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All Forum Posts by: Reece O.

Reece O. has started 13 posts and replied 96 times.

Post: Equity

Reece O.Posted
  • Investor
  • Mexico City, Mexico
  • Posts 100
  • Votes 19
Hi, He can gift the funds to you. I suggest that you outline in writing how and when you will start to repay the loan.

Post: Ways to establish credit for new business LLC.

Reece O.Posted
  • Investor
  • Mexico City, Mexico
  • Posts 100
  • Votes 19
Alternatively, you can use a service like Seed Capital.

Post: Ways to establish credit for new business LLC.

Reece O.Posted
  • Investor
  • Mexico City, Mexico
  • Posts 100
  • Votes 19
Hi, I have heard Capital One have a secured business credit card that's easy to get approved for. You also may want to check out: http://ficoforums.myfico.com/t5/Business-Credit/Business-Credit-101/td-p/108894

Post: funds for flipping aka F4F . Scam or real deal

Reece O.Posted
  • Investor
  • Mexico City, Mexico
  • Posts 100
  • Votes 19
Hi, How much credit have you received and what was your credit score? Would you share a couple of the cards that you got approved for? Thanks!

Post: New Investor with a Possible Great Opportunity

Reece O.Posted
  • Investor
  • Mexico City, Mexico
  • Posts 100
  • Votes 19
Hi, I would look into a HELOC.

Post: Do I need another LLC?

Reece O.Posted
  • Investor
  • Mexico City, Mexico
  • Posts 100
  • Votes 19
Hello, I am currently investing in a syndication deal. Me and a few others are members of an LLC that will hold the title of the property. So for example, Reece owns 10 percent of 999 Holdings LLC as a member. If I were to continue doing deals like this would it makes sense and an asset protection structure point of you to transfer my own personal equity into that of another LLC? So that Reece LLC owns the 10 percent of 999 Holdings LLC instead of me personally. Then have Reece LLC as a member of the holding companies instead of me personally having equity in my own name. Assuming that I did this: all of the money inside of Reece LLC would be used for acquisition of more assets. Could i personally fund and deposit money into Reece LLC from a separate job, say a W2.

Post: LTV Question

Reece O.Posted
  • Investor
  • Mexico City, Mexico
  • Posts 100
  • Votes 19
Hey Tom, That's what I was expecting. Would it require less in this scenario? Or is there still usually a standard (ex. 10 percent down)?

Post: Loan Type?

Reece O.Posted
  • Investor
  • Mexico City, Mexico
  • Posts 100
  • Votes 19
Hi, Look into FHA and the BRRR strategy.

Post: Is this a valid strategy?

Reece O.Posted
  • Investor
  • Mexico City, Mexico
  • Posts 100
  • Votes 19
Hi, Another issue you may encounter trying to do this is the restrictions on time frame between selling all of the properties and rolling over the proceeds into another property. If you had, for example, 10 turn key properties that you were wanting to 1031 into another property there are time restrictions as to how long you have between the sale and purchase. You should consult with a CPA vut I believe you have 180 days. Using this same example, would you be able to sell all 10 properties within six months? I agree with the above posters. Save all cash flow and also set aside a percentage of funds from your w2 in a high yield savings account. Good luck!

Post: LTV Question

Reece O.Posted
  • Investor
  • Mexico City, Mexico
  • Posts 100
  • Votes 19
Hello, I understand this question has a very simple answer. If an asset based lender will lend 75 percent on a property does this mean that no down payment would be needed if the property was worth $100k and you acquire at $75k? Thanks!