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All Forum Posts by: Tim S.

Tim S. has started 12 posts and replied 26 times.

Post: Real Estate Investing in Augusta, GA?

Tim S.Posted
  • Property Manager
  • Evans, GA
  • Posts 29
  • Votes 16

Calling All Investors!!!

Licensed Real Estate Investor/Agent based in Augusta, GA can provide turnkey investor services (deal sourcing, due diligence, funding, etc.).  PM for details.......

Post: Should I FIRE my Law Firm?

Tim S.Posted
  • Property Manager
  • Evans, GA
  • Posts 29
  • Votes 16

Thanks everyone for the informative responses!  I recently spoke with another attorney and he advised me to seek a CPA so I'm meeting with a firm next week.  

Meanwhile, I've decided to keep things as is and the LLC has been filed with the state.

Thanks again!

Post: Should I FIRE my Law Firm?

Tim S.Posted
  • Property Manager
  • Evans, GA
  • Posts 29
  • Votes 16

@Matthew Anderson Lesson learned and I will definitely take this advise the next time!  Thanks!

Post: Should I FIRE my Law Firm?

Tim S.Posted
  • Property Manager
  • Evans, GA
  • Posts 29
  • Votes 16

I'm seriously thinking about it.  Just having a hard time swallowing I wasted a $1000 only to go to another law firm and pay another $1000 to give me the service I want.  SMH

Post: Should I FIRE my Law Firm?

Tim S.Posted
  • Property Manager
  • Evans, GA
  • Posts 29
  • Votes 16

Hello BP!

Long story short, I've hired a law firm to form a single member LLC for the sole purpose of investing in rental properties. However, when electing to be taxed as a sole proprietor (IRS default for single member LLC) or S-Corp, I feel I've been left to figure it out myself. Now after talking to other investors the S-Corp election is mostly for Flippers and NOT suitable for Buy and Hold investors due to the IRS "restrictions" on Passive Income received from rent?

My problem is I feel if I'm going to pay some lawyer a thousand bucks I should be advised on the best route to take, not having to figure it out myself!  If that was the case I could've just went straight to my state's SOS website and did it myself and I would've saved $900.  Also, I never got to discuss this with the actual Attorney cause they just threw me on their Paralegal.

Should I say Fck it and bite the bullet and deal with it or should I go else where? Haven't paid yet but fees will be billed I'm sure!

Thanks in Advance!

Post: Line is starting to get blurry between HML and Conventional

Tim S.Posted
  • Property Manager
  • Evans, GA
  • Posts 29
  • Votes 16

I've noticed a recent trend where HML are starting to ask for loads of documents (W-2's, Bank Statements, etc.) in order to qualify for loans. On top of these documents they are now requiring the borrower to have a fairly decent credit score (660 and up for some).

My question is, if they are requiring all of this, why not just get financing from your local bank or traditional mortgage lender and save a TON of cash! I thought this was the selling point of using HML? Meaning I as a HML will qualify you based entirely on the property/deal and NOT your financial status. In return, you pay me a higher interest rate (9-14% plus points) for qualifying you based on the deal ONLY.

However, these HML are requiring everything that conventional lenders require while still charging points out the a**! I don't see the point of using them anymore?.......

Post: Anybody ever used Straightline Funding???

Tim S.Posted
  • Property Manager
  • Evans, GA
  • Posts 29
  • Votes 16

Anybody ever worked with Straightline Funding before?  I wanted to see if they're legit before I contact them.  Their terms and requirements seems interesting.  See below....

  • Subordinate financing (seller held 2nds, etc) is not allowed for down payment
  • Loans typically close in 7-14 days
  • Your property will be valued via an appraisal costing $475. We may obtain an interior BPO only in some cases at a cost of $200
  • No pre-payment penalties apply
  • There is no charge to apply for a loan with Straightline
  • We do not require tax returns or documented reserves
  • We do not charge additional "set up" or "processing" fees
  • No ownership seasoning period is required to qualify for a refinance
  • We can provide proof of funds letters after receipt of your application and credit authorization form

Post: New member from LA, relocating to ATL

Tim S.Posted
  • Property Manager
  • Evans, GA
  • Posts 29
  • Votes 16

Hi, Lauren

It's definitely a lot of opportunity to be had in Georgia as far as real estate goes and the prices are dirt cheap compared to California.   However, as far as job wise, I don't know.  A lot of people move down here thinking its the land of opportunity only to be disappointed and move back to where they came from after a couple years of being here.

I'm actually trying to do the total opposite of what you're doing and move from Georgia to California.  Either way, wishing you guys all the best! 

Post: Looking for a HML that lend in Augusta, GA

Tim S.Posted
  • Property Manager
  • Evans, GA
  • Posts 29
  • Votes 16

Thanks Joel!

Post: Looking for a HML that lend in Augusta, GA

Tim S.Posted
  • Property Manager
  • Evans, GA
  • Posts 29
  • Votes 16
Originally posted by @Malik Welch:
Originally posted by @Tim S.:

 Stop ignoring real estate investors here, you're losing money if you continue to do so!

No one is ignoring us. There are plenty of lenders.. 

 Names?