All Forum Posts by: Jim Kalish

We are trying to grow the business by increasing our portfolio of rentals and do some fix and flips. We've done a couple of successful fix and flips but want to get more serious about it. But like a lot of people cash is an issue. And our current properties are held in my name, not our LLC. We had to do that to get the mortgages early on and then some Home Equity Lines of Credit (HELOCs) on some of our rental properties. But we want to reduce my personal exposure by refinancing the properties that have mortgages in my name into our LLC. And at the same time get a business line of credit (BLOC) using the properties we have as collateral. We thought we found a bank that would do that but when it went to underwriting the final offer was no where near what the our loan officer said it would be. So I'm hoping someone has a lead on a lender who would is doing refis from a personal name into an LLC and also providing a substantial BLOC. I've learned that BLOCs are tied more to NOI and not property appraised value. Which is different than HELOCs. So if you have contact names I would be very grateful. Our business is centered in Charlotte, NC.

Thanks

Hi Patrick.  I know this is an old thread but I thought I would see how you made out.  With what is going on in the world right now most banks have put the brakes on any equity loans or lines.  I plan to start making calls today to see if anything has loosened up.  Good luck.

Jim

@Patrick Strain

Try Wells Fargo. Depending on which state you are in they have different rules. I just closed on 3 equity lines with them on my rental property. I owned 1 outright so they took a first position. I have notes on the other 2 so they took second position. They went 60% LTV.

 Well, it might be a neat idea but I've learned that its probably too good to be true. Everyone I've talked to explained that there isn't much chance of anyone just giving me access to a few hundred grand to use the way I want. I guess I can understand that. Even if I'm conservative and only go after really solid deals the next guy might decide to use the line to go to Vegas. So I guess I'm back to doing the old fashioned way. Thanks again and good luck in your investing.

I want to thank everyone who responded to this or contacted me directly. So I refined what I felt was a great idea. Refi the loans I have in my name into a portfolio loan in the name of our LLC and then tap into the equity on all of our properties in the form of a line of credit. I would have immediate access to cash so I could make cash offers but not have to pay on that money until I used it. Well, it might be a neat idea but I've learned that its probably too good to be true. Everyone I've talked to explained that there isn't much chance of anyone just giving me access to a few hundred grand to use the way I want. I guess I can understand that. Even if I'm conservative and only go after really solid deals the next guy might decide ot use the line to go to Vegas. So I guess I'm back to doing the old fashioned way. Thanks again and good luck in your investing.

I agree with Jim Adrian. Don't reward shoddy workmanship by taking on the responsibility of fixing this yourself. if they are indeed professionals they should be used getting a punch list. Hold final payment until you are satisfied

Hi Brent.  Sorry for the late response.    Definitely would like that contact info.

Hello there,

Would anyone be able to offer some ideas or contacts regarding loans/financing? We are looking to purchase in the Charlotte, NC and surrounding area. We have considerable equity built up in a number of rental properties and would like to leverage that to our advantage. 

In a perfect world we would like to acquire a revolving line of credit minimum 200K that we could make use of when needed and not pay finance fees until it's used to purchase or rehab. 

Any advice regarding loans, financing, holding properties and or acquiring mortgages would be welcomed.

Thanks,

Jim & Josh

P.S. We are always open to network!

Thanks Sean.  I'll definitely look that up.

Hello there,

Would anyone like to offer up some local Wholesalers here in the Charlotte or surrounding area? We are interested in purchasing single family, duplex/triplex and apt complexes.

Thanks,

Jim and Josh

P.S. Always open to networking!