All Forum Posts by: Account Closed
Account Closed has started 8 posts and replied 32 times.
Post: Is Using unsecured lines of credit right for me?
- Sicklerville, NJ
- Posts 39
- Votes 6
Hey Everyone,
Recently we have run into the dilemma of not having the down payment needed to work with hard money on our deals. As a solution, we have spoken with a company that applies for multiple credit cards for a business (using my own credit profile to get approved) for us. The company charges 9% for their services of getting us the funds which they expect to get us approved for 50k. The credit cards would have a 0% APR in the first 12-18 months depending on each lender, after that I am anticipating average credit card rates. Has anyone ever dealt with this kind of company? Could this strategy help me scale my company and also not tie up my personal credit? Or is there some loophole I am missing with this offer? Thanks!
Post: My Very First Flip Just Went Live on MLS
- Sicklerville, NJ
- Posts 39
- Votes 6
Nice work Craig!
Post: Starting a Wholesale Campaign - What do you wish you knew?
- Sicklerville, NJ
- Posts 39
- Votes 6
Hey Michael,
We manage a few properties in the SJ area and are looking to for deals also! add us to your buyers list and lets connect!
Post: Financing in Real Estate
- Sicklerville, NJ
- Posts 39
- Votes 6
Sending Request now!
@Account Closed Let's connect, Run some numbers by me and maybe there is something that we can do.
Post: Forming an LLC from the ground up
- Sicklerville, NJ
- Posts 39
- Votes 6
Thank you for the insight! We are going to look into that. Appreciate all the help!
@Account Closed
Most people form their own LLCs. Sometimes a lawyer is needed if you're doing something complicated.
You might want to consult with an accountant so that you have the right setup for tax purposes.
Post: Forming an LLC from the ground up
- Sicklerville, NJ
- Posts 39
- Votes 6
Hey Jeffrey, yes we are just looking to legally form our property management company at the moment. Pooling clinet money and using company funds to do our own deals is the second phase. Would you suggest using an attorney or using our operating agreement and filing ourselves?
I would recommend that you collectively spend some more time on the business plan
1) If you are creating only a property management company then it makes sense to have some formality around it.
2) If the long term goal is to use the same vehicle for JV deals then it might not be optimal given you will have varying equity splits based on the deals.
3) If you are taking client money and a management fee then you are talking about a much different need.
For context I have my LLC for property management (an a broker).
I use deal specific entities for direct investments once we agree on equity splits with partners.
I hard money lend with the intent of opening a private fund in the next year which will require a more traditional hedge fund setup.
Always happy to chat and note I am not an attorney this is just my experience.
Post: Forming an LLC from the ground up
- Sicklerville, NJ
- Posts 39
- Votes 6
Thanks for your reply, we are looking to go a different direction with lawyers since we are in a new area. Basically starting fresh and building relationships in the area. Do you suggest filing ourselves if we already have our legal operating agreement in place?
@Account Closed
Brokerage offices usually operate under an LLC. Does your partner have access to a lawyer?
NJ is one of the cheapest states to form an LLC in. I think it's like $125 for a filing fee. $50 annually to submit required annual statements. $125 minimum annually for taxes, even without activity.
Post: Financing in Real Estate
- Sicklerville, NJ
- Posts 39
- Votes 6
Hey guys!
Been running across a lot of great deals recently in my are but haven't been able to secure the property because of financing. What are some the best hard money lending or private investors who are buying in my area?
Post: Contractors in the Sicklerville Area?
- Sicklerville, NJ
- Posts 39
- Votes 6
Hey guys,
We have a new client in Sicklerville and want to make sure we have access to some good contractors in the area. We are looking for painters, electricians, flooring, cabinets, etc! the work to be done is going to be in a few rental properties in the area. Has anyone had some good experiences with any contractors from the area? Any suggestions would be greatly appreciated!
Post: Forming an LLC from the ground up
- Sicklerville, NJ
- Posts 39
- Votes 6
Originally posted by @Christopher Phillips:
@Account Closed
Are you guys licensed brokers?
Yes, of our partners is a licensed real estate broker.