All Forum Posts by: Account Closed
Account Closed has started 11 posts and replied 220 times.
Post: Mastermind Group for Flippers
- Investor
- LOUISVILLE, Ky
- Posts 299
- Votes 137
Following as well.
We've done 5 this year so far and feel like we're making everything up as we go.
Post: PACKAGE SALE OF 9 RENTALS!
- Investor
- LOUISVILLE, Ky
- Posts 299
- Votes 137
I am interested in this if it is still available.
Post: 12 UNIT APT BUILDING
- Investor
- LOUISVILLE, Ky
- Posts 299
- Votes 137
@Warren Romig
Interested.
Please send details.
Post: MASTERMIND GROUPS
- Investor
- LOUISVILLE, Ky
- Posts 299
- Votes 137
Still with the same group.
We lost one member, who wasn't really focusing like she should've.
We've been together for a year, and we're all starting to see ENORMOUS success; way more than had we tackled it on our own.
We use Zoom. $10/month.
The time commitment is not huge if your a participant. I imagine the commitment is greater if you're hosting.
Having said that, I come prepared to the meeting with things I've accomplished during the week, and ready to discuss the following week. The time to do this is somewhat minimal.
If you're running out of time during the week, stop the TV altogether. Believe me when I tell you, you're not getting any value from it, outside of entertainment.
Time is what we all share equally. Be objective about where you.spend your time.
Post: Jeffersonville IN
- Investor
- LOUISVILLE, Ky
- Posts 299
- Votes 137
I invest in both Jeffersonville and New Albany.
Post: Anyone have experience using 401k to fund their LLC?
- Investor
- LOUISVILLE, Ky
- Posts 299
- Votes 137
Yes.
I took a loan out at 3.5%, made the loan to my LLC, and paid it back after I flipped the house I bought and rehabbed.
Easy-peasy.
Post: First time buyer/wannabe investor
- Investor
- LOUISVILLE, Ky
- Posts 299
- Votes 137
47130, 47111 and 47129 is good as well
Post: Financing a deal as an LLC
- Investor
- LOUISVILLE, Ky
- Posts 299
- Votes 137
Originally posted by @Nuhan Demirkan:
You can put the LLC on the mortgage along with a personal guarantee. The banks aren't going to lend to an LLC let alone a young one. You may be able to get some headway if you collateralize the loan by using your other properties. Besides the protection of an LLC is mostly from your tenants and other outside people. Having the loan in both names (LLC and personal) and the property deeded to an LLC should give you the protection you need.
I am currently transferring my personal portfolio to an LLC. I figure if the loan is current and performing as agreed the banks should not call it. If they do, I will take out commercial loans thru a portfolio lender and pay of the existing mortgages.
Good luck!
This is exactly how I did it, for all of my investment properties, including my flips.
Have a discussion with your lender.
Indicate that you want to put the property into an LLC. Tell him or her why.
Indicate that you will open the mortgage in your name, and still be personally responsible.
The lender I use is a "smaller" lender (hometown-ish). FYI.
Post: New Member in Louisville
- Investor
- LOUISVILLE, Ky
- Posts 299
- Votes 137
This week (on Saturday, October 15), I am hosting a networking event geared towards real estate investors (new and veterans alike).
I host it every month.
https://www.biggerpockets.com/forums/521/topics/36...
Next Thursday (the 20th), KREIA is hosting a free event in St. Matthews (@Jay Leisten mentioned above). It is regarding "Crowdfunding, Partnering, & Private Financing RE Investments". (It is a very good event to go to simply from a networking standpoint).
KREIA also has a sub-chapter for Indiana that hosts a networking meeting on the 2nd Wednesday of every month (that is tomorrow, Wednesday October 12) (as of this writing)). This networking event is always held at Tuckers restaurant on State Street in New Albany, IN (about five minutes across the river).
(No link for this one. They usually put up the link (and send out text and email alerts) the day prior (today, actually).
Feel free to reach out directly if you have any specific questions. You can reach me here or via any of my contact info. I have a massive amount of recommendations for educational resources (depending on what your goals are).
Post: Has anybody here ever borrowed money from Phil P. Ackers?
- Investor
- LOUISVILLE, Ky
- Posts 299
- Votes 137
I think he's a potential scammer.
He is NOT forthcoming with information (specifically references so I can vet him).
He doesn't answer my questions; just throws out information on his lending practices (probably a copy and paste job).
I appreciate the response. I won't be using him. There are a lot of other lenders out there.