All Forum Posts by: Matthew McNeil

Why would you put your dropshipping biz into the same LLC as your properties? You wrote that you want to make sure I include that as well in my LLC. I'm curious what your reason is for that? There's a lot of information regarding LLCs and what purpose they serve. You might want to do a little research first before you talk to your CPA because you'll soon realize its not a CPA question. It's a question for your lawyer.

They're smart and they know what they're doing.  Just make sure they have a degree in accounting and ask them to send you their transcripts. Don't pay by the hour. Pay by the job, or by the month conditioned on what you need done each month.  

Read the book Long-Distance Real Estate Investing by David Greene.

https://www.amazon.com/dp/B078...

I guess that pretty much pokes holes in the "buy local" motto! Take your business elsewhere. Those are ridiculous terms for a SFH.

@Brett Sayers Hire a Filipino Virtual Assistant bookkeeper on Fiverr or Upwork who understands QB. You won't regret it. Repeat; hire a VA. They know what they're doing.

Ping @Dave Foster. 

I’ve a recasted a few times and it works for me. However, a recast play is not an across the board strategy for everyone. There are things to consider, primary of which is your long-term goals. You also have to understand that many seasoned investors will consider a recast as buying your cashflow. Granted, that can send us down an entirely new rabbit trail and I don’t want to hijack your post. The baseline figure is that you lower your payments by about $50 per $10,000 paid on a recast. So, what’s the point of a $5000 recast? Makes no sense to me. Furthermore, why not pivot that money to another investment or asset? To come full circle, as I wrote above, I have done it a few times and I consider is a tool in my belt to use when I want. But it’s not necessarily the first tool I reach for. As @Bill F. wrote, Just because you can do something doesn't mean you should. 

"...enough to fill two books on this site."   It's a big site. 
Put all those examples together and self-published on Amazon.
Every person whom you get their attention with your insight (as well as all those following later) will be indebted to you.
Time to pull the trigger Joe :)

@Joe Villeneuve
Still waiting to Joe to write a book........
With examples :)

I don't inform my lender of my intent either before or after. I've QC'd my properties many times over the years and I've never had a problem, nor did the lender ever ask me about it. The reason is that I apply for conventional loans backed by Fannie Mae because Fannie Mae recognizes the legitimacy of a QC between the mortgage holders and the LLC so long as the LLC is controlled by the borrowers;

If the property was owned prior to closing by a limited liability corporation (LLC) that is majority-owned or controlled by the borrower(s), the time it was held by the LLC may be counted towards meeting the borrower’s six-month ownership requirement. (In order to close the refinance transaction, ownership must be transferred out of the LLC and into the name of the individual borrower(s). See for additional details.)

I believe Freddie Mac follows suit.