All Forum Posts by: Dan Barli

@Josias Vivancos sounds good! Keep us posted what he says

@Pablo Espin why don't you do a local search here on BP for commercial loan officers? That would be a great place to start. Maybe try going to a local REIA meeting and connect with some lenders. They can point you in the right direction

@Dallas Easter keep asking different lenders. Maybe something will pop up with less down.

@Vincent Ciccarelli cool. Definitely connect with some commercial lenders

@Marky Suazo I live in NJ also. If I can ask, why are you limits yourself to 2-4 hour drive? Also my suggestion if you're gonna do a BRRR strategy is to make sure your end refinance is locked in before pulling the trigger. Otherwise you can end up stuck in a bad loan

@Vincent Ciccarelli it depends on how you are going to acquire the properties. Will you be buying with cash or with a mortgage? If you’re getting a mortgage and want to close title in an llc, you’ll need to get commercial financing lined up first.

@Marcele Johnson that’s good. Is it a duplex? I would recommend you line up an attorney to make sure you’re protected. Sounds like you’re on a good track

@Pablo Espin if you want to buy property in an entity such as your llc, you will need to get commercial financing on it. FHA won't allow you to buy in an llc. You technically can't transfer a property that you have personal financing on to an llc without triggering the due on sale clause. Your best and safest bet is to connect with some commercial lenders and buy it from the outset in your llc.

@Kiki Levin have you consulted with a local real estate attorney on this? Depending on your state and laws, it may be worth your while to do so. You can have the seller’s attorney hold a deed in escrow in event of default. Or the seller can foreclose in the event of default. Do NOT let the seller hold a deed

@Marcele Johnson is this home you’re buying for you to live in? Is the realtor you are using your agent, or the sellers agent? Who is helping you finding tenants? Or does the property already have tenants in place? If so, are those tenants staying? Are you utilizing a real estate attorney to represent your interests in this transaction?