All Forum Posts by: Ali Hall

Can i do a quit claim form even if he still has a small balance on the Mortgage?

Thank you all for your recommendations..

Hello ALL,

My dad has a property that has been in the family for years, it has tons of equity. He is considering selling this property and i am interested in taking control. Is there a way i could take over control of the property and refinance it into my name????

Perhaps if i am added to the deed of the home.

From my understanding, a commeracial loan under an LLC would completely remove it from my personal. It would also remove my pmi. The removal of the pmi would balance the increased rates.

It cash flows well, I just want the ability to move forward onto other assets

I have a tenant lined up to replace me, would that scare them away if there is a new tenant?

I plan on moving out at the end of this month if possible, and all goes well with this process 

thank you Justin,

That you covered everything. yes as you stated i would like to clear my personal credit so i can move forward with another mort with out having to put to much money down, and i would also like to remove my PMI from my current personal mort.

i have some equity, the home is worth 250k and i currenly owe 168k. 

Thank you for answering all of my questions

Hi,

I am fairly new to this concept? However, i think there is great opportunity in this market i am with lots of under managed apartment buildings. any one have any experience here? 

Hello,

Has anyone on BP been able to take the residential loan and refinance it into a commercial loan? Someone from BP provided me with this idea and I am wondering has anyone successfully performed this. I have a few questions below.

-What are the loan requirements?

-How expensive is this process? (Fees, appraisal, rate increases, Insurance etc)

-IF there is an LLC created and this is able to happen, is it still reported to the credit bureaus on your personal report?

-Can you provide a brief overview of your experience?

Thanks to all whom participate 

Hello guys,

I considered a heloc but had some difficulty with getting it with a multi family unit home. i am not sure why.

the cash flow with me moving out is 1570 on this property, (which is why i would love to keep it) and getting rid of the PMI would only help me the cash flow another 100 a month. i will look into an heloc

Thank you

not that i know of, i was told i could only get a heloc on a single family primary residence

Yes you are right.

I wAntes to hold on to this assrt if possible, but it looks like a sale would really help me advance