All Forum Posts by: Lonnie Hammond

@Robert Hudson Thank you for your input.  Based on your response, it seems the only thing a virtual office or UPS box would offer me is a bit of privacy.  Correct?

Thx @Joe Funari and @Fred Heller would you happen to know if either option would actually assist mein establishing credit for my business/ improve my DUNS score or is that far fetched?

During a recent conversation with a friend, I was told that I could increase my DUNS score and/or business credit by obtaining a Google Voice number and a Virtual Office. According to my friend as long as my company and I shared a telephone number and address, it would be difficult to establish credit for my company (apart from my own) without separating the two. While researching virtual offices and reading other (Biggerpocket) post, I begin to compare virtual office services to UPS business mailbox services. My research caused me to wonder if I could still achieve the separation of personal and business credit using cheaper UPS services compared to more expensive virtual office services. Essentially, I am more concerned with building my business credit/DUNS score and gradually eliminating the need to have my personal credit ran or effected whenever funds are needed to grow or enhance my business. As much as I like the idea and privacy of having a “business” address, I only intend to move forward with either option if there is a good chance the company could benefit significantly from it.

Can anyone confirm or deny my friend’s input or speak with experience?

@Katherine Robbins Thank you for your response Katherine.  If you would be so kind to share that contract with me, I would be more than grateful.  As an early investor I have not been able to secure a proper attorney in the field, yet hope to do so in the near future.

@Nathan Smith Thank you so much for posing this question

@Katherine Robbins I am preparing to enter into a deal exactly as you described with my HVAC contractor who also has plumbing experience and has worked for me on other flips in the past. Would you happen to have a contract template or advice on how to have one developed to ensure I protect my interest and cover all bases?

@Christian Wathne Do you all have a contract/formal agreement or simply a gentleman’s trust?

@John Casmon Would you happen to have a template of how you wrote up your agreements which included penalties and bonuses?

Thanks Brian I will keep that in mind

Thanks Brent.  Before I commit to surrendering all of my investing capital, I will certainly re-evaluate the comps to ensure the equity is/will be there.

Regards,

I recently learned of a situation where the bank denied an offer the owner(s) received on their short-sale home and they are nowfacing foreclosure. Although, I have the income and credit to obtain a mortgage for the property, I would prefer to preserve my credit to leverage for two flipping opportunities I foresee in the near future. Ideally, I would like to take personal ownership of the home (via seller financing or some other creative means besides conventional/FHA) for a few years before reselling. Without much experience in wholesaling, short-sales, or foreclosures, I was hoping someone might be able to suggest a few options for me to acquire the property before it goes into foreclosure and/or the bank puts it on market for me to compete with others investors, etc.

Thanks Nathan for the words of advice. In regards to your final statement, I am a few months away from converting my basement into a legal dwelling for me to move in while I rent out upstairs to cover more than 80% of my mortgage.

I have recently considered refinancing out of my FHA down to a 15 year fixed which would equate to what I currently pay for my 30 year FHA along with my home improvement loan. Contrary, I remember reading in an investment book that it may be better to go with a 30 year fixed which would result in a few extra dollar today for investing although I would lose nearly as much at the end of 30 years.

Danny – I really liked your suggestion and I would seriously consider it if I did not make so much money in the IT industry. Likewise, I know I may have to make a(/some) sacrifice(s) to achieve my endeavors so I might be able to pursue your method after relocating to my basement.

Hello all! I have had an account/profile with Bigger Pockets for a while, yet I never took the time to completely setup my profile or simply seek the "How to Get Started on BiggerPockets.com" guide.

Basically, I have always wanted to be involved with renting, flipping, DIYs, and nearly every avenue of real state investing, but I never had the money, resources, or guidance to do so. I have read a few books and consider myself relatively handy, I just don't know where to start. I recently had an epiphany after reading a BiggerPockets article about karma that led me to believe I might be able to get started out as someones' "BirdDog," protege, or grunt assistance. Ultimately, I just want to get my feet wet doing almost anything as I can not afford/bare standing on the sidelines any longer.