All Forum Posts by: Jason Peters

The bank is not a national bank (or branch of one) and is a bank that my reliable friend referred me to (he is a real estate agent for Long and Foster in VA).

Do portfolio loans typically have recourse clauses in them or use cross-collateralization?

My Assets = Own one car, loan on another car, above 700 credit score. Have been renting since 2003 and have never missed any payments. Solid job security.

I really appreciate your answers and I realize I'm not going to get a definite, concrete solution online like I would at a consult. I'm simply defining my situation further in case someone does want to input their 2 cents.

Thanks,

Jason

Thank you all for your answers, they have all made me breathe a little more easier. This was news to me about first time lending to LLC's so I appreciate the heads up there.

I've done some research on Hard Money and Private Loans. It seems viable, but difficult to secure. I'll look more into it.

Thanks again!

I'm about a week away from forming an LLC for the purpose of flipping when I just got off the phone with the Vice President of a prominent bank in my area.

Apparently she received numerous communications today that lending to LLC's is next to impossible now with all the headaches coming from Fannie, Freddie, and FHA. They are worried about property value, length of ownership, and more properties going into the red. She said this will definitely affect banks and severely affect mortgage brokers. Of course this is devastating and depressing news for someone just a week away from starting in this business.

Do you guys have any advice? I'm at a loss right now... :cry:

edit: I would need 100% financing as of now FYI

Just saw a commercial for this site which made me believe it would be free. Unfortunately it does require a membership fee.

Does anyone have any experience using Angieslist.com that would care to share here?

Thank you.

Of course! How could I forget the most important part. I will be flipping houses, primarily foreclosures and short sales, and don't plan on holding any properties long term (aka no rentals).

On another note I'm taking your sound advice and have a meeting with a corporate tax attorney this thursday. Thank you for your time.

Good evening Ladies and Gentlemen,

As Northern Virginia could be a state of its own, I was hoping to stumble upon professionals with experience in this area. The question has been discussed with no end in sight, however, it was difficult locating sources with personal accounts of performing in Northern Virginia. Would one desire to be taxed as a LLC, a S-Corp, or is it fruitful to establish a LLC taxed as an S-Corp. Minimal taxes, Maximum profit for all.

I understand there are generic answers for this all over this forum, so perhaps we could limit the responses to those located in Northern Virginia?

Thank you for your time and I eagerly await your responses.

-Jason