All Forum Posts by: David Honaker

@Gary Houck

Any property less than 5 units will be considered a residential loan. 5 units and more will be a commercial loan.

So question. I plan on aquiring control over several apartments via a master lease. Is it required to have a local business license to operate the LLC that is merely controlling the property and collecting rents? The business would already be registered with the state.

Best ways to collect rent from tenants. Looking at acquiring several apartments and will need a way to collect vs requiring everyone to have certified funds or checks.

well time to get creative then. thanks

So my personal credit score is barely over 600. I want to use a LLC to buy a piece of property to rent out but don't know if they are going to tie my personal score in with a newly established LLC. what is everybody's thoughts on my chances of getting a morgage for 40k?

Make your money when you buy. Given if you know you can only pull out about 75% you may want to start asking for a seller's concession so you can use that money for repairs and closing costs. be sure to also check property appraisal records so you know what the county values the property at. No point in paying say 80k for a property valued at 50k by the county.

Hello all, I'm in the Ocala, FL area and just getting started in Real Estate. I'm looking at single family homes and duplexes primarily. Still learning quite a bit with everything that can go on. Best of luck to everyone. David