All Forum Posts by: Jeff S.

Ok, so I am now confused about the ownership of the house. Once I paid the transfer tax into an LLC, so I personally own the home or does the LLC. The reason I ask is that in trying to do a cash-out refi, is the house still personally owned by me so I can do a non-corporate cash-out refi or is the corp way the only way to go? For example, if I was to get a HELOC on it, would it be a traditional HELOC, but he LLC makes the payments or is it a corporate loan instead? Sorry for all the questions, this is the closest to a BRRRR that I have ever done and don't want to mess this up.

Thanks in advance. 

Meet Kevin from Youtube.

UPDATE: Door #1 (SFH - 2bd/1ba) is owned free and clear and is owned by the New Hampshire LLC it resides in. We are looking to do a cash out refi to purchase another property. Any suggestions on best bank or credit union for doing this. We do not want to us any personal money and want Door #1 to buy Door #2. I'm assuming this means a corporate cash out refi loan. Any suggestions appreciated.

Brian, I would recommend that you do one of the following: A. Sell your house, buy a duplex and live in one half while renting the other half until it’s paid off. Then do the same thing again. B. Refinance your house and cash out your equity and try to buy rental with cash. Personally, I like plan A.

Aaron, what part(s) of EUG are you looking?I’m over by the University but would be happy to help. I’m looking at foreclosure homes in around College Hill.

Wait til rainy season is over and let them know rent is going up $150 and that you will be putting in new carpet. The tenants might like the new carpet and be ok with rent increase. Or they could leave but then you have a rental available in June/July or just after rainy season.

I like to go on Trulia and search for SFH rentals in an area. I do the same for Craigslist. This gives me an idea of what others are asking for similar properties. If an area I like has a lot of available rentals I then see if my numbers work as lower price.

From what I read in local newspaper the city wants to allow garage conversations and lower building requirements. Basically property hacking with the need to live on site.

Grants Pass, Oregon wants more housing built. Problem is they want more rentals priced between $500-600 for 2-3 BR. http://ijpr.org/post/housing-committee-works-spur-building-grants-pass#stream/0

What options for finance would be suggested for getting a loan with little $ down? I have a house worth $190,000 that will is mortgage free. It’s in an LLC in New Hampshire. It’s rented for $1250/mo. Thanks in advance for your advice.