All Forum Posts by: Nathan Justus

@Mike S.

Hey Mike, when I went to get the EIN on the IRS website I think it was $180 ish roughly.  I will go to the bank and figure out what is needed. 

Thanks for the great perspective. 

@Greg Scott

Thanks for the feedback Greg. I'm definitely learning on the fly here and understand what you're saying. I've been going off of basic ideas I've been reading about and understand an umbrella policy is critical as a first step in protecting assets. 

As for the loans, there are Fannie Mae products which have language describing moving title to the name of the LLC after the cash out refi unlike Freddie MAC.

I appreciate the feedback

I'm hoping to get clear guidance here on what I need and don't need to do. 

I'm working backwards here as I already bought two properties under the LLC name. Very much shoot, ready, aim.

I haven't got any guidance on the legal items I need for setting up a business bank account etc.

What I have:

1. LLC setup via the state website. (Washington)

2. EIN issued from the IRS (Don't know if I needed this given its just me on the LLC and its a pass-through-entity)

3. Operating agreement which I created on a website (Title company needed this in order to close) 

What do I need or not need to set up a business bank account in the LLC. (Need this so I can sign a property management contract and fill out I9 etc)

Questions: 

1. Do I need a UBI (actually get a business license? Seems like it if I look at the bank checklist of items needed for the account)

2. Did I even need the EIN for the LLC (This cost $, wondering if I flushed that money)

Or should I just consult an attorney and start over. like Corporatedirect.com

Confused. I have no idea what I'm doing. Please help

Hey Stephanie, 

I closed on a my first SFR in OK (I'm in Seattle). I purchased with cash did the rehab and looking to start the cash out part of this. I've never done a commercial/portfolio and can't tell if I'm getting a good deal. I have one quote and its seems really high given the cost of the property.

Looking for advice or alternatives or just a sanity check. 

Thanks

Further breakdown with updated April numbers. Is 7K to close on on 76K seems high to me. With that said I had not done a commercial loan before. 

Morning BP, 

I just closed on my first SFR in Oklahoma (I live in Washington). I bought cash and completed the remodel and will have a tenant placed soon. I need to start the cash out refi process and want to make sure I'm doing the best I can thus I am posting here.

I purchased in LLC name. (So commercial loan)

Purchase price 78K (Cash)

Rehab 5960

Expected ARV 102K +-

Expected rent 1150-1250 (TBD)

I realize this isn't the best deal out there but I was more concerned with getting started to learn the basics of this BRRRR stuff. :)

I’m being offered the below. Fees seem high to me. I need to call around and looking for opinion and or guidance here. 

So you’re telling me there’s a chance. :) Seriously though, great share. Inspiration is always needed. I like that you also mentioned your long term goal to start a non profit by creating a self-sustainable community for those with special needs. Your “why” is evolving. Congrats and thanks for sharing.