All Forum Posts by: Daniel Johnson

@Olivia Di Dio we are having a meetup next week on Thursday, May 29th. Would love to have you!

Tagging some others who have attended in the past also! @Evan Kline @Alan Tripp @Guillaume R. @Brad Collins @Bradley Fulp @Holly Mills @Ken Bell @Louis Jeroslow @Sandi Northington @Justine M. @Jordan Wood

In the NC Triad and interested in meeting up with other Real Estate Investors? We are organizing a meetup on Thursday, May 29th at 7pm at East of Texas. Feel free to join, whether you are a very experienced investor, just getting started, or just curious.

Look for me, I will be wearing a Purple and Gold LSU baseball hat!

I would recommend reaching out to Jeff Bloomfield with Carolina Estate Planning or Virginia Pleasants at Michael Best & Friedrich LLP

We are restarting our monthly evening meetup at Fiddlin' Fish Brewing Company in Downtown Winston Salem on Tuesday, 02/04/25. We will meet at 7 PM and have an open conversation about investing in real estate. If you are new to the group, we are monthly regulars here now, so just ask the bartender where the real estate group is and they can point you in our direction. Look forward to connecting!

Hey Jeremiah, we have been on hiatus for a little bit, however, I think we are looking at getting it restarted soon! Will definitely blast out here on BP and our slack group when we figure out a date/time.

Hey Melissa, you should be fine to qualify for a transfer. However, you must go through the Servicer process to do this. That includes making a specific request regarding each property, getting approval of the servicer to make the transfer. The "approval" is just them confirming that you meet the Freddie standards and providing confirmation you are able to proceed with the transfer. This protects you from the mortgage being called "due on sale" when the transfer occurs. The servicer might push back, but if necessary, you can send them the Freddie Mac guidelines, and they are required to follow those guidelines. It might take some legwork, but you can get that approval.

Quote from @Melissa Title:

Does anyone know of a success story transferring a property to an LLC that is mortgaged through Chase?

Do you know if the loan is backed by either Fannie Mae or Freddie Mac? You can lookup here: https://www.knowyouroptions.co... and https://myhome.freddiemac.com/...

If doesn't really matter who the servicer is if it is a Fannie/Freddie mortgage. If it is not a Fannie/Freddie mortgage, you will be at the mercy of the servicer and their rules.

I have no experience with any of these banks. However, I have enjoyed using Baselane for managing all of my properties.

Quote from @Calvin Thomas:

Quote from @Daniel Johnson:

Not using a real back is nuts. This is a fitech company backed by a fintech private bank and a penny stock public bank. We do have a million a month in rent collection with our banks (we use two). One would have to be nuts to use a fintech bank and a public bank who's credit rating is crap when holding your (or your client's) money. Not wise at all.

Please reconsider your strategy. You're just asking for a rude correction in the way you banK

So, to clarify, I don’t manage properties for anyone other than myself. No regulatory concerns, I would hope anyone managing properties for others are complying with their state requirements. 

Thread Bank is FDIC insured, therefore, up to $250k(possibly more when using a sweep program) is fully backed by the federal gov’t. 

When other banks make is easy/seamless to open virtual accounts, create virtual debit cards, and pay a reasonable interest rate on deposits, I will consider them. However, I have zero concerns about utilizing Baselane/Thread Bank for my personal needs.

Just an FYI, Blue Ridge Bank isn’t the bank utilized by Baselane now…

 According to their website, it is Blue Ridge Bank.  Hey, it's your money. Do with it as you wish. Most wouldn't place their funds with no name penny stock fintech banks; but hey, it's your money. Do with it as you wish.

Blue Ridge Bank was their previous bank custodian. It is now Thread Bank. I don’t know anyone that looks up a bank’s credit rating/stock price when putting in less than FDIC limit. If over, then sure. Thread Bank is a private bank that has been around since 1907. Not worried about it, and the FDIC is there if something goes bad. 

in actually a little worried for you, if you have millions in rent collection per month, so you have sufficient FDIC coverage? You know SVB wasn’t a small penny stock bank right? They were a well respected Top 20 bank. If you have more than $250k at one time without a sweep prig ran, you have uninsured deposits. 

Not using a real back is nuts. This is a fitech company backed by a fintech private bank and a penny stock public bank. We do have a million a month in rent collection with our banks (we use two). One would have to be nuts to use a fintech bank and a public bank who's credit rating is crap when holding your (or your client's) money. Not wise at all.

Please reconsider your strategy. You're just asking for a rude correction in the way you banK

So, to clarify, I don’t manage properties for anyone other than myself. No regulatory concerns, I would hope anyone managing properties for others are complying with their state requirements. 

Thread Bank is FDIC insured, therefore, up to $250k(possibly more when using a sweep program) is fully backed by the federal gov’t. 

When other banks make is easy/seamless to open virtual accounts, create virtual debit cards, and pay a reasonable interest rate on deposits, I will consider them. However, I have zero concerns about utilizing Baselane/Thread Bank for my personal needs.

Just an FYI, Blue Ridge Bank isn’t the bank utilized by Baselane now…