All Forum Posts by: Adam Anderson

Hi Andrew Ceris, There are several local NJ banks that loan in the name of an LLC for smaller properties. I have a few SFR properties in LLCs in NJ. If you email me I'd be happy to forward the contact info for the banks I've used. Adam

Very nice! Congratulations! Where will the next one be?

What town?

Hi Chris, I have been using one in NJ I'd highly recommend and be happy to provide the details if you PM me Adam

Hi,

I'd be happy to recommend mine, email me and I can introduce you

Adam

I have a property with them and the overall experience was pretty good, the agent I used left their group though

Hi,

You don't have to refi the FHA loan to rent it, you can keep it until its paid off if you want to. Your estimates look reasonable. The one question I have is about the utilities and heat. Are their 2 furnaces and separate meters? I often see these 2 families on the same furnace which world mean you have to pay for the heat for both units unless you do some work.

I think you might have a hard time refinancing in 2 years to remove the PMI unless you pay down the mortgage. Although its not impossible, I think it world be unlikely there would be 20% equity in 2 years.

Adam

have you tried any other lending sources? It shouldn't be that difficult to get $14k from a more conventional source like a Credit Card, personal bank loan or LOC.

If those are no good for you, check out Lendingclub and Prosper. They specialize in small loans.

sounds suspicious, in my experience you shouldn't have to pay anything upfront.  Any fees should be paid at closing.  The one exception to this might be an appraisal fee.

You might want to get a few references from the lender before you proceed.

Welcome @Paul Schackman,

What area is your property in? Is it a flip or rental?

Adam