All Forum Posts by: Daniel Kong

Hello! So I recently formed an LLC, and am planning to do some banking with my business. I live in Hawaii but my LLC is out of state. Its pretty sad, but here in Hawaii we dont have any national banks with local branches here. So I'm planning to use online banking for my LLC. I saw some suggestions like: Azlo, or SmallBusinessBank. I'm looking for ease of use, and no minimum balances or monthly fees. Just wondering if anyone here had a good experience or suggestion. Thanks guys!

Thank you, everyone, this is has been very helpful! 

And thanks so much @Andrew Postell for helping me walk through the process. Your experience and insight have been invaluable!

@Christopher Beasley If you are a buyer, having a realtor doesn't cost you anything - the seller will typically pay any realtor fees. 

As far as cost, there are fees associated with your Lender (maybe 1k-5k), the title company which handles the close (500-2k) and then any property taxes, insurance or things you have pay for the upcoming year ahead of time (500-2k). Those are all real rough estimates, but just to give you a general idea. 

Hello, so I'm currently lending to another investor using my LLC. I have a mortgage and note on the property in question. If I wanted to update the principal balance and terms of the note, is that something I could just add to the existing documents as an amendment? Would there be any negative impact?

Scenario:

The mortgage is for 100k with a 10-year term. I would like to change the mortgage and note to be 90k with a 3-year term. Are there any tax implications to the borrower? Would he need to claim the 10k spread as forgiveness on his taxes?

Thank you guys in advance!

@Virginia Jones I like the idea of cashing out your brokerage account to pay off your line. Paying off the line is a guaranteed 6.5% return on your 30k (since you wont be paying it anymore) versus a possible 5-7 in the stock market which could even go down while you are looking for your next deal. Just my opinion.

Thanks everyone! And awesome @Duc Ong That is super helpful. I will probably go that route. Like being able to walk into my bank to resolve any issues. 

Great! Thank you for the quick responses guys! Love this forum!

Hello. So I live in Hawaii, but recently purchased a rental property in Indiana. I plan to transfer the property into my Indiana LLC. My question is, should I open my business bank account in Indiana, or can I register my Indiana LLC here in Hawaii and just open a business bank account here in Hawaii. Just wondering if there is any upsides or downsides to doing it either way. Thanks in advance!

Hello. I've been doing some reading and came across this article saying that I need to register as a Landlord once I purchase propery in Indianapolis. Is this true? Have you guys registered with the city? Here is the article in question:

https://www.threaltyinc.com/blog/how-to-register-your-indianapolis-rental-property

LOL @Mindy Jensen . I'm sure you do!