All Forum Posts by: Jason Wray

Feel free to reach out!

Your bank is just telling you that you must remian on the "Debt obligation" a.k.a promissory note but you can put the Deed in the LLC. It comes down to title vesting not mortgage note so you will be fine and your LLC will assume liability. You must remain on the promissory note offering a required personal guarantee. The deed/title can be quit claimed into the LLC for liability protection.

Typically a DSCR or Portfolio loan allows you to close in an LLC or quit claim after the fact with no issues from bank/lender. Just in case you want to avoid this hassle down the road!

Yes, Your wife can be on the mortgage and your funds can be used for the down payment.  You will want to talk to your Banker up front so that they can prepare a few things to avoid issues in underwriting.  Pretty simple set up so there shold be no issues as long as you do nto use a newbie!

Depending on what you owe you could do a cash out refinance, buy them out & remove them from title on the refi.

I have seen a lot of activity in Indiana just outside of carmel and all around Dayton Ohio.  Majority of my customers have been buying in IN, OH, TN, FL, TX just need to narrow down to cities of choice.

Megan,

It’s a great event I would be there but I will be in Florida but its not to far from my Corporate office. You will find that there will be a lot of very friendly and informative people there including Realtors, Investors, Lenders, General Contractors and more. Have a ton of conversations pick everyone’s brain and get some business cards.

Typically me and my team go and network but the Florida market is calling and I have a meet-up in Tampa. Use the event to start building your network and feel out some perspectives and get some tips. I have met some great investors groups there that I still help to this very day. I met an investor who came to me for help and now owns over 25 doors. You just never know who you will meet and how that relationship will blossom

Mario,

You need to talk to a seasoned Banker or Loan officer not a realtor when it comes to financials and the ability to buy or afford REI properties. The goal of the Banker/Loan Officer is to help you find and grow your real estate portfolio in a cost efficient manner. Its also our job to help you understand which programs work best and save as much money on things like down payments, overall costs.

You also get help running the numbers prior to making an offer to calculate the ROI of the property. Being able to evaluate the market analysis and even examine ARV options based on sale price/renovation costs and MLS/AVM comparables. Bankers/Loan Officers can do all of the above and are the only ones that can run the approval and numbers to start the calculations based on your criteria/approval.

Nicole,

If it's a primary home the buyer can take out up to 95% CLTV and some banks do not have a Max credit line. Some have a cut off of $500K to $1MM so the equity can be taken out through a cash out refinance or a HELOC. Investment properties are usually capped at 65%-70% CLTV depending on the number of units/property type.

You also have DSCR which offers cash out up to $1.5Million without using any personal income or tax returns as long as the property debt services itself usually 1.10-1.25%DSCR on Jumbo Cash out. Cash out is getting easier to obtain since mortgage applications are down new programs and LTV's are popping up each week.

Biggest market right now is investment purchase and cash out refinance so the banks are catering to the customers. They are also trying to capture the next purchase when offering the cash out.

Your post needs a little more clarity to help you through the next steps.

If the property is only valued/appraised at $350K you cannot take out any cash investment or primary. Investment $350K x 80%LTV is $280K there is not enough equity to pull cash out.

Biggest question or mistake would be how much did you buy the home for and how much money did you put into renovations? Who helped you run the numbers to see how much ARV would result from the difference in purchase price + renovation costs.

If this is a primary you might be able to get a 95% CLTV HELOC/LC

If you are in Bankruptcy it means your primary home is more than likely listed as an asset and you have a lien on your property.  Because its an asset the judge and trustee order the title to list it under BK 13 or 7.  You would need to talk to you trustee or get the judge to allow you to sell the home. 

Keep in mind all proceeds will go towards paying off all of your ordered debts and you may not walk away with any cash if it does not zero out your debts.  Most states offer homestead which offers primary home protection but not against a sale or refinance while under a BK.

I would call yout trustee and request a 30 day payoff and see what the amount is minus your sale proceeds.  If you can sell and apy it off do it and start fresh and keep all payments on time and it only take 12 months before you can buy again.