All Forum Posts by: Erick Figueroa
Erick Figueroa has started 1 posts and replied 4 times.
Post: Recommend Real Estate Lawyer in Houston, TX
- Investor
- Houston, TX
- Posts 5
- Votes 1
Can anyone recommend a real estate lawyer in the Houston, TX area? One particularly good at restructuring an LLC.
Post: What are your MOST CREATIVE WAYS of getting BANK FINANCING?
- Investor
- Houston, TX
- Posts 5
- Votes 1
@Shiloh Lundahl, thanks for the great response. This is a really good thread and great topic.
Post: What are your MOST CREATIVE WAYS of getting BANK FINANCING?
- Investor
- Houston, TX
- Posts 5
- Votes 1
@Shiloh Lundahl, about employing wife in the business.... if she is paid for a few months with a high salary W2, she would also have to report that for tax.... so the money is being taxed twice.... if the husband is paying her from his W2 job. Or am I missing something? Intrigued, and wondering how that would work.
Originally posted by @Shiloh Lundahl:
@Derek Dombeck and @Yonah Weiss Here are a couple of new ones I just learned about:
If you have a spouse and you want the mortgage to be in your spouse’s name only (by the way, this helps keep your personal debt to income ratio down which helps get loans) and if you own a business, then employ your spouse in that business for a few months, pay them a really high salary with w2s and then have them qualify for the loan in their name with their w2 income.
Another one is, you can take one of your reserve accounts that you keep at the bank and you can create a trust account and fund it with your reserve account if the bank makes you have a large reserve account as part of the covenants for giving you a loan. Then you can have that trust payout a certain amount every month that can then be looked at as income to help qualify for a loan.
Post: Investor friendly local bank in Houston
- Investor
- Houston, TX
- Posts 5
- Votes 1
I would like to know also, preferably for the Houston area.