All Forum Posts by: Junior Silva

I'm not sure if, you already received a response but I'm writing in here just in case. Creating a holding company or a parent company to your other LLC's isn't a bad idea. But, whether or not you add that family member to that company is your decision. Just remember by doing so, that family member will also be in control or receive profits of any subsidiaries(LLC's) that list that holding company or parent company as the owner. Just something to keep in mind. What was your decision?

@Jake Knight Thank you for your response, what I'm going to do is simply save up my money and fix my credit. I already hired a credit repair service to help me in that area, as I'm saving I will continue to study up and keep looking at the offers posted in the area I'm searching.

@Courtney Jones find a real estate agent and an attorney in the area that you're going to buy in. I would also, suggest to hire a property manager in that area once you finalize the purchase. Yes, you have to pay them but..it'll save you a headache.

@Rayshad Gibson Welcome to Bigger Pockets, I too am new to this and have bad credit and want to get into this venture by starting out with a multifamily home. I actually found a 4 unit place and got the owner to agree to a Subject To deal. But, the condition was I pay for the realty fees, attorney fees, closing costs, and I have to pay the taxes for the year prorated. Honestly speaking it's very difficult to get any kind of property without having your own money already saved. You could attempt to get a hard money loan or private loan but, they too will ask for some sort of money down and the monthly payments aren't cheap. Coming from someone who also has bad credit the best advice I could give you is work on getting your credit fixed either on your own or a paid reputable professional. I'm personally having my credit fix by a professional to help me clean up some of my history and saving money on the side..create a savings account specifically for this venture and don't touch that money until you reach your goal no matter how tempting. Best of wishes and good luck.

@Gladys Figueroa-Toledo it seems to be basically a credit repair company. Thank you for your input but, that's not really something I'm looking for right now.

Thank you for your very detailed response @David Dachtera

Hello, to tag someone in your post you select "Link" , "Insert Link" and in the "Text" portion you'll write their name including spaces with the "@" signal in front of their name. I hope this helps 

Is it possible to receive a business line of credit using just your EIN with a new LLC? If so, what steps would one need to take to achieve this?

Thank you, I actually posted this twice some how. I def. need to set some more time aside to study this website better.

@Hem Kumar the problem I'm running into is that the area I'm looking at is upstate where most people are really unaware and unwilling to negotiate with properties below $100k or even $50k.