All Forum Posts by: Michael Kulusich

I need to take rental property out of my name and move to LLC . I called my current Lender and they have informed me they do not Lend to LLC ‘s I believe I have read somewhere that most banks will not carry mortgage for LLC. Currently have a balance of about $180,000 on mortgage, Redfin estimates value at $315,000. Anyone have a Lender that will Lend to LLC is Los Angeles area and possibly do a cash out refi as well.

Thanks

Mike K

@Sean Tabor. I would be interested in learning more about Michigan especially turnkey in that market.

Hi Zach , Would like more info, would be interested in using solo 401k

Hey BP I have a offer in on a fixer, realtor says they are seriously considering my offer at full asking of 400k. They have cash offers and will make decision in few days but believe cash offers are low ball offers. This is a probate sale. There is a laundry room that needs drywall and roof looks pretty old among a lot of other things that will need to be done. I am pre qualified for 550k loan with 5% down. Broker and Selling Realtor have there concerns about possibility of my offer getting financed. I have a Lender that is going to try to do what he can to get financed if offer accepted but says it's all going to come down to what appraiser comes in as far as repairs needed before funding. I am going to cash out IRA with about 40k to cover down and closing, and should have around 8k to get materials to make livable enough for me to move in and start slowly fixing as I live in. I do have a solo 401k with 2 properties in NY that cash flow pretty decent. I also have a rental in riverside that just breaks even. Work a 9-5 and make 125k annually. Any thoughts on what I can do if Lender will not fund due to amount of work needed? Thanks Mike K

Uh oh ..........., I was told by company that setup my Solo 401k that I could use solo 401k funds for airfare, hotel and car rental. I assume if not allowed for SDIRA not allowed for solo 401k?

Jad Would like to discuss BH in Cleveland market, have some funds in solo 401k and looking for solid cash flow market. Please PM if can help. Thanks

Kevin, I am also looking for a turnkey provider. Debating whether to look in Bakersfield CA market or just go turnkey out of state. Will have about 100k to invest looking for best cash flow can get without going to war zone neighborhoods. Could you please PM me so we could discuss deals you have and go over some numbers. Thanks

Max , Thanks for info, will be tremendous help when start looking for properties very shortly. Multi family BRRRR is what I am interested in. Class of neighborhood is not as important to me as cash flow. Can I contact you when I am ready to start looking for property?

Thanks Dean, will definately keep that info in mind.

I have been interested in Bakersfield for some time now, should be able to wrap up method of financing in week or two. Could really use help from someone who knows area . Any help would be greatly appreciated . Thanks