All Forum Posts by: Darren Eady

I use Green River Capital - they are national with office based out of Salt Lake City, UT

@Kishore P.@Jack Bobeck

Interest rates are typically very low on cash life insurance policies and very convenient to use. I would be happy to tell you about my experience and vendor if you PM me. Thanks

@Yasir Einaudi

Banks and credit unions look at your income, credit and assets.  We are a long way from stated-income loans, especially on rental properties, as banks view these as riskier than your personal residence.  

Your best bet would be to call small local banks near the property and see if they will look at a reduced doc. loan where they don't focus on your W2 or credit depth.  It's going to be a tough road for your situation.

I use my home state of Utah. The renewal fee for each LLC is only $15 here

@Will Gaston

These properties are valued between $45k - $110k each, but there are 55 performing properties around Cleveland.  We have debt service on them now and they are performing at a higher rate of interest for us.  We would like to lower the interest rate without paying too much in fees or taking on a pre-payment penalty so portfolio lenders like Visio Lending and Lima One are out.  We really need a few local banks or Credit Unions to take on 10 each.  There is a local bank already approving us now for about six properties.

@Will Gaston

I have a local partner in Cleveland.  I will probably bird dog the situation over the phone and then send him in to meet the bank.  I agree, thanks!

@Will Gaston

That's great information and I agree with you completely.  I am trying to find financing on 60 properties and have had a tough time.  I appreciate the time it took you to write down your pointers and I will use them to call around Cleveland Ohio in the near future!

@Mario Mormile

Conventional, niche, hard money?  Are you trying to pull cash-out?  

You'll want to speak to banks local to the property and find out when you can use the appraised value and not the acquisition cost.  You may need to wait at least six months or longer to pull your investors money out of a property - and that' only if you are buying really low and it will appraise for much more (as the bank will only do a loan to 75-80% of the value they determine).  Good luck!

@James Letchford

Hey James, I spent my youth in Dana Point, right next door to you.  

Your friend may have some tax implications for his current LLC, but probably no different than if he had two LLCs - and in California - having multiple LLCs is expensive with an $800 renewal each year.

His only concern would be liability across companies.  Real estate does have liability on property and I'm not sure what his other business is and if it's liability could affect your real estate.  

As a lender, I like a separate LLC per property, if I can get it, or at least one LLC per industry.