30 April 2024 | 9 replies
Hey @Amir J Reichental, There are small pros and cons to this: Home Address:Pros:Privacy: Providing your home address keeps your personal information private, as it's not tied directly to your business.Convenience: If you're already receiving mail and other communications at your home address, it may be more convenient to keep everything in one place.Cons:Risk: Using your home address exposes it to potential risks associated with the property owned by the LLC, such as lawsuits or creditors targeting your personal assets.Tax Implications: Depending on your jurisdiction, using your home address could have tax implications, especially if you're claiming any tax benefits or deductions related to the property.LLC Address:Pros:Asset Protection: Using your LLC address helps separate your personal assets from your business assets, providing an extra layer of liability protection.Business Image: Using the LLC address for business-related documents can help establish credibility and professionalism for your company.Cons:Public Record: LLC addresses are often part of public records, which means they may be more accessible to anyone who wants to find information about your business.Mail Handling: If you don't have a physical presence at the LLC address, you'll need to ensure mail forwarding or a reliable method of receiving important documents.Ultimately, the decision depends on your specific circumstances and priorities.
19 August 2024 | 13 replies
Having a loan in your name for a property owned by an LLC has potential to allow a creditor to pierce yoiur LLC.
28 August 2024 | 11 replies
The individual is a creditor of the reporting company.The term “creditor” means an individual who would meet thedefinition of a beneficial owner of the reporting company solelythrough rights or interests for the payment of a predetermined sumof money, such as a debt incurred by the reporting company, ora loan covenant or other similar right associated with such rightto receive payment that is intended to secure the right to receivepayment or enhance the likelihood of repayment.For example, an individual qualifies for the creditor exception ifthe individual is entitled to payment from the reporting companyto satisfy a loan or debt, so long as this entitlement is the onlyownership interest the individual has in the reporting company.
15 July 2013 | 2 replies
Would I be better served to use cash as down payment for new properties or pay off 1 property and get a line of credit or cash refinance that would be more than enough for down payment of new properties.
2 September 2016 | 13 replies
I would think the court would want to make the creditors as whole as possible and selling the property is the only way to do this.Have you gone through a process like this before?
20 August 2024 | 81 replies
Dont know your total situation , this idea may suck big time , BUT , if this prevents a major hit on your credit or a bankrupcy , you still have a roof over your head and it gives you time to regroup .
21 May 2024 | 138 replies
However, there is such a thing as a self-directed solo 401k plan which is very popular for those who are self employed.Following are the similarities and differences between the solo 401k and the self-directed IRA.The Self-Directed IRA and Solo 401k Similarities Both were created by congress for individuals to save for retirement;Both may be invested in alternative investments such as real estate, precious metals tax liens, promissory notes, private company shares, and stocks and mutual funds, to name a few;Both allow for Roth contributions;Both are subject to prohibited transaction rules;Both are subject to federal taxes at time of distribution;Both allow for checkbook control for placing alternative investments;Both may be invested in annuities;Both are protected from creditors;Both allow for nondeductible contributions;Both are prohibited from investing in assets listed under I.R.C. 408(m); andNeither may be invested in your own business.
10 August 2017 | 4 replies
What form does that equity I take out come in (credit or cash).A little more detail in the numbers:Mortgage include Taxes, and insurance.1300.00Mortgage Intrest 2016: $ 6,596.60RE Taxes: 2,508.89Payoff: ( 9/1/2017) 162,733.53Income: Unit #1: $1875.00Unit #2: $800.00Yearly Water/Sewer 550 per unit.
10 June 2020 | 4 replies
@Shelby Ashley I would be interested in knowing if there are any lenders providing Lines of Credit or flip financing.
18 January 2025 | 11 replies
Then offer the creditor a percentage of this amount as settlement in full.