I am about 400 k in dept, 60k :o of which is in credit cards ( all to buy houses). How do I get the bank or an investor or anyone or any organization to lend me more money? How do I get the bank to give me a business loan to capitalize more investments?
gwhipple!
It all dependes I really would not rather give you my advice until I know a few things!
out of your property how many if any have equity?
how much equity?
at what L.T.V. (loan to value did you buy them?
how long have you held them?
until I know the main factors I don’t feel safe giving advice sorry!!
Wow, what does that mean? :-X
I like to know the whole picture before I tell him what I would do!!
how is the jersey market!
buckeyes58,
For tax purposes, an LLC can elect to be treated as a partnership, as a corporation, or as a disregarded entity. Of course, to be a partnership, the LLC must have two or more members. And the disregarded entity election is usually only available to single member LLCs.
If the LLC elects to be treated as a corporation, the default is a C-Corp. A second election is needed to convert a C-Corp to an S-Corp.
An LLC that is an S-Corp!! Perfectly plausible.
reoconsultants, I currently own 4 properties. All 4 have $25-30,000 in equity. I have had all of them less than a year. I bought them at 50% of market value and have put some money in repairs. I have considered selling them or doing a refinance and cashing out some equity and invest in some apartment buildings or multifamily. I prefer the multifamily homes for rentals because of the cash flow. I am a Real Estate Broker in Texas and I am 27 and have been in Real Estate investing for 1 year and a Real Estate Broker for 4 yrs. I just would appreciate any advice on how to create a postive cash flow of $10,000 or more a month coming in. Thank you for your time. Patrick
The alert I have tells me the same day that someting has changed. I thought you could not have fraud protection (they call you when for anything) unless you actually have some fruad against you?
The advice about World Savings was right on :dance:, thank you. In Texas, Wells Fargo will only lend 80% LTV for HELOC (Home equity ) :'(. I think I will try a business loan to consolidate my credit card dept, unless you can think of anything else.
I am going to refinance as much as I can with World Savings. They will loan 75%, but can do a second for the rest. The rate is great, now around 4.9%, interest only. :).
Look at www.moneyshark.com supply your info it will tell you what banks will do what in your area. This is a paid site with a free one week trial!
REMEMBER IF A LOAN OFFICER PUTS YOU INTO A BAD MORTGAGE THE ONLY PERSON IT HURTS IS YOU!!! SO ALWAYS KNOW YOUR MORTGAGE OPTIONS!!!
what does it mean a bad mortgage?
high interest?
what does it mean to know your mortgage options? Do you mean to be pre-qualifided with few lenders?
My partner and I just started a foreclosure biz (buying and flipping), can you give any tips on financing? We have no money down but are trying to find lenders.
Hi REO
Would you please email me some of the forms that you have filled out and used for your properties. I’m just getting started in lease options, have one home that I purchased but need to find some creative ways to finance more homes. Any help would be greatly appreciated, because of a big corporate buy-out where I work, I may not have a job shortly so I need to dig my heels in and learn RE Investing fast. Thanks for any help you can throw my way. Also, do you know any good HML?
Joy 8)
REO, could you please do me a favor and email those forms too.
Thanks a lot in advance
I have not e-mailed any forms do to the fact my web site is under construstion and all this info will be on there! should be up by jan. 20th.
To continue my post from earlier on this monster of a discussion, I asked REO to supply some proof that he’s done what he claims. Just so it’s not left hanging out there, I wanted to follow up and let everyone know that Rob not only sent me a phone list of realtors, title co., lenders, etc. to confirm his story, but he also had a lengthy phone conversation with me a few days ago. The guy knows his stuff, and has a lot of original ideas that are way outside the box. If anyone has the opportunity to speak with Rob or aquire his course when it comes out, I highly recommend doing it.
Thanks Rob, it was great talking to you.
Thank you buckeye58 I appreciate the feed back if there is anything you need please let me know…Hope to see you in Ohio!!! Will be there in March…
Great! Make sure you get me the details (where/when/etc) before then and I’ll try to bring a few people to hear you speak.
Thanks.
REO
Where in Ohio in March?? I’m in Mich. and I’d Like to here you speak as well. I 've read many of your posts , I seems you definitly have a handle on things. I’m new and I need all the info I can get.
WHO ELSE IS TIRED OF SEEING THIS ON PAGE ONE ALL THE TIME CAN WE LOCK THIS?
Hi Reo
If it matters, I for one believe you. Though I am very new to this, I do know what makes this business unique: anything is possible and everything is achievable if you have the creativity to envision it and the tenacity to follow it through.
I’m a little short of time right now so I only read about the first 8 or 10 of your responses. I don’t know if this was addressed so excuse me if it was but can you recommend some material I could read about S-Corps and land trusts in relation to what you are doing?
Thank you
Rick