All Forum Posts by: Brenda Whittaker

I already have the living trust. THT? Someone else just told me not to have the trust own the LLC because if the LLC becomes liable for something your entire estate could suffer. So yay, more conflicting information. I was also told never to put buy and hold and flips in same LLC. And never put flips in an LLC at all, but rather an S corp./ So, its all getting pretty blurry.

@Richard Balsam  I do not qualify for lines of credit at local banks.  They want 3 years on a w-2 job, good credit and low debt to income.  Banks will not touch me.  If I could find a way to leverage those properties and pay off the home mortgage and the judgement, I'd be golden.  I have been everywhere.  No one will loan against rentals, especially in another state, to someone with no job.  I want to sell a rental, but am having long drawn out issues getting a tenant out who refused to let a realtor come by.  Again tho, I would love to leverage those houses, and would love to sell at least one.  

Oh and @Jeffrey S. Breglio one last thing, what do you think of "My New Company", seems a reputable on line firm to form entities but just curious if you yourself would choose a live professional over a site like that.  

Ok, @Jeffrey S. Breglio Wow.  Ok, first, I'll pass on that 40 hours of video and talk to someone instead - Im already about 40 years behind on my reading - thank you, yes, I do know that the revocable living trust is not a protection, it was set up to pass to my heirs without probate.  You are right about not fitting all situations into one answer - what I have is about $290,000 in unprotected assets, a judgement creditor who knows about them, and a balloon on my home mortgage coming due next month, or a hike in payment from $300 to $775 so I'm a bit nervous.  Yes I could sell one rental and Im having to work on an eviction first.  From a distance.  And wouldnt it be a shame to lose all that cash to paying off a mortgage when I could invest it in many rehabs and earn what I need - I dont want to kill the golden goose for a few eggs.  

I need to restructure everything. I'm trying to revive my rehab skills to earn it all but feel in a whirlwind constantly. Opinion keeps changing. So Id need one LLC to hold my rentals, possibly down to only 2, and the other S Corp for rehab flips. Right? So if I want to get going and begin to build a portfolio with some good lenders who only lend too LLC's, I need the S corp, and to protect what I have a little better, set up the LLC. Whats the best way to get paid? I depend on rent to live off of, do I take a salary or a draw and from which entity?

@Scott Mosley why would you end that insulting last remark with "all the best"?  Please don't perpetuate negativity.  Your congratulations is unnecessary sarcasm and if I alienated you, fine, dont reply then, but don't speak for everyone else.  @David Kenny what does that mean?  @Shannon K. thank you for your kind words and thoughtfulness, and the time to write all that out.  Everyone else, still reading - thanks so much! 

BTW the closest REIC is a 3 hour drive and charges $30 to attend one meeting.  I have been there and found nothing, cant afford any more of that.

@Percy N.  I have been told over and over and over again that private lending does not care about credit or W-2 income.  I have been told over and over again that the project qualifies, not the borrower.  Now you're saying that's not so.  Why would anyone go to private lenders and pay high interest if they're going to require the same qualifications as a conventional lender with low interest?  If I have to qualify with high income on my tax returns from a W-2 and outstanding credit, Im dead in the water so why even be here.  None of this is making any sense at all.

@Percy N. You wrote; "One such local lender in my area also offered a commercial LOC against properties for which I had paid cash. This would let me move quick on new deal and season them before re-financing - essentially follow the BRRR strategy." YES!!!!!!!!!!! I WANT TO BRRR!! HOW DO I GET FUNDING that is NOT CONVENTIONAL! I spoke to a few of these portfolio lenders, who want credit report which I have been unable to transfer from "Credit Karma" to an email message. They also want and LLC set up, so backwards again. Have LOTS of deals to do, NEED funding. TRIED to get funding, CANT send credit report, CANT figure out if LLC should be in TX or AZ, CANT figure out if my trust should/can own LLC, CANT get away from comments telling me about conventional lending! I have over 50 posts here at BP and I still dont have any solid answers. The problem must be me. So should I quit? Because nothing is working and I have not moved forward in any way shape or form. Is this a sign that I am not supposed to be successful at my passion?

@Scott Mosley  are you serious?  Another post about conventional lending?  After everyone told me conventional lenders do not lend to LLCs now youre telling me they do?  REALLY?  I dont understand why everyone is trying to tell me something about conventional loans and suggesting banks while I have repeated a million times, I am not qualified to go to a bank and ask for a conventional loan!  I have NO JOB, NO CREDIT, NO INCOME ON MY TAX RETURN, NO W-2......  please everyone stop with the conventional bank loan replies, you're driving me insane./

I feel like Im wasting my life here in front of this computer.  I cant believe how backwards I am going!  I even tried to go to credit karma and yesterday saw 2 reports there, equifax and trans union.  They showed up as full reports. I tried to save.  They saved in a format that will not send by email.  Then today, they are both saved differently, and when I go to credit karma again, I cannot see the full report, only my score and addresses.  One is in my files, one is simply gone.  They were in html.  saved again to jpg.  still wont send by email.  One shows as complete report now in my files, one shows only score and address even though I did the exact same thing to each.  Also, took photos for bird dog program, yesterday they were in my files, today only one is there.  Its like God is telling me to give up.  Im so upset Im shaking and have not been able to eat anything today.  I even called computer repair guys to see if I can get pdf info or whatever, no one is available, no one is answering their phone, of course its a weekend.  Tears.  This is exactly why I have sat idle for the past 8 years not accomplishing anything besides going to the food bank so I can eat.  I cant figure anything out, I cant move forward!  I cant even find a lawyer or a cpa who will help me.  Lawyers say ask CPA, CPA's say ask lawyers!!!  I have been sued and need to earn money NOW before they take my assets.  I am actually physically sick over this gigantic mess today.