All Forum Posts by: Megan Arzt

I just set up a series LLC (I'm in UT). I own one property in Golden, CO and want to get it out of my name and into the LLC series name. The underwriter who I talked with says that before she can underwrite the "Additional Ensured Endorsement" (apparently what I need to keep the title insurance), I need to get "Record Deed" and "Statement of Authority" drawn up by a lawyer. Does this all sound correct first of all, and secondly does anyone have a lawyer recommendation to do this? Thanks! Megan

This is definitely private money. It will also be structured more like a personal loan or they could have a second lein on the place.  The 1st lien will be for $154K

I plan to borrow approximately  $30K from a private investor to help fund my next deal. I've never done this before. How do I go about setting it up to protect both parties? Thanks in advance!

Thanks @Jerry Padilla. Probably not.  But in the event that I do find someone, how does that work exactly?  My name is on the deed but both peoples are on the loan?  And when you refinance, you simply take theirs off the loan?  Thanks.

I have a great deal on purchasing another nightly rental.  I currently own one and it does better than any of my 5 other long term rentals (all of which cash flow).  A friend wants to sell me his condo for $187,000.  The one I bought in the same complex in April I paid $206K.  One just sold for $219K, and for the next phase of building they are going to list in the $240s.  The appraisal when I bought mine was $211K.  Needless to say it is a great deal.  I'm having trouble getting financing though since I have bought the last 2 properties this year (they don't show up on taxes, and the nightly rental does not have a lease to support it.  I can document the cash flow since it has mainly been through airbnb for a private lender).  Also, last year I bought a place but it only shows on taxes for half the year.  I'd love to hear ideas on how to finance this or touch bases with someone who might be interested in lending.  Also, I do have a lead on one private lender through a  friend of mine.  If anyone has an example of how to set up the business/lending proposal that they would be willing to share with me, I'd really appreciate that.  Thanks in advance.

I know just enough to be dangerous but not enough to not get myself into trouble. I have a lead on a place that the owner would consider some sort of alternate financing. He still owes about $250,000 on the property. What sort of alternate proposals could I offer up to him?  And then how do I go about setting that up? I've heard a lot about subject to an even looked into it a bit but I'm still very fuzzy on it. Thanks!

@Jason Bott  I am running into flood insurance issues as well.  There are 2 units on the property and will both be residences.  What alternative programs should I look into?  Thanks!

Arzt far as lock automation goes, I got the Schlage connect with the veralite hub. So far to good. I can have 19 codes, unlock or lock the door remotely, change codes remotely,  see the battery life, and get an email or text when the door is used. I like knowing that the guests or the cleaner have arrived.....

Has anyone used them and what are your thoughts to do a refi?

Thanks!
Megan