All Forum Posts by: Brenda Whittaker

Seriously, is there something wrong with me?  

@Percy N. People keep talking about conventional financing - and I keep saying I am not interested in conventional financing! I do not qualify!!! And I dont have an LLC yet, I only want to set one up to borrow for rehabs with private funding! Thats the ONLY reason I want an LLC. I am out of cash!! Cash is tied up in other properties, so YES it would help to get the contact info for anyone who will lend for new projects with the security of the equity I already have. Does this make sense? I can seem to pinpoint understanding of my questions, everyone wants to mention conventional loans. NO! Today has been nothing but failure. I tried to bird dog for someone on here and I cant open their site today, plus all my photos I took of leads will not send via email, my credit report for one lender wont send via email (jpg? html? pdf?) Im going backwards. Nothing is working today. I cant work with the birdog program, I cant figure out what state to LLC in, and how to relate any new LLC to my existing revocable living trust, (shouldnt the trust own the LLC? Shouldnt the rentals be in the LLC? Now someone said rentals and new rehab project should be in separate LLCS??? I cant even get the 1st LLC started!!) I cant get my questions answered. All I get is conventional lending answers! I dont want conventional lending! I am SO at the end of my rope. Please help me. Here is my situation, again: 1. I am a rehabber. 2. Previous rehabs done with cash. 3. Cash is tied up in 3 free and clear rentals. 4. I need rehab funding for more projects. 5. I do not have an LLC. 6. I live in AZ, 3 rentals are in TX. 7. I do not want to invest in AZ. 8. So Im trying to do a TX LLC 9. I already have a revocable living trust. 10. Can't figure out if/how to have trust own LLC. 11. Technical problems with everything. Im so sick of sitting in front of this damn computer when all I want to do is be out there rehabbing! I feel completely hopeless.

@Percy N. I know a trust is for estate planning, that's why I have one. And studying here, I've read over and over again that LLCs do not protect against liabilities, because the veil can be easily pierced, and that insurance is better protection. I am not concerned about the liability protection right now as I am about trying to get funding for more rehab projects. That is the ONLY reason I want an LLC. btw, I know I know, I am well aware that I cannot get conventional loans with an LLC, Im not looking for conventional bank lending. Everyone always tells me the things I already know. The more podcasts I watch the more confused I get. I'm doing nothing but going backwards. I have 3 rentals, all in my own name, with insurance. Again, I just want an LLC for lending purposes. My cpa cant help because she said she does not deal with business entities, the lawyer that created the trust wont help because he said he doesnt deal with business entities, everyone is telling me to go to someone else. Ive just about had it! Plus Im trying to bird dog for someone here and I cannot open their site nor will my photos download to my computer in a format that is sendable to anyone. Its like the universe is conspiring to keep me down. 100% fed up.

@Jean G. Wow you totally lost me there. That S corp stuff, over my head - don't you need board members and officers and stuff, I mean it's just me, I dont think one person could have an S corp and the whole thing is getting WAY to mind boggling. All this information keeps changing. All I know is I am a rehabber, and also like to buy and hold. I want to acquire a multi-family property. I have a revocable living trust, I need to form an LLC for funding, I have 3 houses that are in the trust that now would have to go out of the trust, then into the LLC which goes into the trust - like wow. And I live off rents, so all I need to know is can I just draw like $500 month or so from the LLC to pay my bills with? I cant understand taxes enough to be that concerned with that aspect. I dont care about taxes. I just want to know if I can take money out of this LLC to live on somehow.

Trying to form an LLC. I have property now in a revocable living trust. I live off the rents. SO, do I start the LLC as being owned by the trust? Then take the properties out of the trust and put them in the LLC which is owned by the trust? Am I over thinking this? Isnt that a little redundant? Also, since I live off the rents, do I vote myself a salary or do I take a draw every month or so? And what is a draw? Thanks.

OK everyone so heres something else, currently I pay all my bills with rents. If I place all my properties in an LLC, can that LLC pay me? What is a "Draw"? Because I need that income to survive.

Thanks everybody!!  @Jean G. I already have the trust, just as estate planning, its' funded with all my assets. Now I need the LLC because all the lenders I'm talking to, say they only lend B2B. (I am FAR from qualifying for conventional loans). @Russell Brazil thank you, this is just for rehab flips, but, I do already have rentals without funding on them, I am assuming I should place those in the LLC.  Right?  No?  Thanks everyone!

So stil stuck on the LLC thing. Please help me. First, does anyone know if my revocable living trust can own my LLC? Makes no sense to have a trust to protect your assets if all your assets are in an LLC and not in the trust. Right? Second, I just read an article by Brandon in which he was swaying toward it not always being necessary to form an LLC, and harshly said we use it for an excuse not to get going, which makes no sense, but he wrote that lenders will not lend to LLC's/ WHAT? Ive been studying this business intensely and have been an investor for many years, and everywhere I go they say use private investors for your real estate rehabs, and every private lender I spoke to said they only lend B2B, business to business, now Brandon says the complete opposite. What is going on?

Still trying to figure out how to form an LLC. I disagree with all of you who say it's simple! My current roadblock is this: Everything I own is in my revocable living trust, which avoids probate in the event of my demise, passing my assets to my heirs directly as they are owned by the trust which does not die. Ok. SO, here I am forming an LLC, now can the revocable living trust OWN the LLC? How do I have the trust own the LLC so that the LLC goes to my heirs directly ? Do I name it or me as its trustee as officer of the LLC? Gettin dizzy here!

Please send me your property info. , I invest there, interested in rehab and multi-family.