All Forum Posts by: Steph C.

Hi Bryan,

Not sure if a bank loan is an option, but I am trying to find out. I'm thinking maybe not since my husband got laid off.

Any other alternatives?
Steph

Hi Jon,
Thanks for the info. We'd really love to secure a bank loan and many of the properties we're looking at will cash flow really well, so I was hoping to secure a (commerical?) loan based on the deal, not our personal situation. The good news is our credit is excellent, so we were hoping that will help us even if my spouse is still looking for work (let's hope).

We have also been looking at owner financed deals, no luck yet with a home that meets our criteria. I've also been posting ads looking for these on Craigslist for a while, but no viable leads yet.

My husband and I keep saying if we don't snap up some of these rentals at such low prices soon, five years from now, we're going to kick ourselves! Shoulda, coulda, woulda, ya know? :-)

Thanks,
Steph

Hi,

I am looking recommendations for financing for rentals in MA.

We are looking at some REOs/short sales and other properties priced well under value. We're specifically looking at newer properties (post 1978) with little to no rehab....duplexes as well as 2-4 family properties.

Some companies I've looked at are more hard money lenders, with quite high rates. Many of the properties we're looking at will cash flow immediately, and would cash flow very well, if we get a good financing rate.

We have a new LLC (no credit established yet), and good personal credit, if that info is helpful. Any and all recommendations are welcome.

Thanks,
Steph

Thanks again for all of your replies...

One more (sort of) related question: Do you file taxes for your LLC as an S-Corp for your wholesaling business? I've heard this to be the preferred tax method (if you don't use an S-Corp for your wholesaling). Or, if you have a husband/wife LLC like me, should you just have the LLC taxed as a partnership?

Thanks!

Thanks for the tip, John. Good point about closings.

I also thought about maybe setting up LLCs via another state at somepoint. I know some state fees for LLCs are so cheap, it's easy to buy the house in an LLC and then sell the interest in the LLC to another person. That works when the cost of an LLC is like $100, say, like in some states...but I think in MA it's cost prohibitive to do that on a regular basis.

Steph

J Scott, I follow your blog, so I've read that having your wife licensed works well for your business. :-)

My husband and I were thinking of doing the same, so it may help. I enjoyed the ariticle as well. Thanks.

Ted, thanks for the info. I've heard that many brokerages are doing more catering to investors. I would think it would make sense for many to do this. And like you said, with the internet and other technologies, the need for a fancy office is not necessary for a lot of brokers/agents.

Steph

Thanks for the replies. I appreciate hearling the pros and cons of getting licensed.

Matt, Thanks for the tip regarding EXIT. There are a few nearby (including Plainville) so I will give them a call once I'm ready to get that process started.

Steph

Thanks for all the replies, I appreciate it. I was thinking that I could set up the LLC to state either of us could sign, but I wasn't sure. Thanks for clarifying that.

Steph

Thanks, Curt.

Thanks, Gregory. I appreciate the reply.

Steph