All Forum Posts by: Jimmyhee Quach

Hello! I missed this one but want to make sure I mark the next one down in my calendar. Every Wednesday, so the next one will be on April 19th, is this correct?

Thanks,

Jimmyhee

Hello,

Started an LLC with a partner and tracking to close on our first deal in the next couple of months.

Called around to a few local credit unions to understand the requirements to open Business Checking and Savings (EIN #, Proof of Organization from California Secretary of State, Signed Operating Agreement).

Looking ahead for future investment opportunities and want to explore Portfolio Loans. None of the credit unions I reached out to offered Portfolio Loans. Wanted to pool the group here and see if there are Credit Unions you've had success with for Portfolio Loans.

Obviously new to the game so also welcome any pointers regarding Business Accounts/Portfolio Loans in general.

Thanks in advance.

Jimmyhee

@Will Fraser @John Underwood @Vicki X. @Antonette El Baz

Tagging those who recommended opening a business credit card here. 

A couple of questions regarding business credit cards. 

I'm assuming our new LLC is essentially an entity with no credit (similar to when we all first started out getting personal credit cards).

To build credit over time, do we need to start off with "Entry" level credit cards and begin to build our Business Credit? 

Or can I open up a 'better' Business Credit Card(s) using my personal credit with at Chase bank (where I bank now) and funnel all business expenses through there (this sounds like intermingling the personal and business to me)

Does the business credit card need to be through the same Bank we hold our Checking and Savings account(s) with? Or is it more like the personal credit card game where I can open them with "any" bank and just pay the charges off with the Business Checking account?

Thanks in advance for the help!

Thanks,

Jimmyhee

@Antonette El Baz @Vicki X. @Account Closed

Thank you for the feedback! I will post our progress on this thread.

Thanks,

Jimmyhee

@Will Fraser @John Underwood @Eliott Elias

All signs point to opening a shared bank account, track expenses (Excel and/or Stessa) and open credit card(s) dedicated to the business to delineate risk by intermingling personal/business expenses. 

We appreciate the feedback!

@Kerry Noble Jr - Thanks for your feedback Kerry. I am not sure how the cashout/payout is taxed but definitely something I will find it prior to making the decision. I think I will wait until the 8% raise prior to making any movements on cashing out.

@Daniel Murphy - Thank you for your feedback Daniel. Yes much to consider! Makes sense understanding my need for it and the timeline of payout. From speaking to my HR team, the payout is a 1-week turnaround. I think I will wait until the 8% raise prior to making any movements on cashing out. 

Hello!

My company offers a PTO/Sabbatical Hours Cash Out Program. I have considered taking advantage of this, however I'm having a little bit of an internal battle with myself based on the following:

1) If I cash out hours now, I will be able to deploy it to investments/emergency fund. 

2) Bear with this next one here... If I use the PTO/Sabbatical Cash Out Program now, I will be paid at my current hourly rate. During July each year, we have our yearly raises "given" out at my company. On average, over the last 6 years I have received about an 8% increase year-after-year. My thought is if I wait (4) more months - the Cash Out will be paid out at my "new" potential hourly rate, which would in turn be an 8% increase on the Cash Out. That appears to be a potential 8% ROI in (4) months. I can't think of investments that'll reliably provide that same return. Am I missing something here or thinking about this correctly?

3) Is there a third option I'm not considering or having lack of foresight on?

FYI - Typically, I've never been able to use the FULL amount of vacation per year as I accrue it faster than I spend it and I'm close to the limit of hours I can bank - 6 weeks. I take PTO whenever I need to without issue. (i.e. I don't feel as if I need to be taking more PTO than I already am. This is not due to manager pressure or anything - just my personal feeling). 

To provide concrete examples in 2022 - I was able to take (2) 1-week trips to Hawaii, a 1-week trip to Mexico, and a 1-week trip to Texas. I'm not saying this to brag/gloat, but I want to alleviate some concerns from people that I'm not utilizing enough PTO for self-care/comfort. 

Any feedback is appreciated! 

Thanks,

Jimmy

Hello! 

I have recently created an LLC with a partner of mine to make our first investment. Wanted to gather the great minds in the BiggerPockets community for pointers to get us started on the right foot:

1) What is the best way to manage business expenses made via personal credit cards? Our initial thought is we're intending on making purchases with our personal cards and tracking them on a spreadsheet (including receipts) so that it may be reimbursable by the business when we open a business account under the LLC.

2) What is the best way you've used to manage business expenses for your properties? (i.e. repairs, subscriptions, LLC costs, etc.)

Thank you @Joe Homs. I appreciate the feedback. 

Must the property be listed at Fair Market Rent such that Section 8 renters can qualify? Can the rent be set to "any rate we see fit" (obviously near the market average but for conversation's sake using this phrase) and if Section 8 renters qualify, they qualify? 

Asking if there is a "ceiling" so we don't contend with or create any discrimination issues? 

Hello,

Newbie "Potential" Investor here looking for some help!

Pursuing a deal in the Sacramento, CA area and exploring Section 8 as a potential way to ensure steady rent  for the property. 

Have been researching through the Affordable Housing website, but have a question wanting some clarification:

Does the Housing Authority benefit from rents at all? For example, if rent is $2000, Section 8 pays a portion and tenant pays the balance. Does the Housing Authority take a cut of that rent? If so, what's the typical percentage range? 

Any general pit falls or things to look out for when trying to pursue the use of Section 8?

Happily welcoming any pointers!

Thanks,

Jimmy