All Forum Posts by: Mike Burkett

@Kirk Johansen So many questions. Do you have other cash available for the downpayment? Can you qualify for a HELOC? Where is the property located? Are you the sole owner? What are you real estate goals? How much cash will that require? You should talk through all these questions with a lender familiar with real estate investing.

@Daniel Mendez  Daniel, I don't have enough information to accurately answer your question.  However, if you're goal is to get the best rate and terms and you can qualify for a conforming Fannie/Freddie loan, I would have the property in my individual name.  

@Austin Kelly  What are you wanting to buy?  What are you wanting to do with it?  Where are you buying? 

@Jason Smith  I'd recommend Kim Stallings over at Heritage Risk Advisors.  Great insurance agent and she is also an investor.  Tell her I sent you.  

@Kenneth Kussman  You might try my good friend Timothy Nolan at First Choice Loan Services in Dallas.  He is excellent and has an amazing staff.  Tell him I sent you.  

@Melvin J. Joseph We pre-qualify our clients and issue proof of funds regularly to our clients if they intend on buying the property. I can't tell from your post if you are buying the property yourself or wholesaling it. If you do have the funds to qualify for a hard money loan, you should be able to get a POF.

@Samson Tefera Read your loan docs. There should be some language in there stating the terms for extending the loan. I agree most lenders don't want to foreclose. As to the refinance, if you intend on using a conventional Fannie Mae loan, they will not close the loan in the LLC. You can deed the property into your personal name if you choose prior to closing. Otherwise, leave the property in the LLC and close with a non conventional commercial loans. Rates will typically be a little higher.

@Kyle Robichau  In your area, we are seeing 2% origination fee.  Since this is your first deal, the interest and the amount of the loan will depend on a few factors including your credit score, amount of cash you have on hand, and whether you have other recurring income.  

@Christian Salvo  Go to MeetUp.  Search real estate, Dallas.  There are several of them.  Not all of them are trying to sell you.

@Brandon H.  2 years is plenty of seasoning time.