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14 January 2025 | 7 replies
@Brice Alef-Torrisi putting each property in its own LLC is usually overkill.Getting a bank account for each LLC is typically something you need to do to avoid "piercing of the LLC corporate veil" (actually depends on tax selection you made for LLC), but is also overkill.You haven't indicated how you are holding the deed for the latest property.If in your name or same LLC, you don't need a separate bank account.If in separate LLC, you can create a Master LLC, have each property LLC hire the Master LLC to manage their affairs, and just get a bank account for Master LLC.This is an opinion, not advice, so lookup CPA Frank Alcini in Troy for expert advice.
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31 December 2024 | 76 replies
I'm not sure if I want to do co-hosting though.
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20 January 2025 | 0 replies
I financed this property using down payment funds from 403B and a local commercial bank.
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4 February 2025 | 11 replies
Rents will keep raising in most markets so bank on that for additional cash flow in the upcoming years.
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16 January 2025 | 8 replies
Wage garnishment , attach any bank accounts , and or vehicles
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15 January 2025 | 29 replies
Raising capital - It will be difficult to tell an investor their $ is tied up for 30 years and you are only banking on the borrower selling or refinancing.
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24 January 2025 | 9 replies
So I get that "lag" almost every time, plus I deal with our corporate bank... so they always have that lag.
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27 January 2025 | 7 replies
I agree with the others here that say you need to have some skin in the game, if you are going to live there yourself, get an FHA loan rather than owner financing, you can get a 3.5% down loan, personally I do not love these as they require PMI which is an additional expense, and you also need bring additional funds for closing at least for taxes, title, attorney and transfer fees . borrowing from anyone else for the down payment, to include a personal loan from the bank is not a good idea, those again will be higher int. rate.
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31 December 2024 | 3 replies
I always remember that rockstars know rockstars, so find someone who is a mover and shaker - likely a meetup host - and then ask them who they know.The people doing 100 flips are super busy, so I've also found the best person to find is someone who is a step or two ahead of me...so maybe for you, that is someone doing 2-3 flips a year.
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23 January 2025 | 1 reply
Did you finance this deal with a local bank or credit union?