All Forum Posts by: Mike L.

@John E Ceisel

I’m looking at the same problem. John, did you get a 30 year note on this? Do you mind sharing the terms?

@Nicole (Dunlap) Pendergrass

Awesome. Congratulations!

Hi,

I've come across a property that has a billboard on it. I'm representing the buyer. We made an offer on the land as if the billboard wasn't there and are now trying to come up with a value for the billboard. The billboard is ground leased and has 5 years left of term with no options.

Any general ideas on cap rates?

Thank you,

Mike

@David M. Thanks for the detailed post. So it sounds like the main reason we shouldn't refinance in this manner is that we could lose the LLC protection. That makes sense.

So our current loan is at 6.5% on a 3 year arm (about to expire). What commercial lenders give 30 year notes? What kind of rates are you seeing. I'll do my own research, but thought I would ask what you are seeing.

@Zach Westerfield

Any info on why we couldn't get a loan with an LLC?

Hi all!

Love this site and the members!

Question: My friends and I bought a rental house 3 years ago and it's going fine. We want to refinance into a 30 year fixed note. Is this possible?

I'm told that we can't get agency debt on a property owned by an LLC. We have a lender that has advised us to switch the title to one of the LLC member's individual name, get agency debt (30 years, 3.25%), and then switch title back to the LLC after one day. He said technically their is a due-on-sale clause but they are never activated(he also mentioned that a year ago the rules changed in favor of doing this method).

I guess my biggest question is, is this unethical? I want to be above reproach in all that I do. 

Any thoughts?

Thank you,

Mike

@Charlie MacPherson

This^

@Diego Hodge That's exactly the kind of information I'm looking for. That makes sense. Thank you.

Hi BP,

I’ve formed a relationship with an apartment complex owner over the last year or so. Long story short, he is being very kind to me in that he is going to seller finance the property. This is a 26 unit apartment complex in an up and coming area in Dallas. He’s going to carry the note and I don’t have to put anything down. Yes, he is financing 100% of the purchase. Amazing gesture by him, I know.

Due diligence aside, do you have any tips for me in regards to closing?

Do I need to get a traditional title policy from a title company? They want $10k for the title policy. Is there a way to get the policy without cutting corners?

Will this show up on my credit as a debt that I have? Any way around this?

Any and all thoughts are welcome,

Mike

@Kenneth Wang

Yes, I have found that you do qualify. No pay back.