All Forum Posts by: Dana N.

I greatly appreciate all of your advice and time to respond.

Rob: Thank you so much for the extra input.  When we decide to do a flip, I will definitely look into setting up an S-Corp.

Thanks again.

Due to slow process of obtaining more investment properties. Is it okay to use my real estate LLC to do renovation and/or flip projects? Do I need to have a separate LLC for different different purposes.

Thank you in advance BP Community for all your advice.

Dana

Hi BP,

Help!!! My tax person is saying I need to file for an extension. We have an LLC and I'm under the impression you file with your 1040 and have until 4/15/15.

Does an LLC have to select an S or C Corp when filing a SS-4 Form? My tax person is asking what selection did I choose when applying for our EIN number. I informed him I have an LLC, not a corporation. The EIN number was filed online. (I hired an online copy recommended thru BP to file my LLC & EIN papers).

I should file my LLC along with my 1040. Am I correct? (My LLC members are myself and my husband). We can file our LLC on an Schedule C along with one of our 1040s, if we decide to file separate?

My question is does an LLC have to file as an S or C, if they are not a Corporation? We formed our LLC using Articles of Organization, not as a corporation.

Thank you in advance for your responses.

Dana N.

Hi K. Marie Poe,

I will search on Craigslist and FSBOs ads.

Thank you for responding to my post.

Dana

Hi Angelo B, Ceril S., and Brian G.,

Thank you all for responding to my post.  I truly appreciate your advice and help.  I will check with the Realtor I contacted in New Jersey to see if he has a listing of Seller/Owner financing properties.

Thanks again.

Dana N.

Hello BP Members,

I am currently at a stand still in my RE Investing. My husband and I have one buy and hold out-of-state. We purchase it all cash and now would like to finance our next investment. I tried to obtain a traditional loan, but since I always paid cash for the past 15 years, my credit report has no activity. So, last year, I opened a secured credit card with a large amount, but still was told I need to obtain more credit. Now that I have tried to apply for credit (for myself and for my business) and allowed mortgage companies to view my credit report, these inquiries are bring down my good credit score. I have to come to terms with needing to obtain credit, because I don't like to owe. I lived by the motto "have cash buy, no cash don't buy." Now that we are trying to build our REI business, that motto isn't working well. I have to come to terms with the motto of "Good Debit."

I would like to look into owner financing options in the state of NJ.  Can someone guide me on how to find owner financing options? 

Thank you in advance.

Dana

Hi Dawn,

I would appreciate it if you can give me the HVAC Company contact information. I tried to google Best but didn't come up with this company. 

Thank you again. 

Hi Dawn,

Great, I will contact Best.  Thank you so much!!!

Hi Cole,

Thanks for responding to my inquiry. 

No the purchase of our investment property is not on my credit report, nor my husband's.  

Thanks again. 

Hi BP Members, Can I still apply for a First Time Home Buyer's or FHA Mortgage loan if i purchased a home with cash under our LLC for an investment? Now I would like to purchase a house under my name for first time. Thank you in advance for your response.