All Forum Posts by: Bobby Valcin

Well, after careful consideration, I've decided to go with refinancing in my personal name instead of the LLC. I just couldn't stomach how high the interest rate would be if I kept it in the LLC. I will probably end up getting some kind of umbrella policy at some point to be better protected. Maybe after the next property. I've seen people mention in the forums that there is a way to still put the property in an LLC without the issue with the due on sale clause by forming a trust of some kind. I may explore that too at some point.

All in all, though, I've learned a lot through this experience. Thank you all for comments, encouragement, and advise.

@Daniel Hennek thank you for the link. I’ve reached out to a few people from the website and I’m waiting to hear back from a couple of them. This is definitely a learning experience for me. Thanks again.

@Daniel Henne thanks for chiming in. When I was looking for a lender for my own personal home that is exactly what I did. I have no problem doing the same for this loan, however, I’m running into some issues.

I’ve searched some BP contacts in the the section allocated for that, I’ve called multiple credit unions, and some small banks and it seems I’m getting a lot of run around, transfers to different people and referrals. I’m not even exactly sure what I should be looking for specifically.

When I say I need a commercial loan I’m told it needs to be five units to be commercial or that I’m too small of a potato to work with.

Maybe you can me get more defined with what I should be looking for. Based on what your saying should I be looking for a Commercial Broker, or is it more specific than that? I want to keep the property in the LLC that it was purchased in.

@Andrew Zannotti thanks for the encouragement. I have begun the process of calling around to different small banks and credit unions. We’ll see what happens...

@Andrew Zannotti thanks for the advise. I will be doing that. Unfortunately, I haven't had much responsive from the local REI, but I may give it another shot.

@Tim Johnson mid 5’s to very low 6’s is what I was anticipating, however, I haven’t seen those numbers as of yet. Where are you seeing that if you don’t mind me asking? Also, is that for properties purchased through an entity?

I purchased the property through an LLC. I'm not interested in trying that process I see people talk about on BP where I would close in my personal name, and deed it back to the LLC. The due on sale clause is not something I'm interested in messing with. I do like the idea of reaching out to small local banks and credits unit though. Thanks for the suggestion.

Sept 22nd is the 6-month mark, however, I wouldn't be refinancing prior that date anyway if it would affect any of the numbers. It's less than a month away so I can wait at this point if I need to.

I have a property in Florida where I have a tenant moving in this coming Friday. The property was purchased through an LLC. I reached to the hard money lender that I used to purchase the property (Lima One) and was a bit disappointed with the interest rates on a 30 year fixed refi. With a 700+ credit score, the interest rates are 7.25% at 75% LTV and 7.8% at 80% LTV (I'm looking to do 80%).

I'm not exactly an expert in this area, however, the interest rates seem rather high. My next step was going to be to basically call a bunch of the hard money lenders on the BP list to try to find better rates, but before I go through that lengthy process I thought it would make sense to see if anyone on BP could point me to a lender or two that might be more competitive on refi's out of hard money loans. I rather tap into someone else's good experience than call a bunch of random lenders.

@Jeremy Gunn thank you. I will do just that. Unfortunately, I don’t live locally, so hopefully I can do a lot of the leg work online.