All Forum Posts by: Sean Gallagher

welp, the company I worked for recently had a big lay off, and guess who was on the list. Yep, I was one of them.. Kinda sucks. So now once I have enough money for a downpayment on a home, I doubt I'll be eligible for a loan. I'm sadly collecting un-employment. This really sucks... I wanted to set aside enough money for a down payment (20-30k) Purchase the home using a commercial loan in my LLC and do it correctly. Dont want to be 60 by the time my rentals pay their self off ya know?

Life is uncertain!

oh ok thanks!.. nice ta btw.. is it a ws6? are ya on ls1tech? I have an 02 ss.. i'm under crazy3rdgen over there.

k back to topic lol

good pointers, thanks a lot !

k, thanks a lot Jon. Everything there I understand besides the "LLC's articles of organization" What exactly is that? Or should I say how would I obtain it. I do have my EIN number and all.. Thanks!

sean

Is there any special type of account? Just get a checking account? Should the name be the business? Pretty much everything has to be done in the business's name?

I formed an LLC a little while ago since i was looking to get a commercial loan and wanted to keep everything within the business. I soon found out that I need atleast 20-30 % down to get a commercial loan... So i've just been saving and saving. Should I go ahead and open an account for the business? I'm a little confused as to what steps i take next to get started. I have done my research on the big picture.. such as what will net me positive cash flow, screening tenants, contracts, landlord/tenant codes.. Just the bits in between. Also.. filing my taxes for this LLC.. I haven't had any money coming or going except the fees to form the LLC, maybe some gas to check out a few properties.. I guess thats an expense for the business? My mother always took care of my taxes, that's why im confused. Its a delaware LLC. Thanks for giving up your time to help.

Went ahead and got my LLC, next I felt it was time to look into getting pre-qualified for a loan. Now I thought since I was doing this through the company I needed a commercial loan. Soon to find out I would need to put down about 20-30%.. I would like to do this the right way.. which would be through the company. Now I know most of you guys starting out shoot for putting the least amount of money down out of pocket and try to get the rental flow to cover everything needed. I know i will need a downpayment, but 20-30%?!? I was thinking in the 3-10 range. I was talking to Wells Fargo about this by the way.

Any suggestions for a business just starting? I dont have the money to throw out 20k.. let alone on each of the rental properties I would like to start. I put in 54+ hours at work a week, i make money plus should have good credit. They didn't want to talk to me since I was a first time buyer and i didnt have the downpayment. ehhh, they just dont give money out? (just kidding) :beer: I'll be mostly dealing with SFH's , such as a single or double wide.

thanks for the help

Sean Gallagher
Prosperous Properties, LLC

good points, i'm understanding a better outlook on how the market works. I was under the impression.. ok it just went down ahh it has to go back up soon. But really we dont know for sure when it will change or how. This is helping me to "know the market" though.. which is good.

yeah I understand where you guys are coming from, I was going to move into the place but I don't need to move out of where i currently am so i dont need a place to stay.. i wouldnt just buy and hold and let it sit un-occupied, but it just shocks me that this house a year ago could have gone for 160-170 and now its down to 120-130, so what yous are saying is this could back fire on me? Think the market it going to proceed its downfall in value? I wonder how much longer and how worse its going to get. thanks for the input!

I'm a first time buyer and have seen a decrease of i'd say 40,000$ in this property value around here, Theres a house for sale and I think if I bought and held it for a year or two the return could be pretty satisfying. What do you guys think about this? When the market was good i think it would sell for 160-170 easy, now its down to 120-130k, suggestions or comments please?