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About shell1ton

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  • Birthday 01/08/1971

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  • Location
    Lafayette, LA
  • Interests
    Real Estate and Rock Crawling
  1. Thanks for the encouragement. I'll keep squeaking.
  2. Looking at a small loan, 100% on 80K, 6.6% for 30, full doc. Long distance deal, signed/mailed all the loan papers already. Got appraisal taken care of, title's being done, everything's good to go... Then, as it goes into underwriting, I find out the lender is saying it's an 8% rate, not the 6.6%. The NLC mortgage broker and the MiPPi loan processor both point the finger at the lender, First Magnus. The GFE, the loan app, everything I signed had 6.625% on it. Nowhere do I see where it says it was a "locked" rate, is it implied because it's on ALL the paperwork? Questions: Who does it sound like dropped the ball? Shouldn't the broker have "locked" the rate for 30 days? Is it common for lenders of this size to use the "bait and switch"? What recourse do I have in this situation? The broker has taken a list of our expenses so far and presented it to his boss, but said there's no guarantee we'll recieve compensation. The loan processor has shopped the loan around and says 7.5% is the best she can find, sorry. It's a marginal deal that would have really worked best with the first loan scenario, the others are going to make it even harder to show positive cashflow. I'd like to get out of the deal at this point, recieve compensation for money spent, and move on to something better. Any advice?
  3. Glad everyone liked that little joke. Here's another: A cowboy was herding his cows in a remote pasture when suddenly a brand new, BMW advanced out of a dust cloud towards him. The driver, a young man in a Brioni suit, Gucci shoes, Ray-Ban sunglasses and YSL tie, leans out the window and asks the cowboy, "If I tell you exactly how many cows and calves you have in your herd, will you give me a calf?" The cowboy looks at the man, obviously a yuppie, then looks at his peacefully grazing herd and calmly answers, "Sure, Why not?" The yuppie parks his car, whips out his Dell notebook computer,connects it to his Cingular RAZR V3 cell phone, and surfs to a NASA page on the Internet, where he calls up a GPS satellite navigation system to get an exact fix on his location which he then feeds to another NASA satellit e that scans the area in an ultra-high-resolution photo. The young man then opens the digital photo in Adobe Photoshop and exports it to an image processing facility in Hamburg, Germany. Within seconds, he receives an email on his Palm Pilot that the image been processed and the data stored. He then accesses a MS-SQL database through an ODBC connected Excel spreadsheet with email on his Blackberry and, after a few minutes,has a response. Finally, he prints out a full-color, 150-page report on his hi-tech, miniaturized HP LaserJet printer and finally turns to the cowboy and says, "You have exactly 1,586 cows and calves." "That 's right. Well, I guess you can take one of my calves," says the cowboy. He watches the young man select one of the animals and looks on amused as the young man stuffs it into the trunk of his car................ Then the cowboy says to the young man, "Hey, if I can tell you exactly what your business is, will you give me back my calf?" The young man thinks about it for a second and then says, "Okay, why not?" You're a Congressman for the U.S. Government", says the cowboy. "Wow! That's correct," says the yuppie, "but how did you guess that?" "No guessing required." answered the cowboy. "You showed up here even though nobody called you; you want to get paid for an answer I already knew,to a question I never asked. You tried to show me how much smarter than me you are; and you don't know a thing about cows.....this is a herd of sheep. Now give me back my dog.
  4. Go to your control panel, and click on email preferences. You can select instant notification there.
  5. Thanks, that's exactly what I was trying to remember. This is what I've done. My former employers were bought out by a competitor, and I rolled everything into a self-directed IRA, then began a new 401K with the new owners. I had only been contributing for a few years, so there is not a huge sum to pull from. I was thinking that the right real estate investment might boost it further faster than the miracle of compounding interest. (Especially the miracles I invested in, stay away from fuel cells and satellite radio ) If I choose to fund a real estate investment with this money, can it be partially funded by monies from another source? Or does it need to be wholly funded by the IRA so that the accounting is simpler to figure out?
  6. I've posted 7 questions in just one day, my first day registered at that. You guys deserve SOME sort of recompense. Hope this isn't a repost... As I was retrieving a shopping cart in Wal Mart yesterday a particularly unkempt, unattractive and mean spirited woman who actually reeked of body odor pushed me aside. Shoving past me, the woman snarled at her kids, almost knocking another older lady down, grabbed the first cart and swung it around, hitting an older man working there as one of the Wal Mart Greeters. As she pulled the cart away from the Greeter's stomach, in a kind and calming voice the Greeter, while gesturing towards the two children said to her, "Are they Twins?" Glaring at him she snapped back saying, "No you old fool, the brat's 9 and the little witch is 7, are you so blind you think they look alike?" "No replied the Greeter calmly, "I just couldn't believe you got laid twice."
  7. This might fit better in the financing section, please move it if you feel it appropriate to do so. I believe I heard that you could use money from a 401K to fund a real estate transaction, maybe they said IRA. Either way, is it possible to do this w/o incurring the early withdrawal penalties and capitol gains? If so, what is the next step after you turn it over for a profit, reinvest like a 1031?
  8. I have a couple of properties that have all of their monies processed through my LLC. Neither of them is actually in the LLC's name. I have been pretty careful to always sign LLC checks as shell1ton, agent of LLC, in order to prevent "piercing of the corporate veil", but worse come to worst, am I protected if the properties aren't in the LLC's name? Thanks.
  9. I am wondering whether or not I have to register my Louisiana LLC in Oklahoma in order to be able to put some OK properties under the LLC's name. Looking at aquiring some rentals through a lease purchase option, and I'd like to have it in my LLC's name if possible. Thanks.
  10. I would like to be able to finance properties through my LLC. I was wondering what methods we can use to help our LLC's establish a credit record? I have gotten several offers for business credit accounts, I guess that's something I should quit automatically feeding to the shredder. Anyone else got any tips or tricks they would like to share?
  11. I am not sure if this would belong here or in the legal section, I also need to address the question of whether or not an LLC can do business out of state w/o registering in that state. For now, I will stick to the financial aspect. I have an LLC that is about a year old, registered in Louisiana. I have approached my favorite local mortgage broker about financing rental properties through my LLC, and she said flat out that I will not be able to get a loan for my LLC, that I would have to base it off of my credit, income, etc. I am currently looking at a package deal of resort rentals in Oklahoma, and I am trying to aquire them in a 12 month lease/purchase option deal. So here's the question... If I am able to get the sellers to agree to put it in the name of my LLC, and run all of the operating monies through the LLLC's bank account, will this help establish a credit record for my LLC? Would it help to convince a lender to allow me to finance through my LLC at a later date? Thanks.
  12. Thanks for the quick response. As a buyer, I agree with this arrangement.
  13. Hi, first post on here, sorry it's such a simple question. I did search the titles for property and taxes but couldn't find this addressed. I just want to verify that the seller is responsible for property taxes until the lessee exercises their option to purchase. Is this typically negotiable? I guess a little background would be in order. I'm looking at a group of resort rentals, and I'm pitching a 12 month lease/option to the sellers at 5% down, and 8% payments, with 50% applied to remaining principal when I exercise the option. Trying to estimate the cashflow before I commit. Thanks.
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