All Forum Posts by: Patrick Britton

@Alex Palma I happen to own one of those places (through the family) and those people don't sell.  Most homes in that area are either second homes, vacation homes, and a small number are short-term rentals.  I'm speaking in general terms here, but the Keys are a crazy wealthy area and if any owner wanted to sell they'd use an agent.  Yellow letters don't appeal to that "type" of owner.  Try anywhere else in Florida, maybe the panhandle? 

@Doug Ford if possible, you might want to consider if doing the refinance PERSONALLY if possible. This way you'll be able to use a residential lender (guaranteed rate, Gold Star, US Bank, etc.,) which is MUCH better than any commercial lender out there. Of course, if you bought with an LLC that won't be doable.

Commercial lenders are usually terrible for multiple reasons and COVID-19 has put the highly levered ones on the brink of collapse (RCN Capital). Their rates are higher, their servicing is garbage and they don't employ properly licensed MLOs. I've been doing BRRRR for nearly 3 years now and wish i had never used a commercial lender (Renovo and Lima One being the exceptions).

Would I still need to file a return given the following circumstances?

1. 1. single-member LLC in Michigan
2. 2.  formed in October 2019, dissolved in April 2020
3. 3.  no purchases, sales, bank accounts opened/closed, nothing.  

Basically it was a waste of $100 but i dont want to get fined by the IRS for not filing a return.  

thanks! 

What are the pros/cons of buying a home warranty and is it even allowed/possible with rentals?  

Anyone know of the legal and tax issues arising from doing a refinance (rate/term only, no cash out) out of an LLC and into personally owned? Said another way, what might happen as far as taxes are concerned if quit claiming from an LLC into my name? And let's just assume for the moment that I own the LLC by myself, 100%.

Yes, I know corp. taxes are treated more favorably and all that jazz, but interest rates on commercial loans are much, much higher these days.  So it seems i might have a higher tax bill, but save much more on interest expenses.  

Just checking things out to see if this idea is worth considering seriously.   

Are there any lenders out there doing cash out refinances anymore? I have a turnkey rental in Chicago, need at least 75% LTV.

Property is turnkey, recently renovated, rented and ready to go!  Value is about $130k - $140k.  

My regular go-to lenders like RCN Capital, Lima One and others have closed shop on me.  

@Alex Nelson "Would contesting the city appraisal to lower my taxable property value also lower the amount that i can refinance for? Or will a lender do their own appraisal and ignore the city's appraised price? Should i contest the appraisal?"

No.  Yes and yes.  

glad to be of service  :)

What gets me out of bed?  Rage and hatred.  Embrace the dark side.

Augustin Landscaping.  PM me for contact details 

@John Clark I'm with you on the "pledge."  What a stupid waste of everyone's time.  This has public relations bullshet written all over it.  

I cannot speak to anything else that's subjective, like her ineffectiveness, but it seems there's more going on with the hotel contract than just a headline.  If $175/night is true, it's a huge win if market rates were higher at the same time.  It's unreasonable to compare pre-covid rates with current rates IMHO.  

But back to the Mayor's statement, looking at it individually:

• Grace Period for Mortgage Payments: Offer deferred payments with repayment terms that avoid immediate repayment at the end of the deferral period.  you mean, forbearance which is a good solution for 1 - 2% of landlords.  USELESS!!!
• Suspension of Foreclosures: Provide relief from foreclosure filing until May 31, 2020.  This was known before...and therefore is:  USELESS!!!
• Neutral Reporting to Credit Agencies: No reporting late payments to credit reporting agencies, consistent with applicable guidelines, for residential borrowers taking advantage of COVID-19 related relief, provided that loans that were delinquent prior to deferral will continue to be reported as delinquent.   It would be far more important if mortgage servicers all agreed, in writing, to this.  otherwise it has no teeth:  USELESS!!!
• No Late Fees for Missed Payments: Provide relief from mortgage-related fees.  again, what about the mortgage servicing companies!!!  USELESS!!!