All Forum Posts by: Carini Rochester

Here's a web-site you might like.

Are you saying you would do a rehab on a house you don't own? And you don't get paid until after the rehab is finished and the house changes hands from the current owner to a new buyer? Probably the seller puts money into an escrow acct that would go to you if they back out. Perhaps you should buy it and flip it.

Its probably okay. Your accountant might like to see the path the money takes through the LLC, then to your personal use. I would deposit the check into my LLC checking account, then write out a check from that account to pay the heloc. On my books it would be entered that the LLC borrowed money from me, then the LLC paid me back.

I did it all myself using (I think) a NYS website. A few weeks after I completed the work on their website, I got some mailings from several companies telling me that I had to advertise the new LLC in several business journals (or something like that.) My research showed that that was true. So, I hired one of those companies to handle the advertising. Then a few weeks later they mailed me the receipts, and copies of the advertising, and then I got something from the state telling me the LLC was formed and legal. (Something like that. It was about two years ago and some of the memories are fuzzy. But I know I didn't hire a lawyer. I have opened a checking account, a credit card, bought a property and borrowed money (the mortgage) with that LLC.)

Using equity to fund down payments is quite typical.

How do you know todays prices are high?

"No lender is going to do that."

I do it.

My business rents office space in a building my LLC owns. My commercial lender was fine with it. This isn't residential. I don't rent 100% of the building, 25%. My business has been in business for 30 years with excellent financials. Maybe they usually don't do it, but they did it for me.

To avoid having a foreclosure on their credit report.

Mixed use property, multi-family, commercial property, funded by a commercial loan. Lender looks at the cash flow of the property. 

Seller financing.

https://www.warreninspect.com/

Warren Engineering is one of the largest inspection companies in town.

I've also heard of 
Comfort Living Home Inspections, Kevin White. p. 585-802-6386

I know someone with expertise in structural inspections and design if you ever need that specialty.

@jaycinta henry I didn't realize he was looking for a car loan. A car loan is good vehicle for getting 15K. The closing costs for a mortgage or a HELOC is about $5000 in my experience, zero for a car loan. If he's got 15K equity in real estate, the lender will subtract out the closing costs of, say $5000 at he'll get $10,000 at closing. Obviously still have to pay back all $15,000. To me, that is very expensive money. There's probably a cheaper way to get money. The part time job idea doesn't have to be taken as the only idea, I wrote that to make the point that you should be thinking of other options.

I was glad to read @kerry baird post that there are some institutions that offer the smaller loans. I like learning. 

Jay, best of luck on your investing!