All Forum Posts by: Jay J.

 Hey Travis! Yea, I guess that is a good question to start things..  to be honest, I'm not even sure!! 

I've started lookin at the MLS and sort of 'pre-qualifying' deals on paper to see what (if any) would work for me and to see what type of numbers I can expect.

As for how the market is here, again, I'm not sure.. hopefully some agents pop in and give us some info..

I'm also new to the RE game, and the best advice I've received so far is save up some money ($15-$20,000 atleast), figure out how you want to invest (flip, buy & hold, etc..), and read this ->

http://www.biggerpockets.com/real-estate-investing

Evan is correct, it's essentially 'one time partnership', whether it's for tax reasons or each party brings something to the deal (one guy has $, one girl does management) it's an agreement between parties for a specific purpose. I'm sure some much more knowledgeable people will chime in with more details..

...but LLC's can get commercial loans, right..? Isn't that what I would need for 5+ apt buildings..?

 Thanks for all the responses. But generally I'm just looking at the process of building credit for a business entity as opposed to my personal credit. I mean, I know, at least initially, my credit is what matters, but I'm asking about methods to build business credit.

So like I asked before, if I sold my house to an LLC, then rented from that LLC, wouldn't that be in part, building business credit for the LLC? Because my house, would now be an asset of the LLC..

..I guess the lack of a response means its either a stupid idea or maybe illegal. lol
oh well..  it was just a thought.. 

:-/

 ok!  I'm specifically talking about multi-families..  sorry for not being clear

So, for a noob in the industry, define what the term "due diligence" means to you. What all does it include?  What type of 'homework' do you do on a property before it become a 'serious contender to buy'?

ok, I'm not sure what other (sub)forum this would go in, but I guess it could be an innovative strategy, so here goes my basic idea.

1. I have a house worth $140k, I owe $100k.
2. I have an LLC with nothing (no credit card, no assets)

I understand (generally) that in order to initially get 'business credit' for the LLC one must use their own 'personal credit' to secure a loan.  So, what if..

I sell my house to the LLC (assuming financing worked - this would mean the LLC gets financed for my house, with my credit, but the house belongs to the LLC, is that correct?)
Then I rent my house from my LLC.

Wouldn't that start the 'building business credit' process? as well as giving the LLC an asset?

Thoughts..??

money laundering..?? bad idea and you'll end up in jail, but.. um, the onion router and bitcoin.. But, I didn't say that and I don't even know what it means..  :-)