All Forum Posts by: Ann Marie Rosen

@Alexis Smithfield

How are STR in Sarasota/Bradenton?

In my experience, most HMLs require you to close in an LLC. It says you already closed. But it also says you paid cash and used a HML. Can you further clarify your desire to move into an LLC and whether a HML was used since you paid cash? Thanks!

If you PM me, I will send you to someone who does residential mortgages since this is owner-occupied.  This is not my area of expertise but I have a friend who may be able to help you.

Sterling, I can make some recommendations for you if you are still looking.  PM me.

If you add some more details on the financials for the deals and what state they are located in and your credit, other BP folks can recommend some lenders for you potentially.

In my experience, you would need to let a new lender before in the first lien position or, as you note, sell your other deal and then have the same investor fund the rehab.  Good luck!

What's your credit score and I could potentially send you some options as well.

Agreed.  I'd be more concerned about the double set of closing costs and time involved to refi if it's not necessary.  But, sometimes it is to go from a flip loan to a rental hold loan, if that is what you are doing?

Agreed you should get a bank loan first if possible.  If you cannot because of number of investment properties or because many banks will not do short term flip/rehab loans, I can make some recommendations to you if you'd like based upon my experience.

Many private investors and hard money lenders will ask you to close in the name of an LLC (or corporation). But, I wouldn't worry about that because you can set one up in Florida in 24 hours on an exepdited basis (I have done this). Rather, get your deal under contract and your funding secured and set up your LLC before closing. How much cash do you have to bring to close? My company would not be able to help you if you don't have that amount down but I have a friend who works at a bank and may be able to go so. If you message me I will ask if it's ok for me to give you his contact details. Thanks!