All Forum Posts by: Vee Vu

@Andrew Postell Thanks Andrew. The prequalified letter will be applied for each property or I can use the letter to offer for any property? When should I negotiate for the rate?

When should I talk to lenders (hard money lenders, private lenders)? Some people said I should control the deal (under contract) before talking to them because their time is valuable. While other said I should just go and talk and establish a good relationship with lenders. 

@William Strehse Congrats on your first property :) Yes I'm thinking about making the business card, so basically just name and phone number and e-mail is good, right? Do we need to put address on the card?

@Sam White Thanks Sam. I will do more research on my market and find private lenders. You are right, I just start so I will not do any big flips yet and getting loan from private lenders with lower interest make more sense. 

@Clint Muzzy Thanks Clint for your great advices. Congrats for about completing your "beginnings" journey. 

@David Dachtera S-corps can help save more tax definitely. But why don't we just run business and hold property under S-corps? Why do we still need have LLC to hold the property? I want to flip houses so I will not hold any property for more than a year. You said LLC is a "pass thru" entity, does it mean I can get loan from HML or private lender easier?

@Roy Leach Thanks Roy. Do you have any tips to find good wholesalers? 

@Sam White Thanks Sam. You did not get an LLC at first, so what did you do to protect your own asset? What type of OPM do you suggest new investor to get if they don't have credit for a traditional loan?

@Dean I. Hi Dean, I just move from Canada so I don't have credit to get traditional loan in US yet. What do you think if I use HML to buy my first flipping deal (I have some money for the down payment) under LLC or S-Corp? Will they approve me or I still need to personally guarantee the loan under my name?

@David Dachtera Thanks David. I'm serious about getting into REI business. I don't have too much money to risk. I can see the benefit of "Control everything, own nothing". What do you mean by "Start with an S-Corp and the first LLC. Acquire the first property into the LLC and build from there - it is never owned by you personally. You receive income through the S-Corp using the salary/dividend split: use a 1-to-2 ratio: 1/3 salary, 2/3 dividend.". I just need to choose between S-Corp or LLC, right? Or I can combine both?