All Forum Posts by: Sherrie Tullsen-Chin

 Thanks for sharing your experience Jennifer!

Hi Everyone!

I'm checking out Jamil Damji's Astro Flipping coaching program. Anyone have experience with it or opinions?

I currently live outside the US and am planning to move back in a few years. I was waiting to start real estate investing until I'm back stateside but was listening to the BP podcast and heard an ad for Astro Flipping and started wondering if maybe I could wholesale while living abroad. Any input from experienced wholesalers is much appreciated.

Thanks a bunch!

Sherrie Tullsen-Chin

Thanks @Chris Seveney

I currently live abroad so don't have a state of residence otherwise I would do as you suggest and file state taxes there. 

I will check with my CPA for more info.

Thanks for the reality check on the line of credit. I don't want to waste my time if my chances are slim.

Hi Everyone! 

I am seeking to launch a small private lending business. I have limited capital to lend out so in addition to using some of my own capital I'm considering opening a business checking account and applying for a line of credit, most likely with Wells Fargo since I have a long history with them. In order to do this I need an LLC, and am trying to decide where to form the LLC. I would like to form the LLC in the same state I lend in to avoid having to pay annual fees for the LLC to two states. I'm looking at states that have real estate prices on the low end and also minimal LLC annual fees, such as Ohio or Michigan.

Also, I'm trying to understand where I would have to file state taxes for the private lending business. My understanding is I file in the state where the business operates, but I'm not sure what that would be. Is it the state where the subject property is located? And if I occasionally lend outside my typical market do I have to file a state tax return for each state I lend in? Clarification on how this works would be greatly appreciated. I currently file federal but not state tax returns because I live abroad.

My specific questions are:

1. What state/market would you lend in if starting out with a small amount of capital?

2. Where would I file state taxes for the lending business if I'm living abroad and thus don't currently file state taxes? What if I lend in more than one state occasionally (although I plan to mostly stick to one market)?

Thanks a bunch!

What a great reply...thanks and I will take it to heart! I couldn't agree with you more...anything less than honesty and transparency is shortsighted and foolish, both for one's self-respect and building relationships with potential business partners.

I'm looking for a good introductory but comprehensive book on becoming a wholesaler. Not necessarily interested in doing wholesaling but I want to understand the ins and outs for educational purposes. Recommendations please!