All Forum Posts by: Account Closed

@Joe Ruggles, I hope you had better luck than me.  I reached out to them and was told that I had to have a phone interview with an Assistant and fill out a questionnaire just to have a meeting with Mr. Whirley.  Maybe it should not have, but that just struck me the wrong way.  Yes, I could be a small time guy that just wants someone to file my 1040 or I could have spent mid-six figures on my CPA last year that I have been using for 20+ years but all of that could have been deduced in a 15 minute meeting.  (As a side note, one of those two statements are true)

I have always prided myself on not letting my emotions get in the way of business, but this time it really rubbed me wrong.  I hope you get a better outcome.  

--T

I have my own QOF and based in Atlanta.  Hit me up if you would like to chat.

@Sam T. sorry, man.  I am not really sure what the criteria was for me but I can tell you at that time my liquidity was virtually non-existant.  I had three years of tax returns showing good income but virtually nothing in liquid assets.

One point to consider from your final post, however, is you mentioned "to use for any combination of down payment and/or rehab expenses" and the first part of that could be trouble.  I am not an expert but I am pretty sure that any bank or fund loaning money (even hard money) is going to require you to have the down payment as an asset and not a liability.  Of course, you would want to confirm that with your lender but I have never heard of any kind of bank allowing you to borrow the down payment.

Hope that helps!  Good Luck!

--T

For a different company that I own, I have a $100k signature line of credit from Synovus.  It is in MY personal name and is solely based on my personal credit score and income.  However, it is listed as a "business" account so it does not hit my personal credit report at all.  They were VERY SPECIFIC that "at this time" they are not reporting it onto my Credit Report but "at any time in the future" they may start without any warning to me.  

If that meets your need you may want to reach out to them.  They may not have the slick web site and the cool app that some of the big banks do but they sure have been easy to work with...at least that has been my experience.  

Good Luck!

--T

It really doesn't matter.  Almost every commercial property I have ever rented or owned had a company name that was simply the address or some other descriptor to keep it safe.  If you are looking for something that you can BRAND then you may want to put a little more thought in it. 

Recently my second son was born so I made a new public facing company that uses the FIRST name of both of my sons.  It is called Jacob Hunter Homes.  Here is the funny part....almost immediately I started getting aggressive sales people calling the office number because they got the information from the Secretary Of State list of new businesses.  The good ones assume that the company is named after the owner so they call up and say "Hi, may I please speak to Mr. Hunter?" and my answer is "Well, he is taking a nap right now but after he wakes up and gets a diaper change and a bottle I can have him call you back".    (Then I usually hang up)   :)

--T