All Forum Posts by: Alexis Zion

Hey gang,

I would like to run a scenario past you

Here is the deal: I own a 4 unit building on which I owe $75,000. I believe it is worth about $180,000--maybe more, maybe less. I am trying to decide whether or not to

1. Apply for a commercial line of credit or
2. Refinance the property

I would like the cash to make down payments for other buildings. Here is what I’m pondering:

1. With the commercial line of credit
   • The interest rate is variable over the 3 year term
   • The interest rate would be 4.75% (prime + 1.5)
   • The rate could go up when interest rates start to rise
   • It would cost me about $1500.00 to do it

• I don't have to take it out of the LLC because its commercial
• It is with the bank that did with the original mortgage
• It would not show up on our personal credit report (unless there is a problem)
• With the refinance
  • It would cost me about $3000.00 to do it
  • I would have to quitclaim it out of the LLC for a time (2-4 weeks while the county files it) and then back into the LLC (another 2-4 weeks)
  • We would get 70% LTV...possibly 65%
  • My monthly payment would go up

• The interest rate is fixed
• My rate would be 3.000% (15 year term)
• Its with a new bank that has no problem being second

I am not sure what would make the most sense. I would like you opinions.

Thanks!

Something new I learned: PenFed credit union will issue lines of credit on investment properties. The property must be in your name, however, and not that of an LLC or other business.

Steve I have done this search before

With the 

National Association Of Residential Property Managers (NARPM) 

and I have never been able to find anyone in this area.  That is not any easy search for whatever reason

Do you have any suggestions?

Dawn in another post you said you were going to send another member a name in a private message.  I would be interested in who you know that could service us?

Does any one have any experience with , Milwaukee Metro Management...IF so how are they?

IF you don't do you know of any good property management services?

Thanks

Hello

A friend of mine is looking for a great property manager for his property in Kenosha Wisconsin (Wi) Does anyone know of a good manager who can deal with problem tenants and fill a building with quality tenants 

Please share some details of your experience if you are able to

Hello

A friend of mine is looking for a great property manager for his property in Kenosha Wisconsin (Wi)  Does anyone know of a good manager who can deal with problem tenants and fill a building with quality tenants 

has anyone heard of the book Tax Free Wealth by Tom wheelwright?

Hi Folks

What are some of the best Books on Taxes and Tax planning?

Hi Folks

What are some of the best Books on Taxes and Tax planning?

Hi All

I have a simple accounting question

I had to buy a $30,000 Furnace for one of my building, in March 2014

I am making payments on the unit for about $2000.00 a month

Do I record the $2000.00 payments on my books as a debit?  for each payment made?

Thus they would count against my profit and loss statement?  

Thanks in advance for your help