All Forum Posts by: Jay Jones

Has anyone ever heard of or worked with Backflip.com?

 South Carolina…I live in North Carolina

I have a HELOC on my primary residence but was told by the bank I have it with that they can't give me a HELOC on my Quadplex because it's a multi family rental (they could pass a single family rental off as a a vacation home. Are there any reputable lenders that offer a HELOC on multi family rentals?

I want to do the LLC to protect my personal assets in case of a lawsuit from a tenant. It is my understanding that I could form the LLC in my state and apply for a certificate to operate in the state where the rental is. However, I have contacted the Secretary of State office and it states on their website that there it is a one time filing/fee to form an LLC there.

Update: Decided to go with Total Quality Lending and all is going well so far.  We close on March 13th on our first investment property!  Will keep updating.

I have several questions about setting up my LLC:

1. Do I need an attorney’s help?  I have friends who set up it on their own, ones who used Legal Zoom and others who enlisted an attorney.

2. My rental property is in another state which has no renewal filings or fees after the first year. Is there any reason why I shouldn't set my LLC up in the state where the property is as opposed to my home state? (Mainly thinking about tax purposes)

3. If I sent up own my own what do I need to know? My wife and I are the only ones in the LLC (not a partnership). Any advice here would be much appreciated!

Has anyone worked with Total Quality Lending?  I’m new to real estate investing and am in the process of trying to acquire my first property.  They were one of the lenders Bigger Pockets suggested and everything seems great with them.  Just curious if others have had a good experience with them?  Thanks in advance for feedback!