All Forum Posts by: Anthony Johnson

Donald,  Good luck on your  journey.  I also live  and work in the Palm Harbor area.  I offer one on one consulting where I can coach you on your RE Business, and your  Investments Goals.   I am a RE Broker and at  one time was the top Listing agent   in PH.   If you are serious about success, hire a coach like me.   

Personal credit score and deposits, I do not use  D& B since I do not want to pay the fees.  

Wells Fargo is where I have two entities, one S corp for my Brokerage, and the LLC for the RE Holdings. So, you want BLOC business lines of credit for each entity, credit cards, etc. They will give you 25% of your annual deposits. I found it easy to get a 50k bloc and then a 25k bloc and the cards are around 25k. The absolute best thing to have is a Discover card, and a Chase card, use them and always ask for higher limits. They constantly send 0% rates good for a year. Get those two cards up to around 50k and you will never touch a BLOC which are 10-13% at WF. Also, I use a HELOC to fund rehabs, I only use the BLOC if I need a quick transfer but I avoid rates at any costs. Good luck.

I know this thread is old, but the best answer is to get a HELOC while it is owner occupied, then move out and rent it. Your HELOC is 80% of the equity you would have received from an equity sale. In a year or two you break even get all of your equity out, and over the course of the next 30 years you can make an additional ONE MILLION DOLLARS. So add up the IRR internal rate of return and the value of the paid for home in 30 years. So IRR or annual addition to net worth should be your cash flow, mtg buydown, appreciation, personal tax savings, lets say it is $23,000 the first year, and this number will go up every year but just use the 23k X 30 years=$690,000 then add the value of your paid for property, lets say it doubles to $650,000 add it up =$1.34 million, subtract your recaptured gains and you should be around a million. You can run your own numbers. No investor would sell the land when you can just cut the crop, and then cut it again next year.

ps In Florida I cannot do HELOC unless owner occupied.

I won the brand new Mercedes at a Robyn Thompson event, she is great!! Anyways, I sold it back to the Mercedes dealer without ever driving it.   Sticker was $37,000 and I got  30k.   $8,000 check to the IRS, bam!!  then the kids got to divvy up $2,000, and I mean adult kids also.lol..  and the Humane Society got a nice donation...then 20k down on a cute coastal home that cash flows over $600 a month net!!!    This was 2012, so that is what I think of your shiny *** car!!  I drive a 2004 Expedition White, 171,000 miles, I run Amsoil, and have no plans of upgrading my paid for  sled that helps me take long romantic drives to the bank!!!

The builder should have access to the Real Estate forms for CA.   Great question for the lawyer.    Have the builder pay for the attorney also,  if they balk, tell them it is way cheaper than paying your Realtor 4%.        

Hello,

As a Realtor & Broker, I cannot stand up to the builder and tell them the fees are ridiculous, since they pay us 4% commission and the fees are legal, just higher than normal transactions. Based on that, you should find a RE Attorney and ask for a review of all docs, including the survey. Make sure you are buying the right property! There are mistakes, and you Realtor usually checks the HUD, survey,etc, so in this case definately the attorney, and have him review the warranty paperwork to make sure you have everything promised.

Hi Vince, I live in Countryside, very close,  welcome.  I joined last week.  Tony

VA & FHA are owner occupied only so the deed would be in your personal name only. I have bought homes in an entity such as an LLC, but the conforming bank loans can only be done in your personal name.

I think this is the simplest way, only one tax return to file, and your parent company can property manage. Great for asset protection, you decide how many homes you want each LLC to own.