All Forum Posts by: Christian Stoecklein

@Zeke Marshall. How about a Thursday evening at Hofbrau house in the Southside. It's a big place. Suggest July 15th. Who's up for it?

It really depends on your goals. Literally you should have a written targeted property attributes with returns. If not, you will end up with shiney object syndrome and not actually pulling the trigger. Charlotte is a great long term option for buy and hold. 

  Here's some thoughts...

house hack with a duplex?  Might be best option for you. 

single family home (new construction or existing with cosmetic needs). Could be hard to find something needing cosmetic only work in today's market.  Agree on going outside Mecklenburg to find value.

good luck! 

Christian

@Daniel Jenkins. You should check on the real estate transfer taxes. That might cost you to transfer/distribute the property to your personal name.

Is this a single member LLC?

When you compared the rates did you get a quote for an investment property in your personal name? The rate and fees are allot higher than a loan on your primary residence. You probably did but wanted to make sure you were apples to apples.

Christian

@Kerns Churchill Mike Leng nailed it. You pay personally for the gas and then show a deduction for the mileage rate only. You don't get both. You could get an app... Like Everlance, etc to help you track the miles.

Christian

@Lucas McQuinn if you are flipping in CO creating an LLC out of state will add costs while the income will be taxed where the property resides anyway. Having an out-of-state LLC means you need to pay someone to be your registered agent in that state. I would I think you'd want to separate your passive real estate from your flipping.

Christian

You have the 3 in the titled name of the multi-member LLC but the mortgages for those in your personal name only. You will want to talk to a real estate attorney to help you.

For the two unencumbered you could get fixed rate debt and just hold the cash and fund yourself. So a commercial cash out refi. That might be easier than getting a note and a line. Ask for a reasonable amount of leverage (70% LTV) and a fixed rate. Did you get these two appraised? You should talk to a tax accountant on this also.

Christian

I think your question is how to structure best for financing purposes and less about tax and asset protection. I think some people do loans in their personal name for 1-4 unit due to the cheap long term fixed debt available. Typically 70% loan to value. Some later move those to LLCs for asset protection. For new LLCs loans you will need a commercial loan most likely with recourse meaning you are on the hook personally as well as the LLC. Look for a local bank that does portfolio loans like a People bank, etc. They can structure something for you. What loan to value did you seek before from the other bank? Why a line vs. a fixed rate note?

Christian

Do you own a property yet? If so which state? Are you the sole owner of the LLC?

Christian

Interested too !

Christian

Have you closed yet? 

Check your home inspection and correct any deferred maintenance. This is important to be proactive.

get online payments from Innago or cozy, etc. This will help you with a system as they have basic CRM software. 

have a process for your book keeping.  Wave accounting is free and fine. Have separate bank accounts for the checking, savings and security deposits.

Automate as many payments as possible.

Good luck

Christian