All Forum Posts by: Gabriel F.

I have had success by doing the following.


USE A SEPERATE ADDRESS for business. Home based PO box or your office.

Get tax ID from the free IRS website. Use Business address on IRS website

Incorporate in home state. Match the business address

Open a business checking acct. Match the business address

Apply for a DUNS number. Match the business address

Create a business profile on NAV. Match the business address

Now, you have a FULL FOUNDATION for your business credit platform. 

Then, open and MINIMALLY use net 30 business accts from Quill, U-line, and home depot. Pay for box of pencils, duct tape, and caulk at end of month.  

This creates history and tradelines on your BUSINESS profile, which is hardened by the consistent data within. 

I wish that I would have figured this out when I was 25......I was personally signing / guaranteeing all types of crap, from angry contractors to water bill collections, to tenant rights lawsuits, all which were trying to attack my social.

Warm Regards, 

G

@Brian Tustin

I agree with Wayne.....what are the "values" of the gestures in case the deal falls through?

Make an as is, where is offer, get them OUT the way, and get er done!

@Chris Habets

Hi there,

As a lender, is the asset going to be in your personal names, or an LLC?

@Roy Gottesdiener

Main acct receiving income is xxxxx001

ANY acct debiting payments is xxxxx002

Maintain a positive relationship with your relationship banker, and verify EVERYTHING first in writing via email, then verbally over the phone with the RECIPIENT confirming acct, in case the email is intercepted.

Cheers,

G

@Lloyd Son

4 unit building netting you $8k a month.

Tenant 1 sleeps on hotdogs on stove, ENTIRE structure burns down.

Insurance all day

@J Ganda

Definately hire a professional. If the foundation issue is systematic, revise your offer.

@James Edward

You need a warehouse.

Cabinets, toilets, waterheaters, and functioning furnaces can be reconditioned. Same with excess construction supplies.

In Chicago, we have one that's 1500 sq feet, bare bones, at $500 a month in the Iron Street district.

Bins of smoke detectors, stoves, fridges, etc.

Makes a good summer job for a 18 year old, making a few bucks a day organizing and cleaning, and they become an intern to learn the life.

@Dalton O'Rourke

Greetings!

Follow BRRRR, hire a GOOD property manager, keep decent reserves, and have a good attorney. In regards to counsel, a decent firm will do, ask them to give you a 2nd or 3rd year attorney to save costs on simple matters. You dont need the managing partner filing an eviction.

@Nick Terrano

Few things:

There will always be first time renters

Owners will always downsize to rent status

Buyers wont close and will rent

There is no "static cap" to the amount of renters in any large, metropolitan area.

They exist and will continue to exist.

@William Merone Easy. They 99% didnt sent it. Hell, I've been there before 19 years ago, when I was a lad, and I "accidentally" spent my rent money when I was 17.

Get a copy of the MO

Call the provider, address will be on the doc

Verify

Issue a 5 day IMMEDIATELY

If it was lost, place burden on the TENANT

Godspeed