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13 May 2024 | 2 replies
Hey all, first post here and excited to be a part of the community.I would like advice from experienced investors on their recommended incorporation structure for a business that will raise money from external investors to use in funding equity requirements of lenders in in fix/flips and BRRRR rentals.
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14 May 2024 | 13 replies
Tenant has paid the deposit, rent, set up their utilities, and anything else you require.
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13 May 2024 | 3 replies
However, lots of CUs and Locals are requiring you to keep deposits with them if you want a loan - typically around the 10% mark.
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13 May 2024 | 16 replies
Hi as Steve and Jason pointed out it is very important to keep funds seperate.You will need an escrow account, if it's required by law, your account will need to be titled XYZ ESCROW ACCOUNT, if not so required, it can be any account but ONLY deposits and funds held in trust should ever be depoisited to this account and any withdrawl should be well noted on the check and on your books.If you comingle you accounts and you need paper towels to clean units, the IRS can simply disallow your deduction saying it was used at home since it was paid from a personal account or one of comingled funds.I too would suggest you formalize a business entity, an LLC probably.
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14 May 2024 | 14 replies
Two years ago when the entire market was red hot most listings in my area required a pre approval or proof of funds with the offer if I remember correctly.
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12 May 2024 | 1 reply
A lot of the things a mortgage company requires is to protect their financial interests (and subsequently protect you also)....getting title insurance, a survey, an assessment/inspection, and requiring home owner's insurance.
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13 May 2024 | 13 replies
You are not required to give any reason.
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12 May 2024 | 14 replies
I am already requiring the tenant cover repair costs and want to tell them the dogs have to go.
12 May 2024 | 1 reply
Visa requirement for travel and carrying out daily operations.2.
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13 May 2024 | 11 replies
Quartz is actually stronger than granite, it doesn't require sealing and is easier to clean, it has more color options, and likely cheaper than granite.