All Forum Posts by: Edward P.

Hi BP,

I had an exchange a few years ago under a clients personal name. They wanted to change to an LLC how is this process handled, who would I need to speak to? Can I write a quitclaim form?

Thanks!

Hi @Brent Coombs

Thanks for getting back to me so quickly. 

I am going to spend more time understanding HML as I do not understand them fully yet.

Thanks for your response guys!

@Scott Innocente The problem with Refi is I would have to pay points, closing costs and other fees(potentially). Ultimately I would like to use this money to purchase another home. Can I get an appraisal and then get a Refi? Also, from the process you are recommending how long do you suggest I wait to make each change(refinance the house at a higher value, pull your money out, then set up the mortgage as a HELOC which you can draw from as principal is paid down.)?

@Brent Coombs I completely understand the consequences of averaging the income and expenses because we will be using the money from one property or the next. Do you recommend any other processes which you have worked on yourself? I spoke to an HM lender and she wanted to be first and wants 7-8%, no early payment fees. Which I have heard HM loans are better for a quick buy, fix and flip not the traditional buy and hold strategy. 

Hey Guys,

I am looking to purchase a new investment apartment soon. Is it best to pull money from a LOC or to Refi the loan? I assume the Refi is more difficult but the LOC costs more. Do banks allow for LOC on an investment property?

Thank you!

Finding private lenders are difficult but doable(I have not found one but I know I will). @James Ihssen I agree with you on the FHA restrictions I do not know they will even do any of this. Worth a try.

I am going to start going to RE meetings found on Meetup.com in the LA area to find out more. 

I hope you have an easy search!

@Susan O.

I understand what you mean I currently own a rent control apartment and the tenants are planning on staying for a long time. I believe with minimum wage going up in Los Angeles they may/may not leave the property and move to a better place.

The system works to the benefit for the tenants but I have kicked out tenants with the right law team. So there a huge give and take with rent-controlled properties. 

Hey @Heidi Neilson

Congrats on finding BP its an amazing place to find what you need for all of RE. I have some properties in the not so good areas of LA county ("C" properties). I hope the best for you if you need any help let me know.

GL!

Hi Dean,

I am not sure this is the best way to go about it. Are you able to find traditional lending after you get the money from the P2P lending source? 

@Nghi Le Thanks!

@Dustin Beam Well written. 

So to confirm, any property bought under an LLC is automatically a commercial loan?