All Forum Posts by: Joseph Whitney

I owe back taxes both federal and state from 2010-2013 federal is $15,000 and state is 2,700. The state has turned over my account to an outside collector. A few years ago I was in an offer and compromise, but I was kicked out the program due to me not getting a payment in after having my payment sent back to me for not having the correct name on the money order.

The last few months I've been working with a advisor on building my credit at the same time establishing my business name to build business credit. At the moment my personal credit score average is about a 660, before the month is over I'm predicting that it will go up. I'm ready to look for property and was hoping to go FHA. February 1st I was let go from my job and my advisor told me it might be a good idea to file bankruptcy for my past taxes. I feel like I've come to close to get set back another two years. My advisor told me I can fall back on the business, but realistically what can I do and how much longer will it take since the business was established in September 2019?

If I was able to find a property lets say 4 months before the end of this year could I put the property in my business name? With owing back taxes could I even get approved for a FHA loan?

@Scott Smith thanks Scott

@Crystal Smith Thank you for the information. After looking into private and hml's I did get the information on the only way to to get funds I would have to have an llc but wasn't sure on the terms. Thanks again I will be looking into that strategy.

@Jim Goebel thanks for your in sight.

@jimgoebel what do you mean by you have llc you just rely on good insurance

@Kase Knochenhauer thanks kase I'm taking your advice. And thanks for the encouragement

@Scott Smith thanks Scott I will be looking into the articles you listed.

@Jim Goebel thanks for reaching out. I'm in the Chicago/ Joliet market. Long term I would like to get buy some land in the Joliet area and get some commercial investments if I'm saying this correct along with acquiring property in Texas. For my first 2 maybe 3 properties yes i would manage them, then I would get a property managing company that works off a percentage of my rents instead of a flat rate. I don't know if I have better answer to why I started the llc other than from other real estate investors it was good to set up my business in the beginning oppose to along the way.

Last Friday I went to a company to set up my llc and to establish the business so I can begin to build credit under the llc. I would like my first property to be 3-4 unit buy and hold rehab. So my question is what should I be doing next while the process I mentioned before is happening.