All Forum Posts by: Adriel Cisneros
Adriel Cisneros has started 16 posts and replied 47 times.
Post: Quitclaim deed in Arlington Heights IL 60005

- Investor
- Miami
- Posts 48
- Votes 13
Thank you @Chris Seveney
Simply anonymity.
My bigger concern was not being able to refinance from an FHA into a conventional loan in the very near future IF the deed is now recorded under the new LLC.
Appreciate the thoughtful responses.
Post: Quitclaim deed in Arlington Heights IL 60005

- Investor
- Miami
- Posts 48
- Votes 13
Quote from @Randy Rodenhouse:
I don't think you need an attorney to find out if there's a due on sale clause in your mortgage since almost all mortgages have the due on sale clause especially if originated by a major lender/bank. You said deed of trust and would be surprised to see Deed of Trust in IL. With respect to the registered agent, I would just use a company like Incorp for the registered agent since only cost around $100 a year.
So does this mean I won't be able to transfer the property to the IL LLC?
Post: Quitclaim deed in Arlington Heights IL 60005

- Investor
- Miami
- Posts 48
- Votes 13
Hey folks!
I (grantor) own a single unit rental property in Arlington Heights with the intent to quitclaim the deed to my IL LLC (grantee).
Here is my ask:
I need an attorney to both review the due on sale clause on the Deed of Trust and serve as the registered agent for the IL LLC.
Post: Chicago 2023 Residential Lease PDF

- Investor
- Miami
- Posts 48
- Votes 13
@Nathan Gesner great observation and thanks for the helpful tip.
Post: Will an unpaid collection and / or closed account count towards DTI ?

- Investor
- Miami
- Posts 48
- Votes 13
Quote from @Allan Smith:
Dti relies on any debts you make payments on or should be making payments. They will go by what you provide in disclosures, and then run credit checks and if there are debts you didn't disclose they will add them in.
Great response. "Should" being the underlying word.
Post: Will an unpaid collection and / or closed account count towards DTI ?

- Investor
- Miami
- Posts 48
- Votes 13
Adding clarity --
JV partner (i.e GC) brings expertise and cash to the deal but with a problematic FICO score.
Bizarre scenario where AMEX account appears to be C/O but not yet assigned to a collection agency.
Will reach out to lender for additional input.
Post: Will an unpaid collection and / or closed account count towards DTI ?

- Investor
- Miami
- Posts 48
- Votes 13
BP Family —
How will a lender evaluate a FICO 8 score with numerous closed accounts?
Is DTI only impacted by open revolving and non revolving accounts?
Alternative approach may rest with seller financing.
AC
Post: Do the proceeds from a 1031 exchange include new fees from GP?

- Investor
- Miami
- Posts 48
- Votes 13
Quote from @Adriel Cisneros:
Hello BiggerPockets --
Should the net proceeds from a 1031 exchange reflect the fees already debited by the GP during the original holding period (i.e. acquisition, management, disposition, etc.) ?
And might it be possible for an LP to leverage a 1031 exchange for a separate syndication where he now acts as the GP?
Just to add clarity, the LP would exit the original Syndication while deferring capital gain taxes and launch his own PE fund.
Is it possible?
Post: Do the proceeds from a 1031 exchange include new fees from GP?

- Investor
- Miami
- Posts 48
- Votes 13
Hello BiggerPockets --
Should the net proceeds from a 1031 exchange reflect the fees already debited by the GP during the original holding period (i.e. acquisition, management, disposition, etc.) ?
And might it be possible for an LP to leverage a 1031 exchange for a separate syndication where he now acts as the GP?
Post: Are institutional like returns possible with smaller assets?

- Investor
- Miami
- Posts 48
- Votes 13
@John Warren You are absolutely correct. A JV is the ideal structure with less overhead expenses. And the acquisition and management fees quite literally won't keep the lights on.
Any recommendation for DSCR lenders or what is the ideal loan product for a sub 1 MM acquisition?