All Forum Posts by: Sam Li

What is the best way to get a loan/mortgage for a growing cannabis business in CA? This business is located in the LA area and already have multiple grow operations with net positive income. Looking to buy a new space currently priced at $5 mil. Any tips would be appreciated!

I am posting this on behalf of a friend. Any advice on the right loan type is much appreciated!

Goals and story: My friend is a foreign national, immigration status has been approved but still waiting on green card, has social security and runs a lucrative business that mostly deals in cash. Their reportable income is low and most of their net worth is tied up in their share of their business. They've currently gotten a loan for their primary SFH that is a 3-year ARM at around 4.3%. Looking to get a refi for 30 years with a lower than 4% rate.

Type of property: Single family home

Location of property: Diamond Bar, CA

Purpose of financing: Refinance, lower monthly costs and overall long term cost

Type of financing sought: Open to different options as long as it lowers their monthly payment and long term costs

Current or prior ownership of real estate: Currently 1 SFH as primary; their business owns several commercial real estate assets

Occupancy: primary home

Value of property at present: $1.8 Mil

Down payment or equity: $900K equity

Source of down payment funds, if applicable: own funds

Income Source: They run a highly cash-based business and they've issued W2 for themselves for the purpose of their previous loan. 

Gross monthly income (optional): Around 70K annual in W2 from 2020. Can be adjusted if really need to.

Monthly debt obligations appearing on credit report, plus (if applicable) personal rent and alimony/child support/etc: Outside of their current home loan, only a lease on a car at $760 a month. No other large debts.

FICO: Around 740

Credit issues: None

@Account Closed

Yea I already have a property here in CA and bought that under my name with umbrella insurance. Now that I am considering doing out of state properties I'll probably be buying more than just one so setting up some type of business vehicle might be more prudent at this point.

I live in California but want to invest in Ohio rental homes. Which state should I be finding help for LLC setup?

Any suggestions on how and where to find good professionals? Open to referrals too!

I’m looking to buy rental properties out in Ohio but live in. California. I’ve seen debates on this forum regarding what types of entities to set up so I think I want to get a professional to help. People suggest hiring both an accountant and an attorney.

My question is: what are the initial tasks of both the CPA and attorney as I set up my business? Afterwards, what tasks can they help with day to day after I set up my business? What’s the pricing model like for most investors using their services? (Hourly payments vs one time payment, etc)

@Renee Yarbrough

There’s only one direction you can go now. Onward and upwards. Each mistake is a growth marker. Keep it up and this lesson is now part of your future tool belt.

I'm currently out of state and looking to build a portfolio in the Cleveland area. Would love to connect with anyone with experience and get recommendations on where to find the best property management and real estate professionals. Thanks!