All Forum Posts by: Jeremy England

I have my business checking with Penair federal credit union.  No fees was the biggest attraction.  Pretty simple.  But as far as loans go, you may want to start an account with institutions that offer a commercial portfolio loan.  The First is an option there.  

 Moot point now. Just approved an applicant today and received his deposit. Thanks for the input. And youre right. I probably could have got 11 or 1200 out of this place wirh the response i had. I looked at what was renting near by and went 50 bucks higher. Live and learn. Ill be raising the rent after first lease

And buying more in the neighborhood.  After refi. Ill have about 8k of my own money in the place.  Not bad for one month purchase, rehab and rent.  1k/mo and a 25k equity position

 Yes the rent may be too low. But it is one of the higher in the neighborhood and it only has 1 bath.  

Not sure how much higher my standards could be. No evictions, no judgements, good rental history, no felonies, 

Credit score is only think I’m fexible on. Below 600 req twice the security deposit. 

 Yes. Their credit check revealed a low credit score which I will accept with double the security deposit. They couldn’t come up with 3k to move in.  

so I just finished a rehab on a new acquisition and posted my ad to Zillow for 1000/mo which I thought was ambitious.  I got blown up with tenant requests and had an agreement in a day.  However they were not able to come up with the required security deposit so I reposted it to Zillow and again am getting a lot of response

Now I’m faced with tenants asking me to hold the property for them. Good tenants coming from out of town.  Military town.  I’ve been telling them that I can’t hold it due to demand and my need to place a tenant now.  Its only been one day since I reposted it.  Got two coming to look today. One for a second time but they say they can’t occupy til October. How does the community deal with the holding issue?

for anyone who's been following this, so I found a lender who will cash out finance the property.  Its a commercial loan.  This will increase the monthly payment however which decreases the cashflow of the loan.  The terms are 5 year balloon amoritized at 20 years at 6pct with 1/2 pct origination.  That would put my payment at 537.  add in insurance and taxes and there would be about 250 left if I got 80pct out.  If I got 75pct out there would be about 300 left after piti.  

Question for anyone who can answer. They say I can finance this property in my LLC but witha personal guarantee. This sounds good, however I'm thinking of 3 or 5 years from now. If it's in my LLC's name, then a mortgage on the property is out of the question I think right? Like a traditional refinance into a 30 year at a lower rate?

I'd like to hear anyone's thoughts on it.  Thanks

You need to talk witha  commercial lender and you will need to give a personal guarantee.  The loans will be in your business name, but you will be personally responsible for them in case of default.  I'm going through this process right now

Welcome Steve, I'm local to the market and can refer you to different resources should you need one.  Let me know

Speaking of loans thought I’d let everyone know that the bank that I had in mind for my cash out refi is no longer offering loans without seasoning periods to new customers. So I’m back to the drawing board with trying to find a bank to refinance with I’ll let everyone know when I figure out.

I may have to just pay off his personal loan with my own money and wait for the seasoning. It really throws a kink in the whole brrrr concept.  If I have to wait six months between every purchase and refinance the road passive wealth is a long one

 Easiest loan I’ve ever applied for. It was simple . they check your credit, your bank statements , youre funded

If only mortgage loans for this easy