All Forum Posts by: Jean G.

Hello,

I am looking for a contractor who specializes in refinishing wood flooring in the Las Vegas area, for a flip I am working on. Any recommendations will be appreciated. Of course I am looking to keep the cost down and need someone reliable.

Thank you!

Jean

Hello,

just wanted to chime in here as a bank (Wells Fargo) also once told me to file a DBA for each Serie, and that this was the proper way to open bank accounts for them. It turned into a big problem because the banker had in fact no idea what he was doing, opened the accounts as if they were partnerships and Wells compliance department ended up closing all my accounts with the district manager getting involved as well.

The way I am doing it now is by using a bank who understand Series LLC (US Bank). I get a separate EIN for each Serie (on the IRS website), US Bank opens the account with that EIN in the name of that Serie, and there is no DBA filing required with the County. Properties are titled in the name of the Serie (for example if my Master is "XYZ LLC" then one of my Series would be "ABC Series of XYZ LLC" and that's what I title the property into).

It is correct that there is no place where each LLC is recorded with the government in that scenario, but that is also an advantage if you need to quickly open a new Serie. As long as the IRS website will spit out an EIN (which it does during weekdays), the bank can open the account same day.

In my setup, the master owns each Serie so all revenue flows up to the top and we file a single tax return for the master, but it doesn't have to be done that way, you could for example have different owners in different Series and have them file taxes separately (which works since you have separate EINs, so as far as the IRS is concerned, they're all separate entities).

I hope this helps.

Jean

Hello,

is there an HOA, if so how much, and what's the age of the property?

Jean

Hello,

does anyone know of a service to mail out letters that will allow me to mail single letters without minimums? This would be for when I have some individual "driving for dollars" leads, as opposed to sending mail to entire lists.

I'm looking for a service where I can get envelopes with a handwritten font, a real stamp, and a business style letter with a typed font (not handwritten).

Thank you in advance if anyone knows of a supplier for this.

Jean

Thank you for the update!

Hello,

I came across this site online: https://www.residentialinvestorone.com/ and after I left my email address there, they keep emailing me trying to get me to signup.

They claim to be a "cooperative" where landlords join and supposedly get better prices from vendors. It sounds like a scam (like those buying clubs for homeowners), but they are waiving membership fees at the moment (to get more investors to signup presumably) and I was wondering if anyone had heard of this and had anything to say (good or bad)?

Jean

Hello,

I am trying to refinance 2 properties. One is a duplex in Pahrump, NV, the other one a single family in Fort Mohave, AZ. Both properties have tenants, are cash flowing, and somewhat seasoned (6 months). The loan amounts on both are around $100k (one slightly above and one slightly below).

I am looking for a 30y fixed type financing such as the "single asset loans" offered by niche lenders in the single family rental property space, people like B2RFinance/Dwell and Colony Capital who both offer simple 30y fixed loans on tenanted properties in the 7% range.

Unfortunately, my properties are somewhat outside of the major MSA (which would be Las Vegas), so Colony will not lend on either of them, and B2R will do the property in Pahrump, but only with a 60% LTV.

I was wondering if there are any other similar lenders out there that I could talk to? I'm waiting for a reply from Firstkey, but last time I asked they weren't lending in these states. I've also discovered LendingOne (Crestar) on BP, but they do not lend in these states either.

Any suggestions would be welcome. Note that I am not looking for short term hard money financing, but long term 30y fixed financing.

And if anyone will close this in a Series LLC, that's a bonus (B2R and Colony both won't do that).

Thank you!

Jean

+1 for Phone.com

They let you set the alphanumeric caller ID for your number to whatever you want it to be. You can also create auto attendants to make it look bigger than a 1 person company, and if you ever needed to port out your current cellphone number for any reason (the one that's with your employer) you can also port it there (temporarily or permanently).

Jean

I don't have an answer to your question, but it's interesting that your lenders don't have problems with Series LLC. I remember having problems just finding a bank that would open a checking account for a Series LLC, so I figured I would post here what I found out in that regard (for Nevada anyway):

- Wells Fargo did not want Series LLC. In fact, they opened accounts for my Series LLC (after I disclosed multiple times that this was a Series and not a normal LLC) and about a month later made me close all of them! (after I had setup all the ACH and automatic payments..)

- Washington Federal does Series but they have a monthly fee on their accounts

- US Bank does Series and has a business checking account without any monthly fee or minimum balance requirement! (which is useful if you have a lot of Series)

Just thought this could be helpful for someone.

Jean

@Andre Wilson

I guess at very high level, this is what you need to know:

- "pre-foreclosure" is a home where a foreclosure has been filed (NOD) but it hasn't occured yet

- there is a time window, between the time the foreclosure has been filed, and when it actually occurs, where someone could step in and purchase the property from the homeowner, saving the homeowner from having a foreclosure on their record, paying off the bank, and possibly getting a great deal

- this only works if the homeowner owes less than the property is worth, otherwise it's not a good deal for the buyer

- as @Gary Parker mentioned, in some areas you may not be allowed to contact homeowners and offer "help".

Jean