All Forum Posts by: CJ M.

@Jeremy Pelle

With all the unrest in some of these liberal cities, I would be very careful right now. Last thing you want is to go all in and then find out a 12-month eviction moratorium has been mandated. I aint gonna lie, the west coast scares me right now!!!

@Bradley Britt

I'm not sure I'm completely understanding your questions so I'm probably not the right person to respond. The only thing I would add is that most mortgages under the LLC will require the LLC members to personally guarantee anyways. As far as the business loan being used, I would talk to CPA and not a website. Would doing that pierce the corporate veil?...I dunno.

@Alvin Uy

You have to make the decision for yourself, but keep in mind, while you may not need it at the moment, who the h*** knows what's going to happen from now until next Spring. I would rather have the money and not need it, then need it and have to try and get approved in the next middle of another crazy covid lockdown with moratoriums in place. Also, there is no prepayment penalty so you can just pay it back if you don't need it.

Why not reach out to both? Just remember a broker needs to make money too, so you will pay more points. The question is, are those extra points offset by better terms? Sometimes they are sometimes they are not, but in this climate of historically low interest rates, I would do some legwork and reach out to banks as well.

@Philip Seymore

Best of luck. From what I've seen, lenders usually want 2 years of tax returns before financing any deals

@Josh Gold

Why use a broker? Just call around to local community banks. 75% LTV seems to be the going rate from what I've seen lately with banks.

@Kumar Gaurav

Just had a similar situation where a neighbor's tree fell on the power lines, and ripped the electrical post, wires and shingles off of my roof. The neighbors insurance would not touch it, since there was no proof of negligence. They called it an act of God. Anyway, I just sucked up my ego, cleaned up the mess, and hired a contractor to make the repairs. I could have claimed the damage on my insurance, but the repairs were less than my deductible so I did not go that route.

@Dustin Sanders

The answer is 1 month. Just charge $1,000,000/mo. In rent.

@Tyler D'Alessandro

I can only speak for the Dallas, but pretty much anywhere from Dallas up to Oklahoma will be good.

@Tyler Corbett

Welcome! The best advice is study and network as much as possible until you have a good foundation for this business. It's all about eliminating risk every step of the way!