All Forum Posts by: Matt Turbitt

start the llc now, the protection concept is nice but more importantly you want to start building the credit rating of the llc if you are certain you want to do more RE transactions in the future. Set up a bank account in the llc name at your bank and just start depositing the rent into there. Open accounts in the llc name when possible so you have credit references.

Search around on here as their are about 10000 posts, blogs, and podcasts on llcs with lots of useful info and how to's.

what is he going to charge you for what he has done so far? What Sq ft is the house?  Personally I'd go with the refinishing but you could always just float the laminate or vinyl over top and save the wood for a future 'just incase'.

$3500 on a refinance is robbery, especially on an 80k loan. My last one was $650. Look around more, theirs no need to refinancing where the loan currently is held if that's who quoted you.

Edit this is not for a house you've purchased in the last 12 months that you are trying to cash out based on the ARV after a flip right?

Here only water stays with the property, gas and electric stay with who set up the account. So when someone new goes to set up service at that house now (new tenant or yourself) they just have to prove they are not the old tenant and it becomes a whole new account and your good to go. The electric company will then take it to collections and that person will never be able to rent again when someone sees on their report they owe 1500 in utilities.

Normally when you buy a house the packet will include the rough guidelines but the most exact way is to find the pins which normally require a metal detector. Call a fence company and see if they have someone they recommend. Some cities will do it for you so you can try that route as well. It should be $250 or less, make sure you tell them what your needing from it as a land survey can have a million different parts and each adds time and money.

Normally that just means for the credit check. If they ask for $35 pay it. If they ask for $200 explain to them the precise location where they can shove it.

I'd imagine the issue you'd run into without a witness like a neighbor to say it's happened before is that theirs no evidence that it happened while they owned it. Someone could argue it could be any one of a million reasons, root,semi clogged drain, change in water table due to retention pond river lake near by, Crack in foundation, etc

 Yes, it's taxed as normal income not self employed income like the flippers profit is taxed. It's also done 1 way if it's under $1500 in interest income and a different way if it's over $1500 not a big deal but just so you know when your taxes are done.

your Realtor should be playing middle man at this point but also I'd call sage and talk to them about it. It's normally hard to get the letter of commitment without the property and doing actual underwriting. I'd assume they either will take that form later or they are looking for you to actually be fully pre-approved.(credit pull and all)

check out podcast 23 as well as there was one in the past few months from a military pilot that had some good va info.