All Forum Posts by: Tony Savage

Hi Chrissy,

A couple of years ago I did a cash out refi on one of my rentals with United Wholesale mortgage.  Eric maybe right, you may need to wait a little while longer before you will be able to refi.  Check with your local lenders in Florida.

Why are you charging your tenants for the repaired plumbing? Your HOA is responsible for the repair and cost of the leak. You said the leak came from under the slab. You or your tenant should not be responsible for the cost.

I agree with John, get copies of your previous electric bills, submit them to the HOA and or the utility company and explain to them the reason for the bill doubling. They may give your tenants a credit for the overcharge.

Take a look at private money Samantha. Meet with someone that lends out his or her own cash, present the deal to them (seems like it's a pretty clean deal) and they may want to work with you. You don't have to wait as long to get the funds and the terms are usually better as well. 

Hi Deano,

Put the asset in an LLC, not your c-corp. I use my c-corp for flipping so I wont get tagged with dealer status. If your buying a rental, LLC's are best.

Hi Hoa,

Heloc is the way to go! I took out a 50k HELOC last year against one of my rental properties. I'm using that capital to flip in Chattanooga, TN.

I have a 5yr draw period at a 10.95 rate.  Check out Figure, you do everything on-line and it's quick.

You may want to check with your section 8 tenant's case worker.  You rented the entire home to him/her.  It could terminate your agreement with section 8.

Chris if you have 200 properties and you had them all in LLC's the income that your properties make will fall onto your personal returns due to LLC's being disregarded entities. This makes it very easy to prepare your year end taxes. Not to mention the asset protection you have especially with so many properties. I do invest in states where LLC's are beneficial.

LLC's are not eligible for conforming loans. So I have my attorney take my property out of my LLC and quit claim it back into my name. I make the mortgage payments for about six months or so then I have my attorney put the property back into my LLC. I just did this two weeks ago.

  I know that lenders can execute a due on sale clause.  They're not in the business of taking properties back but they are in the business of collecting your mortgage payment every month.  As long you do that you'll be fine. 

To each their own.

Great Job Louisa!

What John Karg said! 

I do not sign the lease and continue to market my rentals until I have the deposit in hand. I tell the prospective tenant that as well.  It's not an executed contract until both parties sign.