All Forum Posts by: Ahmed Iqbal

Originally posted by @Shiloh Lundahl:

@Ahmed Iqbal What would the property appraise for?

Shiloh, the property should appraise for $140k.  

@Alex Ritter - who are you using for PM? We are using T'Vinci Properties.  

Ahmed

I would love to join you guys virtually or send over one of my partners who is based in Winston Salem. Currently we have one SFH in that area.

Hi All:

I am an out of town investor for Greensboro, NC.  Any suggestions for a lender in that area that I can have refinance an investment property. The property is rented currently and does not have any loan.

Thanks,

Ahmed

I had seen the loan application yesterday but I am seeing this today 

Notice: Lapse in Appropriations
SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding.

@Karen Higgins@Carlos Cristiani - I have been an RE investor/bookkeeper for a number of years and primarily use QB but dove head first into Appfolio as my business partner is subscribing it to build his property management business as well as to maintain our common and his personal portfolio.  I would be happy to discuss my take and very curious to hear the questions that Karen has.  I live in the Southern Metro but work in Hopkins.  So let me know if you guys want to get into a zoom call or get some coffee and nerd out property management accounting.

I have been using Quicken . Before itnused to be called Rental Property Manager and in the new version, it mught be Premier. I am migrating over to Quickbooks just as a personal challenge to master it. Nancy Neville who posts here as a great starter package which helped me under stand how to use Class, Job, Customer and Invoice on automating the process.

I am referring to transferring the title of the property to LLC. Andrew's posting was very helpful to see the exact verbiage regarding the "Due on Sale" clause. The question, I am trying to resolve is moving the property (albeit an investment property) from one owner to a multi-member LLC as it opens up the ownership to multiple people who were not part of the original loan package.

Thank you @Andrew Postell .  

Hi All:

My sincere apologies if this topic has been answered before. I did search and could not find the exact answer. My scenario is this I am exploring a new market and putting together a 3 member partnership. The out of state lender, I am working with, told me that if I obtain a conventional loan then transfer the property to multi-member LLC at a later point, that might violate the ownership stipulation that was made at the time of the loan origination. Their point is that having someone else besides a spouse in the LLC opens legal questions. One posting that I saw is that as long as the loan originator is the majority owner, it should be fine, but in our case partnership, splitting three ways, that would hardly be the case. Also, the partner, who is the boot on the ground, will be managing partner for us. I am seeking to draw on your experience, on any additional thoughts. The state that we are exploring is Iowa.

Ahmed