All Forum Posts by: Vasudev Kirs

Thanks @Rob Howard and @David Krulac

Main impetus to buy a house is the hail damage to my primary. 

Our primary residence is currently inhabitable due to hail damage. We are looking at a new place to buy but our intent is to go back to our original primary residence after repairs which we dont know how long it will take due to insurance process.

My question is, can we purchase a new property as primary residence but then not live there for one year?

Hey @Evan Fogle I am in similar position and posted a question in real estate forums. Have you had any luck so far?

I purchased an investment property under LLC and maintain its rental income in a business account.

I am now at a point of purchasing another property and would like to use the rental income towards down payment. 

1. Are there any lenders who can approve mortgage to an LLC?

2. Is it easy to apply for cashout refinance or HELOC if it is under LLC?

3. Does LLC complicate things?

Thank you all for your wonderful suggestions.

If the rental income (that I am planning to use for some portion of down payment) is in a business account under LLC, is it OK to transfer to my personal account and then invest in a new property.

 I appreciate your response Melissa. This is exactly the kind of input I was looking!

Thanks Allie. I am only looking for turnkey properties as I don't have time for BRRRR. Does that change your suggestion?

I own two condos - one being used as my primary and the other which is an investment property currently rented. Both of these condos are paid off. I am being paid lumpsum by my tenant and I am out of clues as to what I should be doing with the 1.5 years of rental income that I accumulated. I am interested in buying a small single family house but don't know how to finance. Based on reading here, I sort of know that I need to take cash-out refinance and use that as a down payment for my future purchase. or do I need to use HELOC? I probably have more than I need for my down payment towards single family if i do a cash-out refi. Do I need to buy a bigger property if I have more than 20% down payment for a single family house like maybe a multi-family?

help me! do you have any other ideas?

Thank you, Lindsey. I am not interested in another property for a while and I am not self-employed. So, you think CD is my best bet?

Hello:

My tenant paid six months of rent as a lumpsum amount. I own a business checking account to manage rental income. I do not have any imminent capex or big ticket maintenance items (fingers crossed!)

What would YOU do with this rental income? Bank is offering me a 4.7 APY 7-month CD which is not a lucrative offer but that would be an option. I just don't like the idea of letting this amount sit in the bank and at the same time I don't want to mingle it with personal brokerage account.

Any suggestions or creative ideas?