All Forum Posts by: Travis M.

I just got approved for a mortgage in Humboldt, California.

It was an absolute nightmare with self-employment income being verified by fannie mae/freddie mac rules, and not being able to use income from new LLC's I have as they don't have 2 years of history. I made it through, but it was brutal.

Current problem: ALL my business for the last 10 years is Schedule C sole-proprietor business on my personal name. I want to move it OFF my name onto a new LLC (as all commingled funds make it very difficult to create a personal budget), but I don't want to run into the same headache if I want to refinance/get 2nd mortgage ~1-2 years from now.

Question 1: After a lot of back and forth with my loan officer (who is being very vague because she thinks I want tax advice, even after repeatedly saying I only want advice specifically related to loan approval), she has stated that if I "move my schedule C to a LLC" then A) I must be the sole owner, and B) I must wait 12 months on that new business. My question (which I can't seem to get answered) is... do I need to do anything "special" beyond those 2 things when setting up the LLC to prove that "this new LLC is replacing my sole-proprietor business as the exact same business", or do I simply form the new LLC, stop accepting payments to personal bank, accept payments to new LLC, wait 12 months, and then if I submit my LLC formation they will just take my word for it that it's the same business?

Question 2: I want to use an anonymous Wyoming LLC with a registered agent, as they're very good for privacy and asset protection. Do you think this will cause a problem with fannie mae/freddie mac approval? I talked to the LLC attorney and he said they provide the following 3 documents to prove I'm the 100% sole owner:

• 1. resignation of organizer (legal letterhead)
• 2. operating agreement
• 3. certificate of incumbency (notarized)

Awesome, thanks! This might be a dumb question but does it matter how old the material is? I notice that multi-family book is from 2008 but I suspect a lot might have changed since then. But then again maybe that doesn't matter?

I'll definitely check them both out!

Hello there,

I'm looking for a book recommendation on investing in single/multi-family units with the goal to being financially independent, similar to the 'the stack' method mentioned by Brandon Turner of BP.

I do believe I assimilate lots of very complicated and technical information quite well. I bought the "beginners guide to real estate investing" by bigger pockets guy, but it feels just far too simplified. It could be said in 90% less words and I feel like it's a book ABOUT learning rather than a book that I learn from. I'm already an entrepreneur so I don't need a lot of pages telling me to act, etc etc. (with that said, he seems like great guy. I liked his actual messaging)

To truly be good at this (based on my absolute 0% experience), I feel I would need a huge amount more information on formulas, exact criteria to use as a starting point, red flags, what to look for, accounting nuance, economy/market dynamics, how to assess certain things in detail, assessing location in detail, etc etc... not just 2 pages of 3 sentence "summaries" which basically are hints that I need to go look elsewhere online or in webinars to listen to.

In the few times I've (admittedly briefly) looked online, it's a continuing never ending stream of "learning how to learn" with so much filler, and literally its very hard to just find actual raw technical information. Note: I have not looked at the forums in detail yet. I tend to like the organization of books though which is why I'm not really even attempting to come on here to really try to dig, until I have at least a fundamental knowledge of what I'm doing.

Is there a really solid technical books that are popular around here and everyone knows about because they're really good, that start from 0 knowledge, but are not afraid to just lay out things with high information density?

Lastly I'm of course fine with googling, a book can't contain everything. I'm just trying to potentially find those 'must haves' that fit the bill, to make things more efficient.

Also, I'm open to multiple books that when combined form a better picture.

Thanks so much for your suggestions, it's greatly appreciated!

Hello, 

My girlfriend caught her mom's nursing home performing elder abuse, and has it on record, and has proof.

She immediately moved her mom out of there and brought her to live with us here in California. We rent a house from our landlord in a small town.

We never notified the landlord of this change, given the grave and very serious circumstances. The logistics were that there was nowhere else to go where she could recieve good care (my gf's siblings don't care even 1/10th of what she does). Naturally the only choice is under my gf's 24/7 care. The power of attourney brother approved this, and she came to live with us.

There is a growing concern though that if she dies, or we have to get hospice involved soon, that we will have to tell the landlord and he will evict us because he will say we violated our lease.

Ive been reading about some "stigmatized property" law as well if someone dies in there. So there's also the concern that if she somehow dies here then we will have to tell him and he could sue us for not being able to rent this property out potentially? is that a stupid concern?

Is there any protections we have here? My primary goals are to:

1) keep our apartment, as its beautiful location and perfect
2) have hospice come to our house if needed, and in the event of a death, we keep our rental under what I'm hoping to be some law that exists for "extenuating circumstances" (which I believe these are). There really were no other good options that lead to a higher quality of life.

Thank you

Thanks guys, very helpful!

Hello, I'm programming software for multi-family and I am wondering how lease end dates are most commonly represented.

Let's say I asked you "send me a spreadsheet of all 10,000 of your current active leases with your start and end date, tenant name, etc"

I assume you'd be exporting from some PM software.

Are you going to represent the lease dates like this:

A) Tom, Jan 1 2019, Jan 1, 2020

or like this:

B) Tom, Jan 1 2019, Dec 31, 2019

Thanks!