All Forum Posts by: Account Closed

@Cody L. i only say calling, the last time I went to go unlock, have right pin and was asking me something about my previous address or zip code was wrong or something.  Many i spent like 2 hours.... trying to get it unlocked.  The backend they have all your info so i think the theory of the text confirmation works, maybe just because they don’t have your number verified.  I dont know.  I think this system ”should “ work seamlessly but downside , when you need to talk to someone to unlock your account, just mail in everything they need and they will get back to you in 7-10 days.... not ideal when you are trying to process credit. But still probably beets going through ID theft :) 

@Dan V. thanks !

@Dan V. Ahh that makes sense, i have them as separate equity accounts, with their respective sub accounts ( partner) .   So realistically, if you disburse funds , it ”doesn’t matter” if you place it for the contribution or distribution because the net effect is the same correct? 

@Lance Lvovsky thank you , this was my thought, i had separate contribution accounts but not separate distribution accounts. Do you have any input regarding outflow reducing the partners capital contribution account , or showing as a respective owner distribution account. 

I know your time is valuable being an accountant on April 15th :) I know you are not my accountant , i was kind of curious if there was a standard or done differently based on deal structure. 

Thanks for taking the time to review in advance. 

I just wanted to get some clarity on proper protocol. On a partnership LLC, when you do a distribution , are you offsetting account for your owner contribution , ( so what they have into it is reduced? ) . Or do you do a distribution ?

Im not sure if there is a net effect of difference for accounting purposes. But moreso if there is a different level of contributions and you want to reduce one partners contribution before you start distributing equally . 

Also if there are multiple partners, do you track the owner distribution accounts differently? Like each person has their own name/account so you can track individual distributions as opposed to collective distributions? 

Thank you !

@Deisy P. unfortunately  yes.  Once you get setup just track your PINs. Sometimes you get lucky and have to unfreeze only one bureau but then many times you have to do all 3 each time unlock, and lock ( it allows you to select the period) . I know they used to charge for this. but I think its free now ( maybe varies by state) . 

Type in Experian Credit Freeze, Equifax Credit Freeze , Transunion Credit Freeze  and find each respective site. I think most have online portals now. but you can do by phone also 

There is also the loan component.  Just because you aren’t getting the grant, i dont see it saying you are not eligible for the loan.  The EIDL chart is saying that its up to 2M instead of the 15k that seems to have been gone back and forth on. 

Additionally, i see you guys talking about credit pulls, just out of curiosity , do you not have your credit frozen? As a RE investor, i would 100% sure make sure your credit is frozen and deal with the lock and unlock each time you need it pulled.  With all the ID theft , something out of your control can really dampen your livelihood. Just something to look into. 

@Kirby Logan Thanks so much, I think I may have just lined this up.   I will reach out to you if this one falls through for the referral , Thanks very much for taking the time to respond. 

Looking for a referral on P.E. Preferably one who has experience in doing a TXDOT Access Driveway / Street Tie - In.  

Thanks for taking the time to read this.  If you dont want to post here, PM or email is perfect thanks. 

Edit to add, cant change title but should have also added RVs in title. I know many may not be interested in loaning no charge but not every day you have a chance to help out like this so have to throw it out there).