All Forum Posts by: Julie Marquez

I'm updating the rental agreements for tenants in my apartment buildings. They are all on month to month tenancies but I'd like to update their rental agreement to include the most recent laws, update contact information, and raise rents. I'm having everyone fill out a new application so I have their updated contact information. Should I also put them through the background and credit screening? Everyone has been a good tenant and I would choose to rent to them again, so not sure if it's necessary at this point. What do you think?

I change my four plexes into LLCs and got new insurance and it was similarly priced. No idea why it changed for you.

@Zach Campbell What a fun project! All the best to you!

I definitely recommend RHAWA and becoming a member to check out all their resources!

@Scott Jensen I got a hold of a bank one that has lot of information on it, but I mostly am interested in my real estate net worth. I got (3) fourplexes, (2) duplexes, and (2) houses

@Scott Jensen Did you build out a financial statement spreadsheet? Can ya share? I'm looking for something like this 

@Mike Roy I would love to put it back into the LLC after financing it in my name, or is that a big no-no?

@Harjeet Bhatti I do want to hold this very long term, so I might as well go for the conventional since it's an option on a 4 plex.

I am looking to refinancing my 4 plex building in Skagit County. I've found two different options from banks.

The large neighborhood/state credit union:

Good rates 4.25% for a 30 year fixed mortgage

65% LTV

They control an escrow account for taxes and insurance

I have to get the building out of the LLC for the refinance

Could take 30-60 days to close, I'm guessing on longer because they probably don't like all my rental income and financial oddities

Can simultaneously do a loan for my next primary home purchase

The Ultra Local Business Bank:

They offer 3 or 5 ARMs only, amortized over 25 years with a 10 year balloon

Rates at around 5.5%

75% LTV and like that I can get more out than the other bank

They loan to LLCs, don't need to change anything with that

They don't hold an  escrow account

Portfolio lender and keep locally within their 3 or 4 branches

3-4 weeks to close and they totally understand my rental income and financial situation

Don't do primary home loans, I want to use a portion of the proceeds for a primary home downpayment

It's a 4 plex so I have the option for a traditional conventional loan, but also a business commercial type loan that is made for investment properties. What is the best route to go for refinancing a 4 plex?

Is there an electronic ignition switch that can replace the standard pilot to help cure the out pilot problem? I've heard of these things in high-end homes, and not sure if your boilers can be retrofitted. I hate the pilot light out call from tenants, as I barely know how to do it myself, so simpler switch system might be more fool proof.