All Forum Posts by: Tom Dieringer

Nice job @Katie Phillips!

Obviously I don't know the size of your house, but assuming 1050-1250sf?  If so, $15K seems like a great deal for floors, paint, exterior paint, Hvac, countertops, fixtures.  Would you mind sharing your contractor?  I'm in BA too and building my vendor list.  Happy to share back.  Feel welcome to post or PM.

Also, at that price, was it in need of any foundation piers from all the sinking soil around there?  I've notice a lot of discounted houses in need of that to varying degrees.

Regardless, that's a nice long distance starter - Congrats.

I have a personally owned SF rental property (my name on deed, my name of mortgage) that I want to transfer via quit claim to my wholly owned, disregarded entity LLC. I preemptively checked with the lender to see if they had any issues with this. They are are fine with it with one exception - I still need to leave my name on the deed. I can add whoever I wish, but my name needs to remain.

I'm doing this for legal protection. I do already have a personal umbrella to back up my rental property insurance. I just wanted another layer of protection. In my opinion, keeping my name on the deed negates the protective benefit of the quit claim transfer and holding the property in my LLC. Am I missing something?

If I'm correct and there is no/negligible benefit, does anyone recommend having an additional umbrella just for the LLC?

Thanks so much for your thoughts.

Sounds like early signs of a professional complainer/blamer.  While you have to be willing to listen and admit your own faults, you also have to be willing to stand firm upfront otherwise this type of person will walk all over you.  I agree with @Ryan Garrison She's an adult, she should have noticed on walk through or simply asked. 

The old "I'm blaming you for not telling me what I failed to determine myself", particularly for an easy to remedy, short term issue is a bad sign that she will try to bully you later on. Definitely politely stand firm, don't take the blame but just focus on the solution, and if she doesn't get it after your initial response, offer her early release option (hopefully with with a fee) and let her decide if she want to pay or play.

I had to do this with a recent renter who had a proxy of their choice view my property and then complained of trivial issues (a door being a little too tight, loose thermostat cover, etc) upon taking possession.  I stood firm, reminded them that their chosen proxy was allowed as much time to view the property as needed, then told them if they were truly disappointed they could pay the early termination fee.  They've been quiet and sugary sweet since  :) Good luck.

Just a quick shout out to Rivermark Credit Union in Portland - lending 90% LTV, no fees beyond appraisal, and very quick turn around. 1.24% over prime - I got a little lower rate on my out of state HELOC on a rental but still a very fair rate.

I had applied with my primary bank and current mortgage holder, Key Bank, and for the second time in 2.5 years, their chosen appraiser grossly undervalued my primary residence. I know there can't be collusion between appraiser and bank but that said, I know that since they would be holding both the 1st and the HELOC, they aren't wanting too big of a valuation for the HELOC. I suspect their chosen appraisal company knows who butters their bread and doesn't need to be explicitly told that the lender doesn't want excessive exposure. Both times in this scenario their chosen appraisers have appraised at 20% below what the other appraisers have eventually determined. Fishy.

Regardless, Rivermark is great to deal with and the 90% LTV is fantastic. I just got 365K of easily accessible funds to supplement my rental property Helocs and my own available cash, basically eliminating my need for accessing hard money for any size deals I'm currently comfortable pursuing.

Red Canoe Credit Union in Washington and Oregon, capped @ just under $50K

With a commercial loan, as it approaches the end of it's term and assuming you have been managing the property well and profitably, is it both reasonable and common to be able to refinance the remainder with another commercial loan?