All Forum Posts by: Account Closed

Thanks John Thedford! What exactly is "hard money lending"?

Hello all! So I have a family member lending me some money to get started. I'm drawing up a promissory note for it but have a couple of questions. First what are the funds called? I saw some terminology once like "hard money" something like that, just wanted to know if there was a specific term/phrase when it comes to privates funds. Also my partner and I plan on depositing it in a seperate business account, should it be an escrow? Lastly what tax implications if any will it have when the money hits the business account (LLC)? Should it be made in installments? Thanks in advance for any insight.

Hello everyone! So a close family member is willing to lend me a good sum of money to help me get my feet off the ground. My partner and I want to come up with some sort of written agreement for the terms. Just wanted to hear or see some examples of contracts you all have used in similar circumstances. Is there some sort of template? Something that outlines the deal, percentages, term of loan, payment plan proper verbiage I should use etc. Just figured someone here has to have experience with this. Thanks!

Seasons greetings! So more than likely I’m going to need to look into private lending in addition to the cash we have for some deals I’m looking at. I know there are a few lending companies out there so first I’d like to reach out the BP community for recommendations. Secondly I do have some close family that would lend me some money I was just wondering how to structure the loan, like 10% interest only payments for a year until I can refi something like that. I’d love to hear some examples. Thanks gang!

Hello all, just your friendly neighborhood newbie here. So I'm looking at an out of state duplex that is Section 8/SCCAP and has tenants secured in both units till the end of 2018. The property is in my wheelhouse and the incoming rent against the mortgage and expenses still leaves some cash flow. What do I need to know about a section 8 REI?

Hey gang! So how long do I actually have to hold/rent a property that I rehab in order to take advantage of the 1031 exchange?

Fantastic input! Thank you again! @thomasotero

Thank you for the great input, @Nicholas Aiola and @Natalie Kolodij, really appreciate it! Lol on the dogs. Based on what you know are there any issues buying rentals and holding them in the llc? You mentioned the C corp just wanted to know if I'm missing something.

Hello all,

So my partner and I have a meeting with a local CPA coming up and I wanted some insight as to any specific questions we should ask. We formed our LLC this year and are set up to do business in two different states. We are both married, have mortgages, brokerage accounts and now with the business (expenses and set up costs) going forward we thought it best to retain a CPA for the coming tax season. What are some of the things we want to ask as new investors? Any help would be appreciated.

Hi Linda, the form of credit we have is a secured credit card seeing how we just incorporated this year. We signed up for a couple of small net 30 accounts hoping to build it up for our future borrowing needs. We want to be real estate investors mainly dealing with rentals, we started the LLC thinking it would make the most sense considering we're operating out of 2 different states (we paid the fees to operate in both). The goal is enough residual income to leave our current careers and invest full time