All Forum Posts by: Jay Hunt

Self employed, looking for stated income lending opportunities to put $$ down on multfamily property in SoCal (specifically South Bay, for now) area.  

^^OK, fair enough; I guess in this day and age, sadly "anonymity" and "illegal" are becoming more synonymous.  Thanks for your response.  If anyone else knows a resource that's a bit more helpful, feel free to let me know.  Not doing a "Breaking Bad" so much as it's "I work with Sesame Street products but want to open a distillery."  

Thanks in advance for any (future) helpful replies!

^Think of it more like I don't want to publicly have my name on said business.

But to bring the question down to brass tacks (because it's a pretty cut + dry question):  if someone is holding property in a foreign  shell corporation, how does that person manage the administration of said corporation while maintaining anonymity?

I am entering into a high-risk business and want to keep my ownership/management private, and separate from my professional/public activities. I am considering setting up an anonymous shell corporation to handle the activities of said business and to hold real estate property ownership.  After doing some internet research on jurisdictions, etc, I feel like I have a grasp on some basic "rules":

-incorporate through a law firm (for client confidentiality)
-incorporate in a anonymity haven, and then open up subsidiaries in the state where you operate

The things I'm not clear on are are how are the mundane (and one large) business operations functions handled, such as:
-who signs a property lease or mortgage paperwork? the lawyer? Usually leases require a copy of someone's photo ID - is that the lawyer as well?
-who signs a contract with a 2nd party/partner (property management company, etc.)?
-who deals with the accountant or bookkeeper for tax filing and corporate doc filing?

Would love advice or to be pointed to internet resources that lay it out, because it seems to be sparse out there...

Thanks!

Thanks so much for the feedback, everyone!  I really appreciate it:  I'll let you know how it shakes out!

HI - account was temporarily deleted for being my nickname, but am back now, so "bumping" - any advice...?

So...kinda stuck.  

Was laid off from my job about a year ago. Have been plowing most of my savings into a startup since then and they're running low and spending my hours on the business vs looking for another full time gig. I have two 4-plex rental properties with a large amount of equity (one with nearly $500K and a 40% LTV, the other with about half of that). I want to find a way to pull cash ($200K) out of the rental property and invest in the business to get me over the hump (which is between now and March of 2016).

Issues:

-conventional mortgage or HELOC aren't going to fly (aka I wouldn't be approved for them), as I've had zero income for the past year

-savings are depleted from biz capital expenditures:  had a huge setback in April that tore through a lot of it, but I'm finally coming out of the nosedive in the last month and am on track to have the fist breakeven month of the company this December.  Based on conservative forecasts, I'm able to start paying down my debt by March 2016.  

-credit is still OK, in the 720s...I've taken out credit card debt with high balances, but I've been making the minimum payments and keeping them in good standing...I would use a chunk of the $200K mentioned above to pay them off

The options as I see them are:

1) Sell the property, do a 1031 exchange for the bulk of the value, and take the cash I need from the proceeds

2) Get a hard money loan against the equity (never done that before, but it sounds scary) and pay it back ASAFP 

Let me be CLEAR:  I am NOT soliciting for a specific type of loan or lender or anything that would violate the TOS, I'm just seeing if anyone knows what TYPE or CATEGORY of loan product might address the issue.  

What else...?  Seems weird that I have this valuable asset that I can't monetize, but I've not heard of a no-doc ('cause no paychecks) Home Equity Loan.  Any advice?