All Forum Posts by: Chris Sukala

Thanks finally found that and forgot to delete post last night. Thank you 

How doing you share a report, from one of the Biggerpockets calculator's to a bigger pockets colleague so they can edit if need be. I must be missing a button, I can download and share Via email.

@Account Closed, thank you. I found that too, just a minute or so ago. Just want to make sure. Even though he’s paid until August.  landlord never gave him notice before hand so technically he can stay for another 28 days without paying rent. Only type on notice he received was a text message saying I want you out

How long does a person have before they have to vacate if the landlord does not want him to stay. Friend lives in Wisconsin and his landlord said he does not have to give him any notice. He’s paid up through end of August. Landlord just told him 2 days ago he’s has to be out by the first.

@Ned Carey everyone has different reasons on why the want or need to get max money out. My current situation I am with you I do not need the full amount out. We purchased ,at sheriff sale, for 63k have about 2500 into it and hopefully will appraise for somewhere 110 to 125. Being it’s a duplex I want one unit to pay for everything. Again the reason I brought this thread was, we got lucky with hardly put anything into it. So it I have use this type of scenario I could have had my money in and out quicker then move on to the next. The Bank would be happy they now have a loan on it and I have my money available for the next one Now I have to sit and wait for 6 months with money tied up. I don’t have a big private lender so what I have maybe small in comparison to others, however our goals are common, financial freedom. If way is legal why not use it.

@Andrew Postell I read your thread and this seems pretty close to what my fellow local investor does. Hopefully I will get more info at a future meetup.

@JD Martin what if the LLC has a savings account and the money is deposited in there. Then when you want to do a transaction you transfer money from LLC savings to LLC CHECKING. Cut yourself a check, create a note. I Understand what your saying about they money could be drug money”. However a person could sit on “Dirty” money before they went to do a refi. Bank only asked for 3 months of statements. I just heard of this situation working and wanted to know if anyone has done this. What avenues they used, etc. Just running things past the group forums and appreciate all inputs.

@Ned Carey If you buy property at auction cash, you cannot refi until after 6 months to get 75-80% appraisal out correct?

If your cash you bought the property for was loaned to you by your LLC and shows that you show a mortgage, would this not constitute as a faster turn around.

@Chris Mason so your saying if all I want to do is pay back my private money, I should be able to go into the banks at anytime? 

We got lucky and bought duplex at auction. Lower unit is where owner lived. She completely remodeled it,all we had to do is paint and clean up. Upper unit, lady has been there for 20+ years and she is happy with the outdated look. All I did up there was fix some water leaks and she’s good. So I have little rehab into it and want to payback Private money quicker but from my understanding I have to wait the 6 months. 

Mau Pan we recently did this in Illinois. Unfortunately we had the previous owner supposedly occupying it. We purchased it on March 6 then went in front of judge, he gave her 30 days to vacate We received deed on April 26th but could not enter until the May 27th. Yours maybe different, due to the fact it’s vacant. Good Luck Chris

JD Martin Ned Carey Mike McCarthy , sorry if vague, so investor in a meet ups has his LLC loan him the money and write up a mortgage that is notarized, I do believe. Once he finishes his rehab he then proceeds to a bank or credit union ,in his case, and asks for a refi. At his closing his loans from LLC to himself is recorded. He gets his appraisal and refi’s with 75%-80% of appraisal. This could be weeks or just within a couple months. Sorry I am not really familiar with this. He goes so fast explaining it. I’ll try and get more info on it. Maybe he just writes up a quick contract from his LLC to himself.