All Forum Posts by: Marques J.

@Donald S.

Say you buy a property with private money and take title in your LLC (which helps prevent dod frank requirements as its a commercial loan). As of yesterday the time the property spends titled in the LLC name counts toward the 6 month seasoning requirement for cash out refinances if you are the majority member of the LLC.

Before yesterday you had to change title to your personal name and wait 6 months longer to get conventional cashout refinance.

This doesn't really change the fact that you cant close conventional loan with title in an LLC. (Although I did see some changes on that also but as a rule its not allowed).

Make more sense?

Wonderful news for those looking to cashout refinance a property seasoned in majority owned LLC.

I have owned a property in a single member LLC for over 1.5 years. When I went to refinance I was told the seasoning while in the LLC name didn't count towards 6 month cashout minimum seasoning. That WAS the case until yesterday.

Cash-Out Refinance Waiting Periods for Properties Owned by Limited Liability Corporations On November 8, 2017, the Servicing Guide was updated to allow a post-origination transfer into a limited liability company (LLC) under certain conditions. In acknowledgment of this change, the waiting period prior to a cash-out refinance transaction has been clarified in the Selling Guide. We will now allow time held in an LLC that is controlled or majority owned by the borrower(s) to count towards the borrower's six-month ownership requirement. Effective Date This clarification is effective immediately.

https://www.fanniemae.com/content/announcement/sel...

Best Equity

89k purchase for 4 bed 1 bath in Medford Oregon.  First walk through I found the house burned heavily in 1987 and rebuilt to new code minus some plumbing and kitchen (probate had no idea). New roof system with trusses, New drywall, insulation, HVAC with ducting, wired smoke and CO in a cool 40's cottage all completed already.  Worth 195k-205k in less 1 year.  15k rehab I spent.     Rents for 1330 a month.    100k rough in equity, it made money monthly day 1 even with 12% private money loan before refi. 

Best easy money

Cashflow day 1. Empty lot in Medford OR with a 900 Sq ft shop. Purchased for 55k owner carry and rented shop for 900 a month day 1. Payment is 230 mo. Next I will build the rental unit that will rent for 1300-1600.   No water or sewer on property. No maintenance at all minus deferred.

Best Flip

91k Purchase 4/2017   Sold 199k full price offer in 6 days 9/2017 in Grants Pass OR

Property is rehabbed. Retire, Oregon style? I am selling a wonderful 2008 built property on Schumacher St. in Cave Junction Oregon home of the Oregon Caves a national monument. The beautiful Oregon coast is also not to far away. Located in a Gated community with private Illinois River Access for the HOA this 4 Bedroom 2 bath, 1800+ sq. ft. boasts 9 ft. ceilings and vaulted great room. 3 car Garage with RV parking. Illinois Valley is also known for wine, tourism, crystal clear Illinois River.

New Houses are being built in a couple close by sub divisions and they sell for more then this one but way smaller lots, smaller sq. footage, smaller garage. House down the street is listed at 329k. Lot has mature trees and it is .89 acre. HOA protects the integrity of the community as well for only $25 a month.

Master has Jet Tub and Full size stand up shower.
Fireplace with tile also.
This could be a flip, rental, vacation rental (due diligence required) or a vacation/2nd home. Cave junction is a close knit small community in Oregon served primarily from Grants Pass Oregon.

Thank You

PeopleFirst Properties

I grew up in Grants Pass and have rentals there.

There is high demand for rentals and SFR sales just like everywhere else along I 5 corridor.

Kitchen

Leased 4 Bedroom house and a second income stream via Leased above garage studio in beautiful Hudson Ohio. House is rented at 1350 and is under market. Studio is rented at 650.

I just did a full rehab on this property. It is stabilized and turnkey with property management in place. It appraised for 220k last year.

Hello Mary, Thanks for posting. I invest all over but Medford is my base. I just picked up a property in Kfalls as well.

I am king of leverage lol, Just ask me.. What I would recommend is starting with the safest, cheapest, most advantageous credit. Home Equity LOC. I am not sure how familiar you are with all the different options but a HELOC is a GREAT tool. Also you technically are only using leverage from your own equity you built and interest can sometimes be a tax write off . I started with a 64k HELOC and a 50k unsecured LOC. I have low debt and good income to handle the monthly though. I would always keep an eye out on your Debt to Income. That's a quick way to slow down the investment train.

This is of course if you have equity in your primary. The Lines of credit change substantially on a rental but its still a nice tool. Only pay for what you use and startup costs are low. Prepayment penalty are usually low.

Rogue Credit Union is a great HELOC source.

Thanks for the tips.