All Forum Posts by: Lilly Fang

you are right. I talked to them today. This division of their company is not FDIC insured. It's regulation D.

Thanks, everyone. I believe most people don't care about the natural death of an older lady.

There is another house coming to the market locally. The husband committed suicide in the garage by locking himself with the car on. This one will probably be on the market for a longer time.

On their website, it's 10% return. It appears they are FDIC insured.

Has anyone used this company to fund your project? How do you like them?

I want to have an idea of how healthy this company is to see if I should invest $100k in their real estate fund. I want to diversify my investment and be a hard money lender. However, it's kind of difficult to navigate the field by myself. Therefore, I searched for hard money lenders on Bigger Pocket, and this company came into my sight. It appears they had some good reviews. I just want to come here to see if anyone has had personal experience with this company before I throw my hard-earned savings into this company.

I found several houses on the market with prices too high to sell. However, the seller has a large mortgage with 3% rate.

For example, a house is listed at 500k, with a 380k mortgage of 3%. Seller bought it at 480k in 2021. I would like to take over the 380k mortgage at 3% and pay the difference in cash, then I still have positive cash flow when renting it out. What's the cost and paperwork associated with the subject to loan besides the usual closing cost? 

I also heard if the seller one day decides to take the house back, I may lose the house? Anyway to prevent this happen? Do I also lose my downpayment if this happens?

LLC in CA is expensive, and I probably deal most with out-of-state borrowers.

The purpose of the LLC is to team up with other people with LLC to fund a project. My friend set up an LLC with an operation agreement, trust, limited partnership, and assets protection plan, which cost her $10,000 with a good law firm. She suggested me to do so as well. I would love to do this right, but the cost of all the setting up is too big for me, as a beginner. I have not even gotten into the hard money lender business yet. Can I just set up a Wyoming LLC for $199? If my business is growing or starting to own properties? I can re-structure my LLC to have more protection.

I do have two rentals that I managed myself and have 2 million umbrella insurance.

I got another quote for $2000-3000 labor cost for that wall.

Thank you, everyone, for your kind advice. One more question: How do CPAs usually charge the fee? 

We have been using our CPA for over 10 years. We are W-2 and have 1 rental last year. However, I got my real estate license, and have done some transactions this year, and bought two more rentals. I am wondering if we should change CPA. If so, how can I find CPA specialized in REI?