All Forum Posts by: Marty Gold
Marty Gold has started 17 posts and replied 59 times.
Post: Can I only get a 15 year mortgage?
- Carlisle, PA
- Posts 59
- Votes 1
Originally posted by @Diego Diaz:
As @Shane H. mentioned the issue might lie in the fact that it is an LLC and not a personal loan. You do not have to form an LLC to buy investment real estate, specially SFH. There is a bunch of forum discussion here on BP about the pros and cons of owning investment real estate with/without an LLC (one of them being the loan conditions), but bottom-line you can have up to 10 personal loans on your name without an LLC, all of them with 30-year terms. I am not suggesting to go that route, just trying to make you aware.
Thank you for your comments. Without the LLC, though, where is the protection if someone hurts themselves on the property? I sure don't want a personal lawsuit.
Ty
Post: Where is the best beach rental location?
- Carlisle, PA
- Posts 59
- Votes 1
I have been to many places up and down the Jersey shore. Lots of pluses and few minuses at many of the locations.
When searching for a possible place to purchase and rent all season (or all year minus a 1 week summer vacation- if that's allowed), where do the local people from jersey suggest is the best place to invest? I'm considering forming an LLC with a few other investors and we want a beach rental (we all live in PA). To help us narrow our search, can anyone suggest a great jersey market or a location where it's not too difficult to rent a beach house for a good price?
Thanks
Post: Can I get a 30 year loan in PA?
- Carlisle, PA
- Posts 59
- Votes 1
Originally posted by @Steve Babiak:
The sort of lender who does this type of loan is called "portfolio" because they keep the loan in their own loan portfolio and don't sell the loan off in the secondary market.
Amazing. So helpful.
Thank you !
Post: Can I get a 30 year loan in PA?
- Carlisle, PA
- Posts 59
- Votes 1
Originally posted by @John D.:
+1 @Marty Gold
Good process @Steve Babiak
Ty
Post: Can I get a 30 year loan in PA?
- Carlisle, PA
- Posts 59
- Votes 1
Originally posted by @Steve Babiak:
Since you are buying under the LLC from the sound of things, you need a portfolio lender willing to do so. Most of them won't do 30 year fixed rate loans - but there are some that do; I would give the name of one that I know of, but you are located outside of their lending footprint. I suggest you call all the local smaller banks and credit unions to see if any are willing to do what you seek; make enough calls and you could find that needle in the haystack. Be aware that you will have to be prepared for all LLC members to offer a personal guarantee.
Thank you. When I'm making these calls, what am I specifically asking about? Am I asking to be connected to their "portfolio lender"? And then asking if they offer a 30 year loan to an LLC for an investment property?
I just want to be sure I know the terminology so it sounds legitimate. Thank you.
Post: Can I get a 30 year loan in PA?
- Carlisle, PA
- Posts 59
- Votes 1
Originally posted by @Harjeet Bhatti:
Yes, Lenders do offer 30 year fix on investment property.
Thank you.
Is this offered in all states?
Post: Can I get a 30 year loan in PA?
- Carlisle, PA
- Posts 59
- Votes 1
Originally posted by @Jonathan Wyse:
Yes, as long as it is 1-4 units and residential, you can get a 30 year loan (conventional if its just and investment property, or FHA/VA if you are going to live in it)
I have a primary home where I live. This would be sort of a new (2nd) mortgage. I will be forming an LLC with my partner and we will likely have to personally guarantee the mortgage but, I didn't include the LLC part above. Can we still get a 30 year mortgage on an investment rental?
Ty
Post: Can I get a 30 year loan in PA?
- Carlisle, PA
- Posts 59
- Votes 1
I'm new to the state of Pennsylvania and searching for a rental property in the state. I'd really like to have a 30 year mortgage (or close to 30). Do any banks in Pennsylvania offer a 30 year mortgage option for my first rental?
Thank you!
Post: Can I only get a 15 year mortgage?
- Carlisle, PA
- Posts 59
- Votes 1
Originally posted by @Frank Jiang:
Originally posted by @Marty Gold:
my LLC partner told me that he just learned we cannot get a 30 year mortgage on our first (possible) rental property. Is this true?
No. Probably a crappy overlay at that individual lender. I would go shopping.
Mid 4% to low 5% for rental.
overlay???
Would you explain please.
Post: Can I only get a 15 year mortgage?
- Carlisle, PA
- Posts 59
- Votes 1
my LLC partner told me that he just learned we cannot get a 30 year mortgage on our first (possible) rental property. Is this true?
And what are the current rates being offered, roughly? Does anyone know. We can put 25% down and each have 800+ credit. Total loan will be $120k-$170k for the places we are considering.
Clearly this is our first purchase. Can anyone please clear this up. Thanks.