All Forum Posts by: Ruben Pereira

Ruben Pereira has started 8 posts and replied 16 times.

Originally posted by @Arun D.:

Moving a loan to an LLC isn't going to really matter to the lender its still going to come down to your personal ability to get a 2nd home loan thru your personal income, credit, etc. LLC is more for protection from lawsuits or partnerships.

Then the LLC never becomes an independant financial entity, even if it holds income? Thank you!

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Originally posted by @Bob Okenwa:

You'd have to refinance the loan in the name of your LLC, and that loan would be a commercial loan with inferior terms (shorter amortization, higher interest) than a standard 30-year mortgage.

I don't mind the interest adjustment, Does the LLC need to prove itself able to sustain the payment of the loan? Or it will depend on my personal finances, in which case I'd need to prove that I can have those two mortgages

Bob, thank you!

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Originally posted by @Benjamin O'Brien:

I am not an expert and I am still learning and growing. I have 14 homes. I started with my own personal home. Then I purchased 9 more using conventional mortgages. I purchased each of these homes in my own name and then quit claim deeded them into my LLC. Like I said, I'm not sure if this is the best move, but it is how I did it. I then used the income from the 9 homes to pay off mortgages and each time I pay off a mortgage I purchase a new home with a conventional loan.

I have not had an issue with having the mortgage in my name and the homes in the LLC, although I have heard that others have run into issues with this. At one point the mortgage company wanted to know why my name was not on the insurance policy for the homes (it was in the name of my LLC), and at that point I spoke with my insurance agent who added my name back to the policy along with the name of the LLC.

Best of Luck.

Thank you! Two questions, Are your 14 homes under the same LLC or you got a new one for each? Did you have another source of Do banks count income coming from your own LLC?

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I want to take a leap to get a second house, Can I move my current loan to the name of my LLC and then free up space to get another loan under my name?

Thank you

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Hi BP! I’m working a realtor that works with a broker, but seems like sometimes I send him a deal, “sorry, it’s sold already” Feeling he is seeing his bigger clients some of the deals I find. How to know what’s going on?

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Thank you!! I didn’t know all were posting, app kept crashing

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Thank you Caleb, listed at $120K and it’s in good range with market, is it better to have more option money than earnest money?

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Hi BP! Two questions, this is my second flip, completed the work in the house, I’m selling and an offer came up with $115K Total $1300 Earnest $100 Option (7 days) 45 days to closing I think it’s too long for the closing, why would a buyer want so long for closing, and which is more important to have higher Earnest or Option money? Thank you!

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Hi BP! Two questions, this is my second flip, I’m selling and an offer came up with $115K Total $1300 Earnest $100 Option (7 days) 45 days to closing I think it’s too long for the closing, why would a buyer want so long for closing, and which is more important to have higher Earnest or Option money? Thank you!

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Hi BP! Two questions, this is my second flip, I’m selling and an offer came up with $115K $1300 Earnest $100 Option (7 days) 45 days to closing I think it’s too long for the closing, why would a buyer want so long for closing, and which is more important to have higher Earnest or Option money? Thank you!

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All Forum Posts by: Ruben Pereira

Ruben Pereira has started 8 posts and replied 16 times.

Post: Can I move a loan to my LLC to free up space for a personal loan?

Post: Can I move a loan to my LLC to free up space for a personal loan?

Post: Can I move a loan to my LLC to free up space for a personal loan?

Post: Can I move a loan to my LLC to free up space for a personal loan?

Post: How do I know if my Realtor is taking my deals?

Post: Buyer asking for long closing time? Option or Earnest Better?

Post: Long Closing Time | Which is better Option or Earnest?

Post: Buyer asking for long closing time? Option or Earnest Better?

Post: Long Closing Time / Which is better Earnest or Option Money?

Post: Long Closing Time | Which is better Option or Earnest?