All Forum Posts by: Kevin Polite

Is it possible to get cash out refinancing with your LLC? I have good credit and had a banker tell me they would make a loan to me and then I could switch the properties back to LLC at later date. If I do this would I still be able to write off the interest through the LLC with the mortgage in my name and ownership in LLC? I started the LLC in April 2011, 3 properties, 2 that have several months of rental history and one flip that is under contract.

Not sure if this is off point, but many of you have mentioned cash-out refinancing, which is what I'd like to do on a couple of properties. My problem is the bank has approved me based on my income, not the LLC. If I take the loan in my name, how can I write off the mortage when the property is in the LLC name. The banker even told me I could transfer the properties into my name and then after the loan closes deed it back to the LLC.

I used Rentals.com (not rent.com) and added the featured for them to push it out to 20 additional websites. plus they use Postlets which gives you their format to add to Craigslist (at not additional charge) which makes it really stand out and had great results.

Also depends on the price point of your property. My homes are just a bit over mid point for my area so I don't use signs on telephone poles as this wouldn't attract the right kind of tenant. I'm a realtor as well and have tested listing the last 3 homes. I didn't get much success (I always ask the tenant where they saw the ad) with listing it. Agents won't bother with it because they get little to no commission. Plus most renters don't look on MLS sites.

Newspapers are a waste even their websites (this coming from a former newspaper adv exec).

Use as many photos as possible once completed. Ad studies show the more photos the more "eyeballs" you'll get. If you have really nice home use your iPhone and upload a video. You'll really get tons of views.

Also, good to Zillow.com and Trulia.com and "claim" your address. This is free advertising and I was surprised at the number of people that search here for rentals.
Good luck

has anyone out there every got financing from an LLC after being in business 'x' amount of years. i'd like to eventually get to the point where that is my business. My partner and I have good credit and the banks will loan to us, but not to the llc. we own 3 properties free and clear and 2 rentals. we've owned a 4th that is a rental for 3 years that has a mortgage in our name. I've had 2 banks tell me they will loan to us in our name, but not the LLC and just deed it over to the LLC.
If we do accept the loan how would you write off the interest if the mortgage is in your name but the property is owned in the LLC name, seems there would be some tax implications there

Everyone has said market now...and I agree. I had a property that I waited until is was ready and it ended up renting out in mid January (job relocation). However, with this one I'm not waiting. I put out the realtor sign and am already getting inquiries. I went ahead an paid $50 bucks for Rentals.com and I got more quality leads from that than CL. I wouldn't waste my time with newspaper print or really even online. Also, include Zillow and Trulia which are free and you get better quality. Zillow and Rentals.com have a really cool option that allows you to make a much nicer looking ad on CL plus it adds all of the photos that you include on that website whereas CL normally only allows 4 photos. I always start with the outside first so I can get it listed.

This newbie agrees with Tim. I have a rental in what is classified as a transitional neighborhood. Though is no war zone it was on the decline with quite a few foreclosures and a few pitbulls in the backyards here and there. However, it's about 10 minutes away from an area has tons of restaurants/entertainment. Plus what made me decide to purchase was that I saw a lady walking down the street with a stroller. I fixed up the place a little better than I normally would and it rented out in 7 days and 15% above market rent. However, if you were to ask the typical subrbanite in Atlanta about this area you wouldn't get negative remarks about the area, but 20's & 30's professionals are just now starting to move in so I'm holding on to it for a couple of years

Jeff, make sure you thoroughly research the rents in the area you're buying. I'm not familiar with Ft. Worth, but where I'm investing more and more investor are buying in my area because prices are so low. However, most of them are selling. I fixed my property up to a level that was higher than anything on the market, however, I was able to get $1095/mo in a market where the rents were averaging $875/mo. What helped is this area is close to an area attractive to young professionals. They want to live in this area but a lot of the homes that are rented are crappy. Keep this in mind.

I may have put a little more money in my property than others in my area, but it paid off. It's a transitional area and I calculated correctly that the young professionals in that area would jump on a really nice property. I rented my first property out in 7 days for $300/mo more than the going rate!

I'm in the process of using it now. It's really easy to use and it actually screens out people that aren't serious without me having to get the app to them.

I have a good application form and a good credit check company, however, I would love to have an online credit application so i don't have to deal with paperwork. Anyone have a good suggestion