does anyone know what the current interest only rates for a 5 year arm are? in the atlanta, GA area please. Anyone know of good lenders for 800 + FICO scores.
I want to go LLC and buy property, so hopefully I can spend some company money and not kill myself with
taxes/liability. How much can you expect to spend to go LLC? what is a "Quit claim deed"?
Shawn
Quote:
On 2005-01-30 22:32, designman20 wrote:
what i did is buy the property under my name then 1 month after closing i did a "QUIT CLAIM DEED " to the LLC.
If you run the numbers with a spread sheet assuming that you have reasonable appreciation, you will be far better off (in terms of net worth) if you are leveraged more. The caveat is that you must be able to hang on to the properties. You might also look at material that explains the "time value of money". This will make you more comfortable with paying "all of that interest".
Also, it is unlikely that you will hang onto a property for 30 years without refinancing to purchase more properties, etc. You might also consider exchanges to get into bigger (or more) properties. Another suggestion is to make a long term investment plan. I wrote a TCI article on doing this with a spreadsheet. This will give you some vision as to where you might be along your investment journey.[ Edited by edmeyer on Date 02/21/2005 ]
I have a HELOC on a condo I own (investment prop)...its through Pentagon Fed Credit Union. The rate is Prime + .5% (add 1% for over 90% LTV)
what i did is buy the property under my name then 1 month after closing i did a "QUIT CLAIM DEED " to the LLC.
hope this works
rc
I want to go LLC and buy property, so hopefully I can spend some company money and not kill myself with
taxes/liability. How much can you expect to spend to go LLC? what is a "Quit claim deed"?
Shawn
Quote:
On 2005-01-30 22:32, designman20 wrote:
what i did is buy the property under my name then 1 month after closing i did a "QUIT CLAIM DEED " to the LLC.
hope this works
rc
I am very interested in doing this very same thing. Has anyone responded to you?
SInce I am new to this, I need to talk to someone about taxes, etc. :-?
If you run the numbers with a spread sheet assuming that you have reasonable appreciation, you will be far better off (in terms of net worth) if you are leveraged more. The caveat is that you must be able to hang on to the properties. You might also look at material that explains the "time value of money". This will make you more comfortable with paying "all of that interest".
Also, it is unlikely that you will hang onto a property for 30 years without refinancing to purchase more properties, etc. You might also consider exchanges to get into bigger (or more) properties. Another suggestion is to make a long term investment plan. I wrote a TCI article on doing this with a spreadsheet. This will give you some vision as to where you might be along your investment journey.[ Edited by edmeyer on Date 02/21/2005 ]