All Forum Posts by: Percy N.

Let me add another name to the lists already provided.

Kingdom Trust - https://www.kingdomtrust.com/

(Not endorsing them, just passing info along).

What I am about to mention is not exactly the same but similar.

Apparently, some brokerages like Merrill Lynch will allow you to borrow at a relatively low interest (3%-5%?) rate against your brokerage account which can have securities, cash, etc. 

If you believe your stock portfolio will outshine the interest being charged and you are OK with the volatility, then it might be worth exploring.

Cheers

Percy

Also, the separate account makes it much easier to track the transactions for tax purposes, IMHO. You can simply automate it via Quickbooks or similar and not have to worry about it.

@Nathan J., that is the purpose of the separate accounts.

It is quite simple to create new accounts. I use a large bank that does not charge too many fees, but you could easily setup an even cheaper account with a local bank and establish a relationship with them.

Cheers

Percy

@Nathan J., for a few hundred $, there are many online resources who will create a LLC for you. They will typically also provide an Operating Agreement and EIN (Federal tax number). I am assuming this LLC is not being formed from funds from a Self Directed IRA, which requires a special Operating Agreement and there are specialist for this.

There are pros and cons of incorporating in PA. If your entity is registered outside PA (e.g. Delaware), it may be required to pay taxes in PA.

I will also point out that if you plan to purchase properties in the name of the LLC, then hope these are cash purchases or you have secured financing for the LLC, which is typically more of a challenge than personal financing.

Consult your lawyer and accountant for the best option for you.

@Account Closed, I am sure you are already aware, but just a reminder not to pay any advanced fees to anyone who promises they can get you such a return or guarantees funding.

Cogratz on the great work and for taking on a deal that most did not have the courage to pursue.

I would charge them (i.e. deduct from the security deposit)  the cost of hiring your contractor to repaint the walls, perhaps even landscaping, depending on your lease agreement.

Posting an ad on Craigslist for your local area might also do the trick.

I have lent secured and unsecured anywhere from 7% to 19%, term ranging from 3 months to 18 months. 

It all comes down to the specific scenario at hand and how comfortable you are with the risk.

Cheers

Percy