All Forum Posts by: Kenneth LeBeau

I forgot to add that in the area that I am farming to there seems to be quite a few properties owned by LLCs or trusts. I'm no worried so much about the trusts, just the LLCs. 

Hi Jeff. Welcome to the massive and awesome world of Bigger Pockets! I am a newer member myself and my advice to you is to take some time and look around, explore and check out all that this site has to offer. 

Good luck to you!

Kenneth

I'm in the process of doing some direct mail marketing to tax delinquents (for the first time) and I was wondering if I should eliminate LLCS from my mailing list? I dont know if they would be much less likely to get rid of property at a discount than a home owner would. 

I dont want to wast what little marketing dollars I have right now on them if I should stay away from them. 

Anyone have any thoughts on this?

In regards to doing a double close when I'm doing my numbers I need to figure in 3 sets of closing costs correct?

#1 My purchase from original seller

#2 My sale to my investor

#3 The investor's sale once he rehabs and sells

Thanks for any help!!

Thanks Ted. That makes more sense now. Some escrow officers out here don't even understand this situation because I have been told by a few that they cannot do same day double closes. I think just maybe they have never done one before. Thanks again

In regards to doubling closing (using transactional funding) how does the escrow/title company close on the 2nd deal on the same day when sometimes it takes until the end of business day to record the deal at county?

I know that often times if everything is signed early in the day it can record before noon so then that way the second deal can happen that same day in the afternoon.

I ask because I read posts and hear stories where people do both closings at the same time at title/escrow, going from one room to the next to sign. How can escrow have you sign docs on the 2nd deal when it hasn't even recorded yet and legally you don't own the property yet to sell.

Thanks for any insight.

Thanks for all of the feedback on this. I want to make sure I do things correct from the start to avoid cleaning up a mess later on.

I'm a newer business owner with a recently set up LLC and I was wondering if I should be more careful about how I pay for things for the business. Sometimes I pay for things directly from one of my personal accounts even though I have a business checking account set up. Should I be transferring the money into the business account first and then paying for what I need? Does it really matter since I'm the only owner of the company?

Thanks in advance!

Kenneth

Thanks for the fast input guys.

Even if I were able to transfer the money out of the 401K and into what, an self directed IRA? Would that be wise if I were considering flipping 3 or 4 houses a year with it? Could I even do that?

Hey all,

I know this subject has plenty of posts in here but some of it wasn't clear to me and everyone's situation is unique.

I have a 401K with my current employer with approx. 58K in it and another 20K in an outstanding loan. What would be my best and hopefully easiest option for gaining access to this money to use to rehab/flip houses? Cashing out and getting nailed with the taxes and penalties is definitely not an option that's on the table.

I found the list on here with all the companies that handle the self directed IRAs and plan on calling and seeing what they can do for me, if anything. In the meantime Id like to pick the brains of you guys on here about possible options of mine.

Thanks in advance!!!

Kenneth