generally speaking, you free up the most amount of cash-flow for the least amount. And then the 2nd smallest, 3rd etc.

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Maybe you can ask the seller if they will "lease" the home to you for 6 months or so. I really recommend improving your credit if you can help it. If you get this house or not you will defiantly save the heartache in the future knowing you can secure a loan. Good luck in your deal!

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There are so many things to learn. If you want some basics I recommend the book "buy rent and sell" by Robert Irwin. Its a great book. It teaches you the main concepts to becoming a great real estate investor.

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Originally posted by @Daniel Chang:

Antonio

Banks will lend to an LLC. If it's a new LLC having done no business, the bank is just going to have you sign a personal guarantee on the loan. This is no different than taking a loan out when the property is in your name.

The rate is more for an investment property as opposed to personal residence. Unless you are telling the bank the property is for personal residence, the rate should be the same whether or not it's in an LLC or it's in your name.

Did you just "hear" that banks don't lend on LLC, or did you actually speak with several banks? I had no problems getting a loan on my newly started LLC, and had 2 banks tell me that it's not a problem.

As for your idea, this is my opinion (not an attorney). I'd say it doesn't pass the "sniff" test. If you are titled on the property, and you are the principal in your property mng company, and your company only manages your own properties, and you construct a legal document that no other normal property mng company would construct (basically the company is completely liable for anything in related to the property), then it would seem to me that this is pretty easy to "pierce the veil" of the property mng company as the property mng company is not a true "company".

No I didnt "hear" I actually tried and no banks would lend to an LLC. Yes I know personal residence is cheaper. Thanks for your advice.

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All Forum Posts by: Antonio Esquivel

Antonio Esquivel has started 9 posts and replied 109 times.

Post: Basement finishing - bang for buck?

Post: New member from Nebraska

Post: New member from Nebraska

Post: Best Credit Card to Build Credit

Post: Funding in dfw

Post: hard money POF

Post: Paying off which mortgage first?

Post: Financing Advise

Post: Basics! Teach me them?

Post: Create a property management company, put it on the lease