All Forum Posts by: Rocco Swinney

I have four rentals at this time, which all i try to buy with no to little work needed. My plan is to hold them all for long term renting

I bought one property, which i fixed up and flipped - then sold. It worked out well, but It was very time consuming. I think this is the way to go when you have the knowledge and time, but i rather spend the extra money for less work and/or spend more hours searching for the best deals

hi Doran! I appreciate you responding. I havent dealt with hard money lenders nor am i exactly sure how the process works with them to be honest. It does seem like they charge super high rates from what i have seen online though

The lenders ive used are more smaller end banks, which exist in pa or only a few other states too.

Are you saying the LLC route typically only works with hard money lenders? Or there is a difference between the below:

1. banks

2. lenders

3. hard money lenders

If so, it sounds i need to find 2., which is in the middle of the banks (strict) i use and the hard money lenders with high rates

thanks

Hi - i have been a landlord for a few years now and have few properties. I have been obtained them all under my name. I have used a couple lenders (no large banks) for these mortgages.

I was interested in starting an LLC and reached out to the lenders to see how it works with obtaining a mortgage (new properties id be interested in) under an LLC vs. my name. All of them (three) said they wouldnt be able to provide the mortgage if i wanted to purchase

Is this typically the case and one needs to use hard money when they have an LLC or did I just have an unlucky streak with the lenders i use?

Appreciate it

Correction - Can i still deduct interest from rental 1. 80k loan and rental 2. 150k loan?

Hi All! I purchased a condo unit about 8 years ago as a primary residence. I aggressively paid it off (while i lived there) before i made it a rental and have been renting it out for the last few years.

I was interested in doing a cash out refinance on it to purchase a few more properties. My question is does this impact deducting interest in anyway on this current property of any new property the cash is used for?

Ex. Say the property is now worth 200k. I do a cashout refinance of 80k and use 50k of it as a down payment on another rental that was 200k (total loan 150k)

Can i still deduct interest from rental 1. 80k loan and rental 2. 160k loan?