All Forum Posts by: Adam Wright

So, I was in the process of rolling on of my properties into an LLC for liability reasons, and ran into a bit of a hiccup. I have a parent LLC that my wife and I each have 50% ownership of, and then a child LLC that the parent LLC owns fully. When trying to transfer the property into the child LLC, the bank was unable to proceed with the title transfer because I "don't own a majority of the LLC". Is this a common reason for denial and, since I now seem to be stuck, is there any recourse or options on where to go from here? I was thinking of rewriting or altering our parent LLC agreement to have my wife allot me some of her shares so I have a majority stake, but wanted to get thoughts on whether this is the best route or is there's other avenues I haven't thought of? Thanks for the help!

Hello! I've talked to several banks, and they won't cash out refinance a duplex I had bought in my name and have owned for 5 years because I don't have a W2 job due to being fired. The property cash flows and was appraised last month at $400k. I am in a financial pickle without being able to refinance. All the numbers are below for reference, but I don't know how to take out the equity I've accrued. Any help or insight would be amazing! Or, if you are open to having a discussion about refinancing, I'd be happy to do that as well. Thanks so much!

Outstanding Principal - $200,257.52

Monthly Payment - $1,672.81 ($139.26 is PMI)

Interest Rate - 3.25%

Rent Collected - $2,200 ($1,100 per side)

Hello,

I'm looking to purchase my next rental property and have run into a snag with financing. My Debt To Income ratio is currently around 50%, which prevents me from taking out a conventional loan. I have the cash on hand to cover closing costs of the properties I'm looking at, but just can not get the financing part approved. I've already been turned down by several lenders. Anyone have suggestions for what to do next or where to look for financing a cash flow positive investment?

Thanks ahead of time!

Hello,

I'm looking to purchase my next rental property and have run into a snag with financing.  My Debt To Income ratio is currently around 50%, which prevents me from taking out a conventional loan.  I have the cash on hand to cover closing costs of the properties I'm looking at, but just can not get the financing part approved.  I've already been turned down by several lenders.  Anyone have suggestions for what to do next or where to look for financing a cash flow positive investment?

Thanks ahead of time!