All Forum Posts by: Glenn N.

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.

Yes Joshua I do some hard lending small amount as I said to some people I know. Right now treating it as interest but would like to make it active income to do a solo 401k . Im not sure if I do enough to call it active but it's my only gig right now since I retired .No involvement , I go check on the property in Colorado on occasion to check it out the condition.

How do hard money lenders that do not put them selves out to the public and lend only to 3 individuals I know that have LLC's. You pay federal taxes , how about local taxes ? The llc's are in Florida but I live In Texas .Thx U

I'm going to lend to a few people I know with LLC ‘s on some mortgages and receive interest , I am not putting myself out to public lending just some commercial loans as LLC single member pass through , do I have to pay local taxes in Florida , I have no brick and mortar , no employees , just LLC in Florida and live in Texas , there is no work involved I just receive interest . Thank you

Thank you, Jeff, actually im the lender, so I am good as far as you know that the deed of trust and promissory note is still good after the due date of up to some years to collect or extend the agreement. The borrower is still paying on time so that is not the problem. I was just concerned that since it's after the due date he could not be on the hook any longer. I will get some advice though from a lending attorney. Thank you.

Thank you, Jeff, actually in the lender, so I am good as far as you know that the deed of trust and promissory note is still good after the due date of up to some years to collect or extend the agreement. The borrower is still paying on time so that is not the problem. I was just concerned that since it's after the due date he could not be on the hook any longer. I will get some advice though from a lending attorney. Thank you.

Thank you, Jeff, actually in the lender, so I am good as far as you know that the deed of trust and promissory note is still good after the due date of up to some years to collect or extend the agreement. The borrower is still paying on time so that is not the problem. I was just concerned that since it's after the due date he could not be on the hook any longer. I will get some advice though from a lending attorney.. Thank you.

Is anyone familiar with The Deed of Trust and the Promissory Note in Colorado? I am trying to find out if these are valid after they reach the due date of the loan ( hard money loan) Are they due on this day or is their time after the due date that they ar valid until its paid off? Thank you

Thank you Kim ,

I know some of the basics but am still not sure about the LCC hard money lending being flowed to a c-corp just for that purpose for fees and salary for me to run the c-corp. sounds a little shaky but people say its legal but some say its not but ill give them a call.