All Forum Posts by: Josh C.

@Marcos Urvina

So you need an architect for that? In Mmy area that would just be a simple drawing often hand drawn by the contractor or home owner? Maybe confirm with the city what you need.

@Michael King

Well sounds like the car was personal since you weren’t writing off it’s expenses previously. Now you are using “business” money to pay for “Personal” expenses. Sounds like a lawyer can explain if you’ve pierced the corporate vail or not, but sounds like it. Also, removing one monthly debt by adding another monthly interest payment debt sounds very circular in logic. I like Dave Ramsey cash for everything except mortgages personally. Plus if you business buys a vehicle you can write off the whole thing first year.

But lines of credit to aid in down payment is nice of cash flow is there. Nice work.

Not a CPA but if he is 70 and has no income since in jail I can’t imagine super big tax bills and just withdrawing it. I’m assuming it’s not a substantial amount. Worth checking the math and see what the irs would actually get them you’d have unrestricted cash.

Also, sorry to hear and that’s a tough life pill to swallow.

@Max Kibler

Not sure loan officers are going to create a proforma for a person who they don’t know and has no chance of closing. As mentioned above. Help the seller find a great broker and offer some value and put your hat in hand and maybe you’ll get a couple of bucks and learn something. If you jerk around some old guy on a 9MM deal the kids or estate attorney may end up suing you. They clearly have money and this wouldn’t be like jerking around broke home owners wholesaling their stuff with limited recourse.

@Tab Teehee

Surely the op means keep $250 on hand at any given time so if that drops they bump it back up to $250. And not $250 per month. This is common so the PM company doesn’t float a broken toilet and new thermostats etc. However, that would be it. $250 per property on hand or don’t deposit the profits til the end of the month and have no reserve. I’m a property manager and what you’ve described is insane. They wouldn’t give you your money? They are building reserves? We always given 100% of the remaining balance after fees, utilities, maintenance, etc to the investor around the 25th on the month. Every month. We hold no reserves. And we don’t pay mortgages. Sounds highly usually your situation. At least in Indianapolis that how all the PM companies work. You need to think more like that attorney JD Wetworth. “It’s your money. Use it when you need it.”

I can’t speak to this specific situation, but they aren’t a scam. I know they have completed several rehabs for several of our property management clients. One in particular loves them and uses them often. When they rehab it we’ll go in and rent and manage them. Budgets and timelines do have a way of shifting in bigger construction jobs and no one is perfect, but they aren’t a scam or anything like Morris Invest/oceanpointe. Which I also have experience with managing after that 💩 show came to town.

@John W.

Lots of options for both personal conventional loans and commercial loans to LLCs. However, if you are looking for a business LOC that is not collateral based to pay for down payment that's very tall order. If you are self employed or have weird taxes shoot me a PM. If you are "normal" tons on banks like rental properties for standard 20% down. Should make 5 phone calls and have 4-5 yeses. Good luck Indy is great.

@Mark Tabah

As others said haven’t heard bad things about them, but 2 months is a very long time. Give me a shout. You need to list it ASAP with the weather changing.

@Alan Grobmeier

Opportunity costs are real and are realized right now. 10 years is a very very very long time. Not sure how much capital you tied up, but I’d rather loss the money and make more on the next one. I’m in the middle of that now myself.

@Will C.

Yes!! Those threads always come up. Link them here good call!

But doing your own thing is the way to go. Learn to build decks or lay tile. Tons and tons of work for somewhat skilled people who are at least 90% sober.

Good luck!