All Forum Posts by: Cameron C.

All, Thanks, already told my loan officer that it is not my primary residence and was able to get terms to bring down the term by only adding $100 to my payment, hence another refi benefit that’s not a cash out. This all reinforced my suspicion and I thank you all for the insight. Very helpful.

Haha Matt K. Hopefully grad school works out for you bud. To the rest of you, thanks, this is helpful. All in all, I knew this sounded extremely fishy which is why I wanted the additional insight. I was more or less wondering if they simply wouldn’t let me refinance an investment in short and secondly if I had a responsibility to the lender to disclose my relocation in the first place.

BP,

I have a situation I want to run by you to A) see if I'm doing anything wrong and B) understand if I should've taken action earlier...

January 2017 - I purchased a home in Pittsburgh with a 5% conventional loan as my primary residence

November 2017 - I relocated to Philadelphia to start a new career and had three friends (4BR house) sign a lease that would take me until the next full rental cycle.

I recently inquired about refinancing the loan and I was asked "Is this your primary residence"?  Obviously, it is not.  However, because I only have 3 individuals on the lease I'm wondering if it makes an incredible difference to pass a little white lie in this situation, as I would also like to use this income to qualify for a better refi.

I'm just confused as to why the lender would care about this during a refi?  It is clear that I didn't do anything wrong last year when purchasing, however, on the refi it would be a little bit of a lie to maintain the stance that I still live in the home.

Lastly, I'm curious if I had an obligation to the lender to inform them of my move in November?

Any help would be greatly appreciated!

Cam

BP,

I recently moved away from Pittsburgh and have now changed my old primary residence into a rental property in the Southside. My question is fairly simple, what is the easiest, most cost effective way to transfer title from my personal name to an LLC? Can I sell the property to the LLC for $1 to avoid paying an enormous amount of money in transfer taxes, closing costs etc?

Looking for someone that has experience in this arena to help me navigate a solution for this transfer.  Thanks!

-Cam

BP,

I think I have a pretty straight forward question - do I need a "rental license" or anything of the sort to play landlord in Pittsburgh?

I recently relocated to another city and turned my primary residence in the South Side into a rental that I have been managing from afar for about 4 months now.

Any insight would be greatly appreciated!

Happy Holidays,

Cam

Hey BP, BACKGROUND: I currently live in the South Side of Pittsburgh, PA. Recently acquired my first SF rental (house hack) that cash flows $900/month via a 3% conventional with a pretty substantial loan balance. I had to get this loan in my personal name even after I approached many lenders trying to personally guarantee one under an LLC. THE ASK: I'm looking to now tackle a fix and flip or acquire a property to execute the BRRR strategy but I would like to do this under an LLC as I begin to establish a larger portfolio. Does anyone know of any good local lenders, credit unions, regional banks that may have less restrictive underwriting requirements that would entertain such a conversation now that I have 1 profitable asset under my belt and a pretty good W2 salary to personally guarantee it? I found this so painstaking in the past so I'd like to start with some legitimate players in the area. ALTERNATIVE: If you have good local private lenders that you've had success with I'd love to contact them as well but I was trying to avoid expensive loan products in the 10-12% range. Thanks, Cam

Hey Guys, Sorry for the delay in response - the short answer is, this never materialized to be an issue. I had several additional conversations with this same broker from Quicken and once I was more clear, asked to see documentation, etc there was no problem. He did ask a few "feeler questions" about my intent early in the application process and the misunderstanding between the two of us was most likely my fault, as I believe I gave him some indication that I may move out within a month or two. I closed on the property on 01/31/17 and have been happily "house hacking" every since. Last thought, a lot of good insight in this thread and I would take your time, ask the proper questions and be clear with your intentions. Also, I've been very pleased with Cozy.co for my automated payments from my tenants. Cam

Hey BP,

Looking for recommendations for an experienced contractor (windows and doors) in the Pittsburgh area that could install a new fiberglass entry door at my rental property in the Southside.  I am not looking for the lowest bid but rather a good job done right the first time.  If you have any recommendations of individuals that could get this completed in the 1-2 week timeframe please let me know.

Cam

Hey BP,

I'm looking for somewhere (preferably in the Pittsburgh area) that is willing to take on new clients in order to help me with my taxes before next month's deadline.  I would argue that my current tax situation is not all that difficult (W2 from my 8-5, 1099 from my Realtor commissions, and recently just purchased a house, which I am collecting rental income on).  More importantly, I am looking to develop a relationship with a professional that understands tax strategies as it relates to investing in real estate part time so that I have built a firm foundation to execute on my 3-5 year plan.  If you are in this profession (virtual is also fine) and believe you have some bandwidth to take on new clients please reach out to me directly.  I am fairly knowledgable on the issue myself and do not think this will take an incredible amount of heavy lifting, however, an expert in this area is one that will be important to me moving forward.

Cam

Thank you, all.  The one on the top of my list right now is Cozy.co.  Also, looking into TurboTenant as I type this.