All Forum Posts by: Justin Putt

I always use a mortgage broker that I can trust to handle my financing. Local banks can usually be good, but it seems that they have different parameters for their loans. I am not in the mortgage business so hopefully someone like Scott or Ben can chime in here.

In the past few months I have bought 4 rental properties. Two were 4 units, 1 duplex, and 1 SFR. Potential income was listed on the application for financing but was never used in consideration for the loan. Income and credit did matter. Not sure why you are having problems or why you need to show rental income unless you are going with a local bank.

Where are you buying at?

I really like John's idea of simply selling the lead. I have no experience with short sales and indeed agree with Mike and will take it a step further to say dealing with banks can be a Pain In the A**.

I want to learn the best way of doing it because I like the idea of getting really good deals on properties and either rehabbing them or just assigning the deal over to someone else, which really is not hard to do if the numbers make sense.

I did end up going with Go Daddy. Thanks for all your input. Any suggestions for hosting now? I have not made my website yet so in no big hurry now that I have my domain registered.

I have a domain name that I am wanting to register. I was going to just register it under godaddy.com but wanted to see if there would be any problems down the road with registering my name on this site. I have heard people have had transfer problems before with godaddy.com

I never understand why people buy rentals for equity purposes if there is no cash flow or very limited. I just bought a 4 unit at 53 cents on the dollar with about 40k in equity and will cash flow $400-$500 a month after ALL expenses are taken out, plus this property was just completely renovated with brand new appliances and brand new furnaces in each unit.

The equity is great, but for me, would mean nothing if it did not have cash flow. If you are looking to make it in this business, taking a monthly loss will kill your business.

For one I want to be known as a company and not just an investor or wholesaler, but also for tax and income reasons use the LLC as a pass through. Another reason I want to start now is because it takes time to start establishing business credit and qualify for business loans.

Yes the LLC will give me some sort of protection as I am doing rehabs but plan on buying insurance as well in case something does go wrong that I am sued.

So at this point I think my reasons are to keep my business and personal separate, use the LLC as a pass through, liability protection, and also to be known as a company for professional reasons.

I am forming a LLC because I am starting to do a lot of business and this will primarily be my business for rehabbing and wholesaling. My rentals will either be under separate LLCs or under some sort of liability insurance program.
I am also looking to start advertising and yes print business cards. I do not see anything but good to form a LLC now, its defintely not going to hurt anything.

Any recommondations for where to form my LLC?

Anyone have a recommondation for a good place to form a LLC online? I have been looking at mynewcompany.com They seem to be reasonably priced.

Do you currently have an all in one printer now? If so which model?