All Forum Posts by: Cliff T.

@Katie L. @Alpesh Parmar - thank you for the responses!

One question re: purchasing with partners. We are planning on using a HELOC to finance to the fix-and-flip deals and the HELOC is currently under my fiancee's name (since she owns that property). Is there any way to avoid having to add her as a partner to the LLC and use still the HELOC funds to purchase? Perhaps have her draw from the HELOC and then fund into the LLC as a loan?

If it's easiest to just add her as a partner to the LLC I will go down that route, but I was hoping to avoid additional paperwork down the road as I primarily handle all of our real estate business affairs (e.g. as an LLC partner, would she need to sign for every purchase? would she need to be present when I open the bank account?, etc.)

Hi all,

I know there have been dozens of posts re: LLCs but I'm having a hard time nailing down specifics. I understand I should consult an attorney and CPA for the nitty gritty, but can someone please walk me through the basic steps of what I need to do to form an LLC? Here are some questions that I have:

1. I'm based in CA but will be working on fix-and-flip deals in PA. Do I need to form the LLC in CA or PA?

2. How does purchasing property under the LLC name work? The cash that I'm using for purchases is currently in my personal bank account - do I need to transfer the cash to the LLC first? Or can I purchase with the funds in my personal account and then transfer the property into the LLC?

3. Everyone mentions opening a separate business checking account. Is this as simple as going to the bank (once I have the LLC formed) and opening an account under the LLC's name?

Thanks in advance! I'm hoping this thread helps others in the future as these answers aren't readily available in the forums.

Hey Josh, where did you end up purchasing? How did it work out for you?

Bumping this back up. How is the Germantown market working out for y'all?

Hey Max how did this project work out for you? Any updates?

What was the final outcome on this deal?

Are folks trying to take legal action at this point? Seems like banding together to move forward with a lawsuit is warranted given how many people of this thread have had terrible, seemingly fraudulent experiences with ABC Capital. 

Bumping this back up. Anyone have any experience with these turnkey providers? In particular, I'm interested in learning more about Storybook Realty.

Bumping this back up. Anyone have any experience with these turnkey providers? In particular, I'm interested in learning more about Storybook Realty.

Thanks for sharing @Chuck Kramer. I'm planning on using LendingOne for my upcoming financing, once I hit the 6 months seasoning mark. Seems like folks have generally had a good experience with them.