Better To Buy Personal Or In A LLC ?

Comments(16)

• 
  vfrtodd9th October, 2005

  Thanks for your reply. My next stop is another sit down with my accountant and my lawyer. Vfrtodd

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  Money4RE10th October, 2005

  Why stated?

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  cree8rking10th October, 2005

  Well I assume that since I have no record of income from the LLC that stated would be the only option available to me.

• 
  Money4RE10th October, 2005

  Do you have any income other than the LLC?
  
  Or are you recently self-employed, i.e. is your income from a recently formed LLC that you own?
  
  If you are recently self-employed stated will not help since before a lender will use the income you state, there must typically be a two year history of self-employment.

• 
  d_random15th August, 2005

  I would suggest joining a local real estate investing club or landlord association to find a mentor. Rich Dad books are good for motivation but not much else, he never doles out any point-by-point methods in his books. More info below:
  
  http://tim.2wgroup.com/blog/archives/000210.html
  http://www.johntreed.com/Kiyosaki.html

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  yodaddybrandon17th August, 2005

  So being an apprentice to some of the options you have listed i think would be a good place to start, but with school and work(UPS) i hope that they would take me on the weekends. Also , i have talked with a couple real estate agents and they seem to blow me off as a beginning investor because they dont think i am serious, is there any way that i could weed out the bad ones with a type of screening or do i just have to wait until i find one willing to work with me or just get older? same goes for lawyers and sellers. it is hard to build a rap sheet if no one will give you the chance.

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  yodaddybrandon17th August, 2005

  I also appreciate the suggestion about Kiyosaki, i too have had those thoughts about him thinking that it was all fiction. I will be investing in john reed now.

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  d_random17th August, 2005

  I have heard the suggestion also to other poeple just getting started to birddog for other investors. Might be a good way to learn the ropes. But in the meantime keep reading this board and more REI books.

• 
  HardMoneyLoans25th August, 2005

  Brandon,
  <br />
  <br />Your age is not the biggest issue.
  <br />
  <br />If you can dedicate some time then you can find a mentor or someone to bird dog for.
  <br />
  <br />Remind me where your home town is relative to the rest of the state. I do some business with folks there and will be visiting in about a month. I might be able to connect you with some local folks or at least find you someone who know the local clubs and markets.
  <br />
  <br />
  
  _________________
  John Corey[ Edited by JohnLocke on Date 08/25/2005 ]

• 
  yodaddybrandon28th August, 2005

  My home town is in raleigh NC i do go back on weekends to meet with my partner and check the differences in greensboro and raleigh to help build location data. Any help i can get would be greatly appreciated.
  
  
  Thanks Brandon

• 
  yodaddybrandon26th September, 2005

  thank you to all

• 
  Scott1224th September, 2005

  You have the money you make the rules. Good luck
  
  He who has the goal rules..

• 
  domainn28th September, 2005

  what state do you lend in??

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  slyws616th October, 2005

  Just be careful about the usury laws, check what they are in your state. Basically you can only charge so much in intersest etc.
  
  -Sly

• 
  tinman175517th October, 2005

  Alot of states will not allow you to go into section 32. If they allow high cost loans, they require certain paperwork disclosed a couple days in advance of the closing. You should check your state policy for this matter. I know people who charged over the limit and had to pay the customers back. This was an honest mistake but they still had to give back the money. I live in PA and we are a consumer friendly state.
  
  Laurie
  [addsig]

• 
  Eric519th October, 2005

  Ive seen the original one before he came out the with the second and it looked professionally done.