All Forum Posts by: Fred Canzano

My wife and i will be there. Looking forward to meeting other investors. 

I am opening up an LLC for my wife and I to use in real estate investing. I want to do a flip under my LLC but bring on a partner for the project. What are my options for bringing him on board? Its a 50/50 split on the profit end. I want to make sure everything is done correctly, especially the tax end of it. Want to be sure we are both protected all around

Hey Dean, that was very helpful! Thank you so much for your input. I see the benefits to it for sure. Perhaps I should do a few with private or hard money first and build a little portfolio up. I will consider this in the future.

Is a construction loan a good way to go for a flip?

I believe it will take approximately 7 months for the work to be completed. Its my first flip and I'm being brought in as a partner to a guy who has everything lined up. Has the property and subcontractors that he uses on other projects ready to go once the property is acquired. My end is the financing and we will split the profits 50/50. Its hands off other than checking in on the project. 

Next- I am getting my LLC going, prior to the start of the project. Its a brand new LLC so there is no credit built up yet. When/If I do a construction loan, is it through the LLC or just me as a borrower?

I know the obvious answers,(go talk to a lawyer or lending company)but, it's 6:30 on Saturday night and none of these people are available. I figured I would get a jump on Monday's work by posting here ahead of time. 

Thank you in advance.

Is anyone familiar with this particular training? I just sat through a three day training session that was 90% sales pitch and very little actual training. Not looking to go through this again(even though it's just a few hours) Sorry to be so blunt, but the sales pitch things are tiring. 

Hey all, I am also in Howell and new to Real Estate investing, I have been researching for the past two months and attended a few training sessions so far. I missed last months meetings in both Belmar and AP due to other real estate investment training. I have both locations already on my calendar and don't see reason why I won't make both locations this time around. My wife,Susan, and I are highly motivated and looking to start networking now that we have educated ourselves on REI. Keep us in the loop and I would love to get a little side meeting together with all of you guys just say introduce ourselves and see if we can't put something together. See you at Beach Haus.

Thanks for all of the responses, they were very helpful. I did roll the check back into an IRA, for now and I am currently seeking out a self directed IRA that can be of use in the future.

I still want to learn a few things about the self directed IRA.

1- Can I use this fund to purchase rentals that I plan on holding onto for long term? (Are some self directed plans different from others)

2-If so, how much of the money borrowed would I be required to place back into the fund? Is there a time frame and payment schedule attached?

3- Can a business partner, whom is not a family member, borrow from my Self Directed IRA if its a flip project we are doing together?

I'm in New Jersey and have a check from another IRA that needs to be rolled over ASAP. I want to start a self-directed IRA but cant find a financial institution that has them available for real estate investing. Tried TD Ameritrade,Wells Fargo, and a local community bank. Anyone know which financial institutions are handling SD IRA's?