All Forum Posts by: Marc Alberto

Looks like I found the SE CT folks! I'm located in Stamford and investing here and in Danbury. Happy to share my experiences so far.

Hi Amanda, 

Glad to hear you've got some more time for real estate, always a juggle between work and side hustle. I'm in Stamford and currently looking for deals in the area. I own a few rentals in Danbury and looking to expand. Would be happy to connect and see if there's anything we could partner on. I'll shoot you a DM.

Funny you just mentioned Ted, he was the guest speaker for the CTREIA monthly meeting last night and was really insightful. I scheduled an intro meeting with him on his website yesterday. 

I didn't ask the bank for permission to transfer from my name to the LLC name, but I haven't had any issues.

I would work with your real estate attorney on the transfer. I worked with my attorney to quit claim my property from my name to my single member LLC. There was a clause with my mortgage that the full payment is due if ownership is transferred, but I haven't had an issue with it.

They did it as a commercial loan so the LLC was okay for them. My other property that I financed with a different bank I had to transfer out of my LLC, into my name to refi, then transfer back to the LLC after the refi was complete.

I used Savings Bank of Danbury.  

They still looked at my personal finances. The LLC was maybe 6 months old, the property was originally purchased in my name then I transferred it into a single member LLC.

@David White I was able to refinance at the end of April using a small local bank with 20% down and a 30-year term through an LLC. They were able to get an exception for the lower down payment.

I just refinanced two properties in CT at 4.25%. Both were in LLC's. One property I put into my name for the refi and then moved back into the LLC, this was at a 75% LTV. I had my attorney handle the quit claim into and out of the LLC, it's fairly straight forward, but there are costs associated with it. The second property I worked with a local credit union and was able to refi as an LLC, I was able to do this one at an 80% LTV. There was more paperwork involved with this one, but it was all worth it in the end as these are long term investments for me.