All Forum Posts by: Brad Z.

I know this has been discusssed but I havent really found what I am looking for. I have 5 units and am currently rehabbing 6 and 7. I want to start using software that makes the day to day operation much smoother as well as make lift easier when it comes tax time.

Here are some features I am looknig for.

*Broken down financials by property
*Company rollup
*Easy entry of expenses/income
*Categories specific to re investing/landlord

I do alot of rehab work and am going to start growing on that so I want to be able to show some improvements as part of increasing the capitl position (stuff that is rolled into a rehab loan) vs. actual expenses that can be deducted.

I know my needs are pretty simple, shoud I go with quickbooks or something online. I have seen quite a few out there that look intreging but havent had enough time to really dig in.

Thanks!

i was pleasantly suprised as well. I went around to local banks and presented business cases. I do have very solid assets, credit and income so that helps. I got two of them to preapprove me for more than I need. Its a rehab loan, 10% down, then refi to a conventional, as long as I am 75% ltv post rehab, Ill be good to go which will not an issue. I am going to use a EIN and put the loan in that so I can start building business credit.

do you have to get a EIN # from the IRS to build business credit?

the llc will hold hte property with a personal guarantee from me. I believe the benefit from a ein# is so that you can build business credit. I am financing the property in a rehab loan which will convert to a conventional, my lender keeps the loans in house.

thanks Jon. do most people use a EIN # or just there socail to close the property in a llc?

I am getting close to having my first deal ready to go. Its a rehab+hold and rent. I have created a LLC to hold hte property in. I need a seperate bank account to manage money in/money out. Should I open up a business checking account or anotehr personal checking? What happens if I transfer personal money into it as down payment on future properties? I have a call into my accountant but figured I would see how others have done it as well. Do I pay taxes on the money that comes into the business acct ro when I transfer a potential payday to myself? If I pay taxes on profit coming into the business hcecking then I turn around and use it as $ down on another deal, can i write off the down pmt? I know I am rambling on but any advice is much appreciated!

I am looking a a great deal that is now avaiable to investors through HUD. it is a complete rehab and is priced accordingly. Anyways, it has a 20 page lbp disclosure attached to it that says it has lbp in alot of places and needs to be taken care of. It provides a quote of 13k which is just ridiculous. Its an older building and all old properties have lbp, it is pealing in some places but my rehab contractor says he can remove the chips, encapsulate it and then paint it. He says it actually better to not to try to remove it all. My first concern is safety of tenants so I will make sure its taken care of. The report also says that hud or somebody will do a post sale inspection? What do I need to do to legally take care of this. My rehab contractor is not lbp certified as far as I know, This is my first hud purchase, I do have other proerties with lbp and there is no pealing and I have painted over it and have no problems.

Does anybody receive rent checks, business mail to a po box and have it forwarded to there house to keep it anonymous? I talked to usps and they can do it but cant guarantee ontime delivery and if a business mails you something they will not forward it to you?

Anybody have any experience doing this?

good question Greg, I am interested in hearing some answers as well. It seems like there is two schools of thought, building equity vs. maximizing cash flow. I think most would agree that equity isnt going to make you alot of $ sitting there but if you put it to work in the form of a down pmt on additional properties that produce positive cash flow then it is much more useful.

How easy is it to get a heloc on an investment property?

I want to start out by saying that is a great forum. Anyways, I have 3 properties now that have good cash flow (I do have mortgages on all of them) and I want to continue to build my portfolio but the only way to do that is through financing. I have some cash but not enough to acquire properties as quickly as I prefer. My question is for those of you that have 10,15, 20 or 50, etc.. properties. How did you build that many? At some point you have to start paying cash I would imagine. I know building a strong and established rental property portfolio takes time and patience but I am interested in hearing how people were able to acquire that many properties?

Thanks!