All Forum Posts by: Jeff S.

Would it hurt me to have myself removed from that card?

Depends on the bank - usually they want to see that the owner of the card has made the last 12 months payments, and they will usually remove that from their credit calc..again need to check with the lender.

Am I doing the right thing and now just having to deal with a waiting game?

You may want to check out Dave Ramsey's books: Total money makeover or Financial Peace: Dumping Debt. Utilize the debt snowball effect instead of just chunking out debt without a plan will help you get out of debt faster.

As far as wanting to buy a house - Make a plan, learn your market, save as much cash as you can and stay focused. I wouldn't advise spending money on renting a place if you don't have to. And the other question I would be asking is - Is owning my primary residence going to help me reach my goals? Because it can if you have a strategy, but if you don't have a strategy it's another expensive doodad according to rich dad!

This is not legal advice, just what we have practiced. But, we've had family or whomever basically due contract type work for short periods; less than a week - they come to the site, provide there own transportation, have control over when they show up and how the work (usually demo or landscape type work). We have them fill out the W-9, I-9 just like any other sub, and when they hit the threshold for 1099 we issue that at the end of the year. So, if we only use them a handful of times and pay under the threshold for 1099....we still are able to claim the fees paid and don't have to issue.

Just make sure you set up a system/process for not blurring the lines b/w contractor and employee and you should be golden. That IRS link above has most of it spelled out in terms of creating an internal checklist for your business.

I'm assuming only cash offers on this one :)

Mat Lewczenko, Congratulations! That's an inspiring story, thank you for sharing with us.

Welcome to BP Chris!

Wow Amy Arata, what a story! I'm glad you were able to recoup some of the cost. And I like that you were able to avoid paying the serving fee, very clever. Too many businesses pass on taking deadbeats and thieves to court. It's nice to know you held them accountable for their actions. I've seen so many business owners suffer because the last business was too lazy or embarrassed to take legal action to prevent the issue from happening again. Hats off to you, and good luck on the BF...hope his grandma is flush with cash too :)

Sung Kang, welcome to BP! And congrats on the move to Katy/Houston, its a beautiful city.

Are your business and rentals held in a limited liability entity? That would solve most issues. I'm no lawyer, but LLC has been touted as best way to keep personal assets from business liability.

Hello Ian Crosgrove,

What specifically in apartment complex investing are you wanting to learn or trying to do? What would you use the HML for? If you just want to browse some free listings, Loopnet.com is a good place to look.

Tommy B. welcome to BP!

This community is great, lots of information here to help you organize and prioritize. Buy and Hold is a great strategy, it looks like you are looking to buy, fix-up, and hold? How much rehab are you looking to do? Have you checked out the Beginner's guide here on BP?

As far as finding lawyers: It may be a little early to start contacting them, that's a personal judgement call IMO..mainly because they charge by the hour and the hours can add up quickly. That said, I would tap the network you have for referrals. You mentioned a friend in the apartment industry...they definitely have referrals. The first few RE attorney's I interviewed were a wealth of information. Interviewing anyone that will be in your network goes pretty much the same no matter who it is: realtor, lawyer, accountant, etc. Are they a real estate investor? How did they get started? What are they currently working on in their own RE investments? It's like a BP podcast, just the first few questions usually give you a sense of whether you want to work with them, how experienced they are, and what kind of relationship you can expect professionally. And in the hands of an experienced investor the response to those few questions are entertaining and full of wisdom.

Documents in general: They vary from state to state on general requirements so just be aware of that when you find templates from the internet. Your friend with a rental may have a lease agreement you can use to familiarize yourself with the language. And if you retain an attorney, they will usually have templates for you as well.