All Forum Posts by: Kevin Dee

Hi Lee,

Sorry, I'm not familiar at all with the RES loan? Is that just a mortgage?

I was curious to see if it's possible to use personal leverage to put a down payment on an investment condo unit, but to purchase it using an LLC. The idea is that I would get a much better rate using my personal history. I think any type of commercial loan would have higher rates. Also, I could "cash out" another property (personal) to get enough for a down payment on a new property (under an LLC). Has anyone done this before? Is this a situation where I would assign the purchase during closing from personal to the LLC? Would this defeat the purpose of the LLC to protect me personally?

Thanks in Advance!!!
Kevin

Hi, well now that I think of it, the loan probably has to be in the name of all three people in the title/deed?

Thanks!
Kevin

Hi All, I have a few questions bunched into one post!

1. If I want to purchase an investment property with 2 partners, and it's all cash... Is it possible to cash out mortgage, or get an equity loan on it later on... if I only own 1/3 of the property?
2. If I currently have a HELOC on my primary residence of let's say $300k, will it be possible for me to get a cash out on my separate investment property or will the underwriters see that HELOC as negative, even though I haven't used the HELOC?

Thanks!
Kevin 

Hello!

I started an LLC for purchase of a condo unit which I intend to rent out long term. I know what kind of landlord insurance I need for personal ownership for condo - HO-6 policy, but for an LLC to hold the insurance, does is it the same thing? Can it use a company name at the policy holder? Will I have to put my personal name on there? And does it cost more because it's business/commercial? Any online insurance companies, please let me know where to shop as well! 

Thanks!
Kevin

I responded and asked questions on a similar thread. My question here is would it be legal to purchase an empty plot of land, let's say five acres. And then put a mobile tiny home on it? I have heard that there are minimum sq. footage requirements? I have also heard that it's easier to just drop a mobile tiny home in your backyard if the property already has a home on it as it's just a trailer. 

I am hoping to find out more information on this in the Hudson Valley of New York. I have only briefly looked at the various sites that are only land or have land and a residence built on it already. The tiny homes are either one with wheels - considered mobile. Or ones that don't have wheels. These I think are different categories. Also, I think it's different when you are just adding a tiny home on your lot when you already have a house on it. I want to see if you can make money on Airbnb by adding a tiny home on the back side of my property if it already has a home on it. 

Thanks for the input. I will definitely take your experiences into consideration. I kind of know before even going into it, that it will be about $3,000 or more. I think the benefit is that it can be done in under 2 days. Thanks again and i'll keep you posted. The 10 year finish on the $350 tub job seems fair though!

Thanks all! I have HD (Home Depot) Bath Liners and Bath Fitter both coming in this week for quotes. Doesn't hurt to see what they offer. I also found a company that would spray - reglaze your tub for about $350. The condo building itself is very basic but in the perfect spot. I don't think it's worth it to go overboard, but I do want clean, rather new, and long lasting work to be done so I don't have to worry about it. The market and workforce there keeps the rents strong, even if it's not a brand new apartment. 

Thanks all for the input!

Kevin

HI All,

I was getting a quote from a contractor and he suggested instead of redoing the wonderboard and retiling my shower, that I try Bathfitters. The tub is also super worn out too. I'm in the Westchester area: Rye NY and have a one bedroom unit. I have heard of them but have never seen them in action. Has anyone used a shower/tub liner company like this before? I hear great things but I want some honest takes on it. Also, there are a lot of other companies that pop up that claim to do the same thing. I would gladly take any references if you have any! Thanks!

Kevin,

Rye, NY

2br 1bath buy and hold.