All Forum Posts by: Sharon Steenbergen
Sharon Steenbergen has started 6 posts and replied 53 times.
Post: Cash out refi’s bought with cash
- Posts 54
- Votes 55
Do homes bought with cash require a 6 month seasoning period to do a cash out refinance with the bank? Or does that not apply because it was bought with cash ? Does this vary by state ? Thanks!!
Post: Househacking with a VA loan
- Posts 54
- Votes 55
Yes 100%. You are allowed up to 4 units. I was told you need to wait 2 years to rent out 100%. But like the person above me said "no one checks" but i would tread lightly with that because of home owner insurance policies and liability issues. Or once you achieve 20% equity you can refinance the VA certificate out to a conventional loan then rent it out as well. Hope this helps!
Post: Columbus GA & Phenix CIty, AL investors!
- Posts 54
- Votes 55
Hi! I am an out of state investor from Boston, I will be in the Columbus, GA / Phenix City area 11/11- 11/14 to close on our second rental property in the area. Looking to connect with local investors while I'm down there!
Post: Should I sue for back rent?
- Posts 54
- Votes 55
Originally posted by @David Barnett:
@Account Closed Based on Sharon's profile, it looks like this property is in Revere. Although a lot of funding and capital has moved into Revere, it's still quite rough around the edges. Based on the purchase price and the number of units, my guess is that this property is not in a good part of Revere. It's likely a high D, low C type property. My personal opinion is I would never invest in Revere (even over by Wonderland - which is the end of the Blue Line on the T [subway system] - for those aren't local to MA).
You actually dont know anything about the area my Units are in. I bought a fully renovated 2 Unit from an investor who had to unload on it quickly. So the purchase price does not tell you anything about the property at all. Dont assume what class neighborhood it is in and ask me directly. I dont appreciate your condescending comments. Nor do I see you owning anything in MA besides a “condo”.
Originally posted by @John Thedford:
Get a Quickbooks program. Start a new company for each entity. If you use a personal card for purchases, reimburse yourself by writing a check from the company which owns the property. Make sure and keep receipts and file those within a folder for each company.
I tried quick books for a bit - it got confusing for me to use. I had borrowed money from a PML at one point and didnt know how to integrate those funds into quickbooks.
Originally posted by @Aaron K.:
@Sharon Steenbergen you've created a mess for yourself here as you have two business entities and are not keeping any of them separate from each other or yourself. You should have a credit card and bank account for each the corp, the LLC and yourself. You could get another company which owns both arms that would more easily allow the transfer of money between the two but rule number one is do not use personal credit cards for either business. About the current situation an accountant is probably going to be your best bet.
I have separate bank accounts for both businesses. My LLC has its own CC but the contractor did not accept AMEX so i paid with a personal CC. So it is all separated.
Post: When did you buy a truck?
- Posts 54
- Votes 55
When we started our business in July of 2018, we had gotten a truck by November. We needed it for rehabs and hauling appliances. I took a hit for the team and traded my Camaro for a Silverdo.... sad day. But necessary lol
Hi, I'm trying my BEST here to do my own accounting for the most part.
Currently I have an S -corp established for my fix and flips and an LLC for my long term holds.
Most of my business funds are in my S - Corp bank account.
STORY:
Just purchased a new rental (in my personal name) its pending a quick claim deed to the LLC. Anyway long story short - the rehab cost for the home were charged on my personal card. How do I properly pay off my personal card with the Funds in my S - Corp account without raising red flags. Or can OI not use those funds because I haven't put it in the business name?
Post: Should I sue for back rent?
- Posts 54
- Votes 55
:)
Post: Should I sue for back rent?
- Posts 54
- Votes 55
@Russ B. Yes of course! I intend on doing that!