All Forum Posts by: Michelle Costello

Hello BP,

I have 5 rental properties that I have owned for 3 or so years now that have significantly increased in value. Each property is mortgaged so Ive started looking into options to access the equity and one of the products I've been looking into is a refi 5-1 ARM, 30 yr amortization. Looking to get some advice on whether that's the best option or if there are other creative ways to tap into the equity!? Also, if anyone could recommend a lender(s) they've used in the past I would greatly appreciate it!

Cheers!

Great job man! Once you start cash flowing you’ll be hooked on buy and holds. Seeing your bank account grow by virtually doing nothing is addicting lol. 

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I used a local hard money lender out of Ann Arbor by the name of Green Block Inc. Very happy with them. Inbox me and I can send you their details.

Alex, thank you so much for the advice. My hard money lender actually offers a 30yr fixed but  the interest rate is 6.5%. Where would I find these “non-conventional” institutions willing to loan on my property. Are they commercial/portfolio lenders? 

Hello,

I just purchased a property through a hard money lender who loaned the $$ to my LLC. My plan was to refinance into a conventional mortgage to pay my lender back. I went to refinance and the bank won't loan to LLC's on a residential property--it has to be in my name. I was also told that if I were to quick claim my LLC off and put it into my personal name that I would have to wait an addtional 6-12 months to refinance. Has anyone ran into this problem when working with a hard money lender/BRRRR'ing? What are some good options to work around this.

Any advice would be greatly appreciated!

Michelle

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