All Forum Posts by: James Vermillion

That makes sense...thanks

I am just curious, what is the huge importance of not having your name attached?

And as far as speeding up the rehab, I have only had to do it one time. I basically went to the specific contractor and told him that I really needed the work done by a specific date. He pushed back a little bit, but when I offered him another $150 he was more than happy. I am usually not willing to try to get them to speed up too much, as I am always afraid it will to cutting corners on the work. At the end of the day your reputation will make or break you.

Like Will I typically use the draw method. I find this keeps everyone happy. I can pay for the work has been done and I approve of, and my contractor gets paid as he completes the work. This has worked so far, although there have been a few situations when I have paid the full amount at the end of the job. I have been lucky to not have had any major issues with any of the contractors I have workd with.

David,

At some point you may want to limit your personal liability. Right now, you will not really be able to do that with or without a business entity, because you will likely have to personally guarantee the loan. However, if you start your business entity now and get a few deals under your belt with a local/regional bank, they will likely not require your personal guarantee in the future, thus somewhat limiting your liability.

I do not know what your goals and business plans are, nor am I an attorney or CPA, but if you plan on being in the real estate business long term, you will likely want to perform your business under a business name/entity.

David,

If investing is something you plan on pursuing over the long haul, I would recommend setting up a business entity, as it will help you in the long run. For now you can personally guarantee the loan, but once you establish a good relationship with the bank and a history of on time payments, they will not continue to require the guarantee.

The reason I say this is I am betting down the road you are going to want a business entity set up, so why not go ahead and to the work and start developing it now?

Ann,

I believe Peter Lynch said "invest in what you know" or something similar.

Sorry Josh, that was a bad joke :D

And who is Aurthur?

At first I find these posts to be comical and entertaining, but then I think about how people have and will continue to fall for such incredible scams.

Anthony, why don't you just continue to grow you business and find good deals? You have spent way too much time researching scams.