Specialist · Louisville, KY · Member since 2017 · 166 posts · 154 votes
7y
@Thomas Bender There is a potential that it could trigger a “due on sale clause” if the ownership is transferred...even if just from you as the individual to an LLC.
Real Estate Professional · West Palm Beach, FL · Member since 2012 · 23k+ posts · 13k+ votes
7y
It’s easy, for 1-4 unit properties if you’re buying in your personal name as opposed to an entity. If an entity, pretty much forget it unless you can find a small local credit union maybe.
Bethlehem, PA · Member since 2015 · 3 posts · 1 vote
7y
@Claudia Starr. I am not sure if anyone has tried this, but you may be able to purchase as a named individual and then transfer the asset to your LLC. I have a property that I bought previously to my LLC and with a bit of paperwork I am transfering it to my new LLC.
Rental Property Investor · Member since 2018 · 20 posts · 5 votes
7y
Thank you ! The banks around here won’t lend for investment properties on a 30yrs fix .. even on a personal name . I will start looking deeper . Thank you very much for your response
Specialist · Louisville, KY · Member since 2017 · 166 posts · 154 votes
7y
@Thomas Bender There is a potential that it could trigger a “due on sale clause” if the ownership is transferred...even if just from you as the individual to an LLC.
@Thomas Bender There is a potential that it could trigger a “due on sale clause” if the ownership is transferred...even if just from you as the individual to an LLC.
Flipper/Rehabber · Queens, NY · Member since 2018 · 43 posts · 8 votes
7y
@Claudia Starr
I am in the process of closing my second investment property and did a 30 year fixed loan. I used quicken loans as it is a single family house. It is also under my personal name . Might have to keep searching as was said before. Good luck !
Rental Property Investor · Panama City Beach, FL · Member since 2017 · 12 posts · 4 votes
7y
The due on sale clause is a real thing, but from everyone I've talked to, I have yet to find anyone who has actually heard of banks calling the loan. That being said - it is always possible.
Try talking to your insurance agent and closing attorney prior to closing and ask if you can set up a deed transfer at closing to transfer over to your LLC.
Las Vegas, NV · Member since 2018 · 49 posts · 40 votes
7y
@Claudia Starr
Call Wells or Chase or another big bank. I got 10 with Wells Fargo. They are all on personal but you can drop them into LLC after you close.
Rental Property Investor · Portland OR · Member since 2018 · 2k+ posts · 3k+ votes
7y
Are you talking about buying SFH up to 4 units (Conventional Mortgage) or multifamily of 5+? If 5+ then you are looking at commercial loans and they generally dont do 30 Amortization. However, if you are looking for a commercial loan of over 1 million then FreddiMac has a product that has a 30 yr Amortization.
But conventional mortgages for sure should do a 30 yr amortization.
Real Estate Agent · Las Vegas, NV · Member since 2018 · 17 posts · 9 votes
7y
@Claudia Starr I sell real estate and people buy investment properties all the time with 30 year fixed loans. The downside is because they are an investment and therefore higher risk, they usually require 20% down and interest rates are typically about 1% higher than home owner occupant loans. My clients have done most through mortgage companies too as I've found the bigger banks tend to mess up my deals. Good luck!
Rental Property Investor · Los Angeles, CA · Member since 2018 · 74 posts · 33 votes
7y
@Claudia Starr you might want to look into finding a mortgage broker / direct lender. They work with numerous banks in your area so they can shop around for the best loan terms for you. The brokers I've connected with have also been very knowledgeable with loans for investments which has been very helpful. The benefits you get from having this person help you get the best loan deal possible far outweighs their fee (which some even waive since the bank also pays them a finders fee).
Investor · Houston, TX · Member since 2013 · 41 posts · 16 votes
7y
@Claudia Starr try looking online, I've use AIM Loan and they have great fees compared to most Banks and also used Academy Mortgage for my last property. Both companies we're easy to work with and we got closed quickly although they are very tight on making sure your personal credit and ratios are inline, if there's any doubt there go with a mortgage broker or a company offering bridge loans till you can get qualified. Hope this helps