All Forum Posts by: Anthony C

Hmmmm, I will try a couple of small area banks and discuss a portfolio business loan vs an outright mortgage.

Will post my results

Kyle -

#3: It's been my experience as well - impossible to get financing for an LLC - i've called over a dozen banks. Most on here say finance under your name, pay a few months, then tranfer to an LLC - you will probably get issued a "DUE BILL" meaing the mortgage is now due in whole - but they probably won't act on it...I have not tried that so not sure

I think if you have a personal relationship and a business plan with a bank such as you do J, yes it's possible. As an average investor, i've called a dozen well known national banks, including those i've done numerous mortgages with... and the simple answer is LLC? Nope, and if you transfer title to an LLC, a Due Bill will be issued.

Yes there are ways around it but call a few banks and that will be the answer. The current consensus is let them issue the due bill, they will never act on it - but that is a risk.

Tom, i'd be interested to hear your feedback after you make a few calls.

As I stated earlier - before you spend money on creating an LLC, check with your banks.. Banks will simply not hold mortgages under an LLC currently - there are ways around this which you can research on this site.

The tax system is broken because we live in an ever-increasing entitlement society... there are large groups of people working the system (the 51%)... therefore the burden goes to the taxable income earners in the middle.. not the uber-rich (as buffet just commented on) and not the poor. There is no fixing it because the politicians are corrupt (both sides) and heavily influenced by lobbyists. Discussing solutions is futile.

As the non-paying majority gains voting power via increasing population..they will continually vote themselves more entitlements..

"A democracy cannot exist as a permanent form of government. It can only exist until the voters discover that they can vote themselves largesse from the public treasury. From that moment on, the majority always votes for the candidates promising the most benefits from the public treasury with the result that a democracy always collapses over loose fiscal policy, always followed by a dictatorship. The average age of the world’s greatest civilizations has been 200 years." Alexander Fraser Tytler (1747–1813).

The theory for separate LLC's is that if you are holding them in an LLC to begin with for "limited liability", then the more mutually exclusive the properties are - the more 'limited' the liability.

However, i'm not sure if you've tried, but there are many hoops to jump through if you are financing properties via an LLC. A topic covered heavily on here if you need to research it.

I am also in a high prop. tax area and in my analyses I find you have to have some flexibility on the 50% rule.

Granted I don't have any properties longer than 3yrs but when i'm searching for new I think of it this way... Compare two $100k houses with property taxes of $3k and $7k. House1 with the 3k is in midwest, House2 $7k in NJ.. You have a $4k difference in property taxes, does that mean that House2 will also have $2k (50%) more in expenses? Labor may be a bit higher in the higher prop tax area but not that much... so you must not be too strict on it when dealing with the extremes such as this

There is so much on this topic that is relative to one's cost of living, numbers mean different things to different people.

I think it is when one stops thinking/worrying about money and life becomes about enjoying your surroundings.

On the definition of rich to the government..the same applies..who are they to pick a #, especially when the top 5% of earners pay the majority of the total tax revenues with 48mm people on food stamps.

Have you worked with this realtor before? An estimated 100% increase in ARV with only 20% in repairs? I honestly wish you all the luck in the world and hope you get absolute top dollar, but does that sound a little optimistic?

So true Jon.. even though I strongly disagree with the current spending, and entitlement socialist agenda i'm witnessing in office... it doesn't matter what side you are on! Both rep/dems are corrupt and controlled by lobbyists, their only concern is to be re-elected and gain power.

How do we protect are hard-earned $$? I have said it on here before, stay away from the stock market. You may invest in excellent co's with great earnings but as you see, there are larger powers at work that will destroy them.

Invest your 401ks that have limited choices in TIPS funds, take your 5% and be happy (currently over 12% YOY).

The rest? REI and gold and silver. It's the only defense I see against the madness.

Just read a headline... another $100mm for Somalia in aid.

Have a great day.