13 January 2025 | 41 replies
Also, get all personal info (DOB, SSN) from the seller in case needed when talking to lenders, lienholders, etc.
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13 January 2025 | 1 reply
Explore my personal favorites, Set For Life by Scott Trench or The Total Money Makeover by Dave Ramsey, for invaluable financial insights.3.
22 January 2025 | 14 replies
- Of course, most of these PMCs weren't even properly licensed and were typically one-person companies.If you have an LLC, the PMC will only need the LLCs EIN.- If you chose to set up your LLC as a pass-thru entity, then you will need to supply your SSN.FYI - to avoid getting nasty letters from the IRS about errors (which might cause us to be audited), we will ask for a copy of your EIN assignment letter or a copy of your SSN card to confirm those numbers.
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14 January 2025 | 16 replies
I personally try to avoid extroverts because they are often incompetent and irritating.There's a difference between being an extrovert and being charismatic.
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21 January 2025 | 5 replies
If one project slows down, others can keep moving.Stagger Projects: Start planning your next project while finishing the current one to keep your pipeline full.DSCR Loans: These loans focus on the property’s income, not your personal income, which can help you finance more properties.StrategyFlip and Hold: Flipping one property while prepping another for rental keeps cash flowing and builds your portfolio.BRRRR Timing: Since BRRRR is slower now, using DSCR loans to get multiple properties might be a good hedge.Good luck with your flip and future investments!
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14 January 2025 | 23 replies
All it ends up being is one person saying "Is not!"
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14 January 2025 | 1 reply
Most personal loans I have looked at have terms of 10 years or less.
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13 January 2025 | 7 replies
If you give someone over 19% membership interest in the deal, the bank will usually require a personal guarantee from that individual.
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17 January 2025 | 40 replies
And I don't think they're taking applications yet, but you'll likely have to apply in person.
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21 January 2025 | 31 replies
With enough knowledge you can make a educated decision on which approach you take.My experience:I personally don't sign up for any program who take you aside during events and try to sell packages that is just blatant sales strategy.Once you sign up there is every attempt to make you sign for their programs for bookkeeping, registered agent, LLC or corp setup fee which have ridiculous even with platinum membership.Basic standard structure they suggest to take advantage of multiple deductions can be easily achieved by proper education or work with a good firm like https://wcginc.com who is local to you.A umbrella C-crop to manage all other LLC properties and take advantage of many tax deductions that are not available with a llc, its also used to take losses up to 100K as startup expenses and dissolve the entity after few years.Few LLC entities for investing in Real Estate, etc preferably in Wyoming or Nevada ( you can find many companies online who can do this for $150 compared to anderson $1500-$3000) , they will claim they have a secret Operating agreement which is bogus.They certainly try to take advantage of tax loopholes and claim to be smart people, my view they are just taking advantage of numbers as per their own statements.