All Forum Posts by: Shalom Benton

Thank you all for the information. It sounds like I can't really get around being a personal guarantor for the LLC.
If that is the case, at what point do you stop working your job? Do you keep your w2 job until you’ve reached a threshold for rental/real estate income? You have me doing a lot of thinking! I was hoping that with a schedule E, free and clear assets, and enough cash, I wouldn’t need a w2 type to accompany my financial statement. 

Anyone know of what insurance companies will cover a 1950’s home with a low pitch roof? The roof has about 9 years left on it. Thanks!!! I need a quote to close a deal.

I've done some research and it feels like there is some obscurity surrounding starting the process to finance with an LLC.

I have an LLC.

I have free and clear assets in the LLC. And the LLC makes $2100 gross income off of rental units. The LLC also has 50k cash.

What I haven't done is set up the LLC's credit, no credit cards in its name right now..

I want to finance a multi unit. Or do new construction on a lot that I have...What are the next steps to make this LLC less risky to lenders, and get approved?

Do I need to get a credit card in the LLC's name to start some credit history? Will I have to serve as a personal guarantor? Does my personal credit matter? Thanks!!

I have an empty lot and I’d like to build on it. But I wonder what I would need, in terms of a down payment percentage and how to go about financing the construction.

I’m looking to purchase a quad and I want to use the future rents to show that the property can pay for itself. I’ve been told that you can do this, but when I asked my loan officer if that was a possibility, he said no..... how does one go about financing a property, such as a multi unit, and use future rents this way? What banks will allow it? Thanks!!

I have a super small duplex and I’m doing a complete Reno on it. We just recently did a full re roof and raised the roof to give it more space. Currently each side is a 2/1 with small rooms (550sf total each side). My question is should I knock down a bedroom wall to make the living room space bigger, and make it a 1/1?

Even with a 2/1 I think my max rent would be $600 each side. What’s your experience with renting out 1/1 units? Would you knock down a wall to make a bigger living room if it meant dropping from a 2/1 to a 1/1?

I’m looking to refinance and repeat once the complete Reno is done. So after repair value matters too. Thanks!!!