All Forum Posts by: Sandhya Gorman

@Kevin I have 28 years left on the mortgage and plan to hold the properties at least for the next 5 years.  I’d start over with a 30 year refi so @Guifre Mora does that change the math?

@Kevin Sobiloundefined

Do a personal loan for best rates. All of the responses above are correct. To add, after you close, you can work with your title officer to do a "Quit Claim" to transfer deed from your name to the LLC.

Hi Joe,

I formed an LLC to protect my personal assets when buying property. From my understanding, a lender will charge a LLC commercial interest rates versus individual home purchase interest rates. Commercial rates are typically higher than individual home loan rates. Further, if your LLC has no track record of income, as it was just formed, you may not even be able to get a loan. That said, you can buy under your name and then once the property closes, you can do what is called a "Quit Claim" to transfer the deed to your LLC. There may be other ways, but this is what I am aware of. Thanks, Sandhya

Hi,

First time investor here.  I purchased an older property and the inspection I commissioned said the roof has a few missing singles and the missing shingles should be replaced.   There is also a note that the in my report that says there should be "further evaluation" of the roof due to discoloration of the roof sheathing as seen through the attic.  However, the insurance inspection is requiring I replace the entire roof!  I suppose I could find a local insurance provider who might be able to insure the property or shop other national insurance providers.  

I'd appreciate any guidance and insight on my situation.  Replacing a roof is expensive but I'd rather have it done sooner rather than pay more for insurance (assuming I can find alternate coverage) if the roof truly needs replacing.  Thanks in advance, Sandhya

This event sounds great but unfortunately I cannot attend.  Will there be a presentation available for download post event?  Thanks, Sandhya

Thanks Cole- like any salesperson, a broker might use pressure tactics.  It isn't very often that I come across this and thanks for your helpful feedback.  

@AndrewPostell- thanks for the wonderful feedback.  I contacted Wells Fargo and they can do letters for each state/area.  However, let me ask you this...do your customers typically shop around for lenders?  There seems to be an unspoken rule that if you talk to a lender, you'll do business with them.  I like to shop around and not be tied to the first person I talk to.  I'd appreciate your insight.  

Thank you Andrew- your response is helpful.  -Sandhya

I mentioned this in my last post, but thought it might get lost in the shuffle, so I am posting under a different subject line.

I am looking at several locations (over 10) for my next rental property.  Can I get a blanket approval letter or do I have to go to a local lender in each area for a pre-approval letter?  Let me know if I can use a national bank or if there is some other way so I don't have to fill out so many applications.  Thanks!

Hi,

I am considering several locations (over 10) to invest in my next rental property.  As such, I'm contacting mortgage brokers and filling out loan applications to get pre-approval letters.  Will this impact my credit score?  Is there a way to get a blanket approval letter from one national lender versus having to go to each local lender for a letter?  Any insight is appreciated!  Thanks, Sandhya