All Forum Posts by: Josh P.

Thanks Brian, 

What I was thinking is that I would take her leads and then find the houses again through other channels, never mentioning her name or company to any bank or owner. 

I would like to have a conversation with the owners of some of these properties before they go back to the bank if at all possible, but I'm not sure how I would go about that without disclosing how I found out they were in distress. 

She actually found me another lead today and it would appear to meet most of my criteria, but I certainly don't want her to get into trouble or run afoul of any regs. 

Thanks Jeremy. 

She will be able to enter the house to take pictures soon.  

My question:

Is this a good connection to have made?   

Is she legally able to share photos and her opinion on the condition of the property before the foreclosure auction? 

She travels 300 miles a day taking photos of foreclosures and pre-foreclosures. 

What would be the best way to leverage this relationship? 

We are in Texas. 

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Hi there,

I have a triplex, one unit of which is my primary residence. I'm buying a fourplex now and need to know whether I should have the triplex on a homeowners insurance policy and the flour plex on a landlords policy or have them both on one?

J: At some point, I'd like to be able to buy properties without a personal guarantee. Not that I'm planning to mismanage my business or to even attempt a flip until if and when I feel confident, but you never know what life is going to throw at you. That's the whole point of having an entity anway isn't it? To shield what you've built personally from the kinds of variables a business is subject to.

I do plan to build business credit by starting small as suggested here on BP with a Home Depot credit card that doesn't require a PG here, a bank loan secured by funds there.

I just want to keep my books as straight as possible, and I don't feel like I should have to start over with establishing business credit when I do form an S Corp. Any thoughts on that?

I've read that its best to flip houses through an S-corp since money made from flips counts as ordinary income.

Problem is, the only business entity I have is the LLC used to hold my buy and hold properties.

This is mainly because I haven't flipped a single house, and don't intend to until I've added a few more layers to my education.

If I start establishing business credit in the name of the LLC I'm using to hold my buy and hold properties, how will that help with my possible future flipping business?

Should I form an s corp and begin building business credit now even though I have not and may never flip any houses?

What entity should I use to establish business credit if I wish to use it both for my buy and hold business and an eventual flipping business, or should I establish separate business credit profiles for each entity?

Sorry for the length of this post. Any genius insights are appreciated.

...hence the question about the DBA....

I've looked into it a little more and I like the strategy of setting up a management LLC to take rents and and operation LLC for each property (or properties if they don't have much equity)

I know this is kindve dumb but I'm having trouble visualizing who the tenant will make the check out to when I move my properties into LLCs

I have a name in mind that I would like to use for branding of my corporate rentals. If I have a few properties in each LLC, can I have the same DBA so that all my tenants put the same name on their rent checks?