All Forum Posts by: Jiwei Yang

Hello, 

I am new to the rental game and decided to create an LLC for future use. I am having trouble figuring out how to get a loan for an LLC. My broker told me that generally, an LLC with no credientials will have a really hard time finding lenders. How do I gain creditbility with my LLC outside of having cash on hand to buy a property outright under the LLC? If I just placed my income into the bank of my LLC then will that count as credibility? I feel like I am interviewing for my first job again; how to I have experience when this is my first job haha?

Thank you, 

Jack Yang 

Hello,

I am starting out my LLC with the end goal of eventually owning multiple properties under it. Does anyone have experience with lending with your LLC. How much credibility do I need in order for a bank to approve a loan under the LLC. For example, If I own a 100k property, will a bank then allow me to take out loans upwards of 100k? This might also depend on how much profit my property generates, but looking to get advice from people who have done this before. My end goal is to borrow a larger sum of money for commercial Realestate under the LLC.

Any advice would be greatly appreciated!

@Greg Scott

Thanks!

@Basit Siddiqi

Thanks! I will speak with a CPA to see what they suggest. It’s just such a weird concept that even thought the individual paid taxes an it already, there would be additional taxes.

I just started my LLC for Realestate purposes and am signing up for a tax ID in order to open a bank account using the LLC. My question is, what if my family wants to give me money to jump start my business. How are these contribution taxed? I understand the laws of gift taxes, where an individual can only gift up to $15,000 a year, but I don't think this would fall under this. Are there certain restrictions to someone else other than yourself contributing to a sole proprietorship LLC? What are the tax implication of making contributions to an LLC? Can someone just give me $100,000 and put it in my LLC? There also would be no interest on these contributions given by the other party.

I am a new investor and I am curious of using offer letters as a way to purchase good deals. I have a couple of questions that might seem like they’re common sense, but I am very new to investing in rental properties so I just want to reaffirm my beliefs. 1. To send out multiple letter to different areas, do you simply print out/ write out multiple letters and bring them to the post office and pick an area you want to send it to? I did this with my dad when he sent out menu flyers for his restaurant, I am wondering if it’s the same method? 2. Once you receive a response and they would like to move forward with the sell, is the process of the transaction the same as a normal home purchase? Realator/inspection/appraisal/loan/title? Or is it a completly different process than a normal home purchase from a MLS listing.

@Christine Kankowski thank you so much!

Hello, I am a new Realestate investor and I am working on getting a second investment property to rent out. I found a potential investment but it looks like it’s going to take some work. When I first walk into the property there is a noticeable smell as well as a big patch on the kitchen roof that shows signs of a leak in the plumbing. When I walk into the garage it looks like they were in the middle of deciding if they should go ahead and repair the leak or sell it as is, because I saw panels of the garage roof taken off. It looks lIke the owner has decIded to sell as Is. The garage showed signs of mold as well. The unit is a listed at 117k with comparisons of 135k. I was thinking about offering 100k to see if they’ll bite since there are other minor repairs besides the leak. I have never dealt with plumbing issues before and my question is if it was worth the purchase? How long does the unit have to stay vacant to repair plumbing and how much does it usually cost? Thanks for any insight