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All Forum Posts by: Mike Davis

Mike Davis has started 1 posts and replied 143 times.

Post: Financing investment property

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Preston Rogan couple ways to look at this...how far away from your primary residence is the investment property? Are you getting into the investing arena, as in setting up an LLC to buy properties?

Post: Trouble Refi out of hard money loan

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Jason Becker a good HML can refi you into a new loan with better terms and will be more forgiving than a conventional lender.

@Brenden Corder I'm form NC, Lake Lure is beautiful, but Maggie Valley will be more centrally located to more tourist attractions, and Maggie Valley is nice too.

Post: 1031 property in personal name into a STR in LLC

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Mike O. it is not hard at all to add your wife to the existing LLC. I would use this as a way to build a relationship with an attorney, have them assist you with adding the wife and make him a part of your investing team.

Post: Private lenders vs. local bank?

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Jeff Copeland and @Katherine Blazer make great points, another is that you get your properties in an LLC and keep the mortgages from reporting on your personal credit. HMLs have other programs than just short term loans, your short term loan can be rolled into a longer term. The more projects you complete and the stronger your overall packet is the better terms you will get.

Post: Buying wholesale deal with private money lender

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Harry Lippincott a conventional lender will do it off the purchase price value under 12-months

Post: Cash out and refinance rental under llc

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Carlos Julio a hard money lender can possibly do 75% LTV with 3-6 months seasoning using the appraised value.

@Sharonda Frazier Just like @Matt Pursley I have traveled to both quite often. Either market would be a win. Good Luck!

Post: lost home in fire refinancing hard money loan

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@James Brown for someone to give you advice on this one...you will need to go into the long story of what happened for this to make more sense.

Post: Cash out refi lender recommendation

Mike DavisPosted
  • Lender
  • Annapolis, MD
  • Posts 154
  • Votes 70

@Sina Bigdeli is the property in an LLC or in your name? If an LLC, a HML can do this at 75% LTV with 3-6 months seasoning with little to no docs.