All Forum Posts by: Account Closed

gregory..that was quite informative..how the heck did you get all that info?? and uwe..i agree..it's crazy..so does that mean you are setting up credit cards or lines of credit for the property in the US? i think tha would be a good idea

thanks jeffrey..i'll talk to the cpa about this strategy..i wonder if anyone else is having trouble with brand new llcs getting credit? as i said, my personal credit is fine

so I have good credit, but even with a personal guarantee, Lowe's would not give my business a line of credit..how do you start getting credit for a new business when even a place like Lowe's willl not give your new LLC a chance?? Also, a second question....with different investors or after so many units, I will create additional LLCs...how do people manage getting credit for their multiple brand new LLCs these days?? thanks

i just went through this with a 4 unit property...couldn't get replacement coverage with fuses....however farm bureau insurance did offer me actual cash value insurance ...you could check into them if they're in your area...that being said, i decided it was worth it to upgrade service anyways...it's a pain to fix fuses when you have problems, as they are next to impossible to even find...i switched to individual break panels for all 4 units and also had to move meters and cans while i was at it...be careful...the county will make you pull permits...meaning, if there are old fuses, you may have other things that will need to be updated as well...when you get estimates, make sure the electrician pulls permits and quotes for everything that the inspector will require...half my total bill was for updating other electric issues that the inspector was enforcing since we had to pull permits to install breakers..i'd like to hear what you decide..goodluck, and let me know if you have any questions

so I have good credit, but even with a personal guarantee, Lowe's would not give my business a line of credit..how do you start getting credit for a new business when even a place like Lowe's willl not give your new LLC a chance?? Also, a second question....with different investors or after so many units, I will create additional LLCs...how do people manage getting credit for their multiple brand new LLCs these days?? thanks

thanks susan...i do appreciate your answers.

tenants pay heat..many rentals around area are all electric...i looked at the wall electric heaters, but they are more expensive, require more wall damage than the baseboard heaters, and have moving fans and parts which i've heard break easier...baseboard heaters run about 50 bucks each plus 20 for a thermostat..thanks

How do you folks structure everything when you have a passive investor invest money to get into a deal? I've read about this, and had relatives with money come up to me, and basically ask me to be their work horse to fix up and manage properties for 50/50 split. My question is when we go for loans, do they go in my name, or the investor's, or both?? I'm sure we would set up a unique LLC for our investing as partners, but the LLC would not get the loan these days...would have to be in someone's name i'd imagine...thanks.

thanks..will head back to lowes tmrw....it may be better to buy extra heaters so they don't have to work as hard..i'm not gonna want to replace them too soon....appreciate the answers as always

and the formula is.......? :mrgreen: :mrgreen: