All Forum Posts by: Elizabeth Park

Grew up in Kokomo. My dad worked at Delco (GM) for 25 years. It's fairly blue collar. Lots of auto manufacturing, steel, and some hospitals jobs. Other than that it's pretty limited. Next to nothing for STR demand.

What about the new battery plant being built?

1 Vote

Indianapolis, Indiana

Quote from @Kerry Noble Jr:

MTR for nurses? Kokomo used to have a lot of factories. Theres still a Chrysler plant up there and i think a Delco plant maybe. I dont know anyone with MTR or STR that way.

Thank you for sharing.

1 Vote

Indianapolis, Indiana

Quote from @Greg Scott:

You keep asking variations of the same question in the forums over and over. I recommend you get a trusted attorney and ask them.

https://www.biggerpockets.com/forums/12/topics/1135790-calif...

https://www.biggerpockets.com/forums/51/topics/238263-living...

I am seeking legal advice from our business advisors where attorneys and CPAs are. Bigger pocket veterans also seem to have different perspective on things. Isn’t forum for asking questions and also giving answers?

1 Vote

Indianapolis, Indiana

Hi! Is there anyone familiar with this area and can give some insights on whether it's a good city for MTR?

1 Vote

Indianapolis, Indiana

I have a WY holding LLC. In the near future, I will be creating a statutory WY Trust.

I am purchasing a rental property in Indiana. Should I create another WY LLC for this property? or CA LLC?

0 Votes

Indianapolis, Indiana

Quote from @Caroline Gerardo:

No you cannot put the title (vesting) in a different name or entity than the loan, they need to match.

Hard money wants only NON owner occupied. Some hard money want the title in a LLC (not all) and you sign a personal guarantee. Signing the guarantee means they can disclose it on your credit report especially if you don't pay as agreed.

Thank you! This is the answer I was looking for.

0 Votes

Indianapolis, Indiana

Quote from @Account Closed:

Quote from @Elizabeth Park:

I am buying a property under my name and planning to transfer to an LLC later but my hard money lender says I have to borrow under an LLC. I have not set one up yet for this property. I do have an LLC that is not associated with this property I am buying. What should I do? If they lend to an LLC but I am buying with my name, this transaction will still happen in purchasing a home?

What they are saying, is if you insist on borrowing in your name, they won't do the loan at all.

Why not borrow and buy under your existing LLC?

Here's a post I did on LLCs that may help

DO You Need An LLC - It Gives Me Protection, Right? My Attorney / CPA Says That. . .

https://www.biggerpockets.com/forums/311/topics/1098136-do-you-need-an-llc-it-gives-me-protection-right-my-attorney-cpa-says-that

All my REIs are in an LLC! Why am I being personally sued?

https://www.biggerpockets.com/forums/926/topics/1097903-all-my-reis-are-in-an-llc-why-am-i-being-personally-sued

I suggest one of the LLCs is the one used to open a bank account and run all related income & expenses through it to avoid the accusation of commingling funds, to be able to write checks and to send and receive wire transfers. The IRS will appreciate it when they audit you.

I am not able to use our existing LLCs because we are using them for a different purpose. Thank you for the info.

0 Votes

Indianapolis, Indiana