All Forum Posts by: Joseph Hummel

Who has resources for HOA financing of large projects? What do terms typically look like and how is qualifying determined?

@Matt Moylan

Agreed- they say it’s once in 500 yr event… but it’s happened twice in 10 yrs.

Allstate said the insurance commissioners department is what sets those regulations. Seems convoluted and possibly even discriminatory toward those that would rent.

Hate to throw that word around but it just doesn’t make sense - something that effects everyone equally should be offered equally.

@John Wang

Y’all look like geniuses now if you did get coverage. My property and thousands of others had sewer backup flooding recently in Detroit- estimates to repair so far are about $12k (furnace, water heater, washer/dryer)

Allstate said same thing- it’s available on primary residences and not offered on landlord policies.

What options are there then? It seems to make no sense that a property sewer backup isn’t covered because of who is dwelling in the home, seems like some sort of insurance discrimination there. I guess time to look into that class action.

Thank you Alan - I think I typed that wrong but your answer was actually what I was looking for... strangely it was a lender in Grand Rapids that told me about it 

@Joseph Hummel

Ok thanks y’all.

So nobody can share how to transfer a property from LLC to yourself? I had a mortgage lender tell me it was possible only if I put in in the Llc right after I purchased it…

@Chris Mason

We’re the terms favorable? I’m gonna check around- any lenders out there weigh in?

Maybe a Heloc would be better

I'm just about done with my first BRRRR

I purchased it with HELOC attached to another property so there was never a mortgage on the property.

To get a mortgage on it so I can access the equity what are my options? 

I've heard you can essentially sell it to yourself to access 100% if you use an LLC (if the LLC owned it), but I think I would have had to place it into the LLC awhile ago which I did not, correct?

Thanks

@Maciej G.

Maybe someone with a local jurisdiction could chime in but at far as international building code goes- there is a heat minimum for a home - but like I said some local areas could have their own laws regarding this.

What I would check is your lease - did they move in with any expectation that a/c would be provided or included?

And of course they are just upset- a civil suit would cost them so much more- but maybe you could pay them to leave and get someone into the newly outfitted unit and avoid the headache.

@Josh Walker

Seems like a white elephant. That’s a huge house by any standard anywhere on earth.

@Katie Greenman

Would you like me to lend you $100 to buy that broken ps5 so you can fix it and resell it on ebay? If so I want you pay me back the original $100 plus 8% due in 90 days. Instead of monthly payments I can roll the interest into the final payment and no payments are due for 90 days, that should give you enough time to fix it and sell it. Since I don’t know you that well I’m going to need $2 up front. Deal?