All Forum Posts by: Johnoson Crutchfield

@Zach Riggs Id to chat with you some time. PM me as it looks like we’re going down very similar roads.

@Amy Aziz pm me as well. I want to hear about this.

@Chad Day I’ve done one with these exact numbers if you want to chat through it one day PM me.

Depends on the lender Matthew. You'll have to ask the lender. If you're personally guaranteeing it, the lender can decide to report. I use small community banks that loan to my LLC and haven't ever had one show up on my personal credit report.

Loaded question @Greg Gaudet.  It totally depends on your local development code.  Good bet Is to contact city hall and find out what you need permits to do.  In my markets, I need to pull permits anytime I'm changing the structure of the home I'm working on and my contracts have to pull electrical, plumbing, and HVAC permits for every project where I change them out.    

@Davido Davido thank you!

@Marcus Lynch just seeing this. The average purchase price is 38k. Average rehab is 15k. Average ARV is 70k

@Johnoson Crutchfield

Thanks everyone for the replies. It seems this post when a different direction that intended. Specifically, I want to make sure that I remain bankable and wanted to know if there is a way to know before filing a return if I will remain bankable? My bankers definitely don’t think it’s illegal to not report all expenses because it sounds to me like they want me to limit expenses and deductions to make sure income is high enough to qualify. Any ideas on how to find out what the threshold is?

I don’t see a clear answer to this on the forums.  I keep having bankers say “be careful with reporting losses on your taxes because it could make you unbankable.”  What does this mean?  How do you make sure that you don’t make yourself unbankable especially if you have a ton of write offs.

Rory, why is your score low?  And do you have some money to invest?  It may be better to use the money you want to invest to fix your credit.  Send me a PM if you want to chat through some ideas.