All Forum Posts by: Mike Davis
Mike Davis has started 1 posts and replied 143 times.
Post: Renter background check

- Lender
- Annapolis, MD
- Posts 154
- Votes 70
@Yan Sully also with COVID, some took a hit on their credit, so don't when considering the credit report as a measuring stick. Ask them to provide, a VOR (Verification of Rent) from previous landlord, pay history on other utilities (example: cell phone, cable, pay histories...).
Post: Lenders and new LLC

- Lender
- Annapolis, MD
- Posts 154
- Votes 70
@Varun Vemulapalli I have heard of people quitclaiming their properties over to the LLC. If the properties and the LLC is only in your and your wifes name, should not be issues with title work.
With mortgages on those properties, the companies that hold those mortgages is who is reporting to the credit bureaus, so just moving them into an LLC will not stop the reporting.
You would want to refinance the mortgages into the created LLC to get them off the personal credit report.
Disclosure: I am not an attorney and I did not sleep in a Holiday Inn last night:)
Post: How to choose lenders

- Lender
- Annapolis, MD
- Posts 154
- Votes 70
@Shirin Namavar using a hard money lender, if this is your first project, you will typically pay a higher rate and larger down payment. As you get more project experience, you will start to get more favorable terms when using hard / private money.
Not sure about your background, if you don't own a home yet, look at getting a duplex, live in one side and rent the other side. There is a lot of info on this forum about how to do this.
Post: HELOC vs Hard Money Lending to fund 1st BRRRR project.

- Lender
- Annapolis, MD
- Posts 154
- Votes 70
@Eddie L. that's great you're getting started. Using Hard Money for your first BRRRR, if you don't have experience, you will be looking in the 9%+ range. With the hard money loan, you may be able to finance 100% of the REHAB on the property.
Possibly consider trying the hard money loan, with the HELOC for the down payment only. You will probably be looking at 25% down if you have zero experience with the BRRRR model.
As you get more of these under your belt, your terms, rates and points will definitely improve.
Post: Interested Real Estate Newbie

- Lender
- Annapolis, MD
- Posts 154
- Votes 70
@Ramon Pena congrats, you have a great start already, that home you have in Colorado Springs, list it on "Military By Owner" when your ready to move and use you VA loan again when you move. You could possibly look at doing a duplex on your next move and live on one side and rent the other, now you have two investment properties...just throwing ideas out there, good luck!
Post: Transitioning Rental property to an LLC

- Lender
- Annapolis, MD
- Posts 154
- Votes 70
@Clay Couvillon if you're the sole owner in the LLC, shouldn't be a problem. If there are other owners in the LLC, a Form 107.9 endorsement may be needed to name the additional insured(s) on the title policy.
Post: New Construction in Charlotte?

- Lender
- Annapolis, MD
- Posts 154
- Votes 70
@Jacob O'Malley though of possibly a duplex and live in one side? Not sure how big your family is...https://www.zillow.com/homedet...
Post: New investor looking to grow network!

- Lender
- Annapolis, MD
- Posts 154
- Votes 70
@Aidan Richard Connly ARNG Officer here...Let me know if I can help!
Post: Balancing ambition and simply family time

- Lender
- Annapolis, MD
- Posts 154
- Votes 70
@Tony R Fox Have your family pitch in, If your kids are younger, give them medial tasks to do and let them be part of the process.
Post: Taking over parents' loan and second property

- Lender
- Annapolis, MD
- Posts 154
- Votes 70
@Walter Frazao you may be able to use your VA mortgage benefit for the property you will be living in. That is 100% financing.