after i buy my investment properties—i might want to refy and/or get a HELOC is that possible when the property is in a land trust. 2nd—i keep hearing about “NOT” comingling monies–personal and biz. My confusion is the begining what is what ---- i have some $ to invest (personal) and am spending it --traveling to see properties, setting up LLC,etc. Will the “biz” pay me back—is it a personal write off----am i loaning money to REI biz—just want to do things correctly as possible— i know i will need to hire — a good tax guy --in time. In the mean time—does anyone have any direction?
hope this makes sense.
I can answer as to the trust. Most lenders require that you dismiss the trust, refi on your own, then reinstate the trust. I have refinanced seven or eight times and the procedure is simple. Good luck.
you are the bomb—again thanks so much for your time!!!
Personal is personal and business is business. Don’t make it harder than it is.
Fund the LLC with “startup cash” and let the LLC pay for expenses. Submit an expense report for the startup fees and have it reimburse you. Or…
Loan money to the LLC. Execute a promissory note and have the company make payments - the whole deal. Keep it legal.
Don’t pay personal bills from the LLC and don’t pay LLC bills personally.
4, If you absolutely have to pay for something or the LLC doesn’t have a credit card, then submit an expense report to the LLC for reimbursement. Have the LLC write you a check and follow #3.
thanks so much for your reply. So does that mean i need to get a bank account in that name ( is that a dumb ?) I am assuming that would be the obvious—but not absolutely sure. thanks again. taylor
yep. you will need your articles of organization, the certificate or letter from the state and a taxpayer ID number.