All Forum Posts by: Glenn N.

It is my LLC to his LLC , a friend that Ive known for 9 years working many notes with ,not that close a friend. There is a recorded mortgage and also a promissory note.

Yes they are Chris.

 Yes it was , I have had this loan for 7 years now, they are growing the company from one into a RIET of 4 different businesses and the goal is going public once the company is in the right position. I think that a new partner a very large real estate development co. that the company now has a relationship wanted it there where his company is also .

No it does not ,lesson learned.

My Borrower moved his company to Delaware making it an LLC there which makes me a bit worried that he might try something and try to get out of the loan by splitting the llc . Would it be advisable to move my LLC from Florida to Delaware also in the event I need to go to court to recover the loan would an llc in Delaware be better? . I have to get a lawyer there anyways and talk about the implication of him doing this without notifying me and redo the loan paperwork . Does anyone know a lawyer there that is familiar with hard money loans and could update the paperwork ? thx u

My Borrower moved his company to Delaware making it an LLC there which makes me a bit worried that he might try something and try to get out of the loan by splitting the llc . Would it be advisable to move my LLC from Florida to Delaware also in the event I need to go to court to recover the loan would an llc in Delaware be better? . I have to get a lawyer there anyways and talk about the implication of him doing this without notifying me and redo the loan paperwork . Does anyone know a lawyer there that is familiar with hard money loans and could update the paperwork ? thx u

Thank you Jason.

OK , thank you Chris .I appreciate the info.

Thank you Joshua,. Right now interest is in the 6 figure.I spend a great deal of time on it with the contracts and accounting . I believe that he might want to move the Florida loans to Colorado I just found out but Im very hesitant to do it and putting all my eggs into one basket. He is supposed to go public sometime. yep the set employment tax Ill have to look at , I would max out the best I can with the income and age 65 and over contribution to a roth .

Thank you Jay, yes in Texas we do not have state tax but we might have some local taxes I might have to pay.