All Forum Posts by: Becky Hoffman

@Becky Hoffman If one member of the LLC does not care to have any claim to the property as you describe why can't the partner merely be removed from the LLC. The 2024 business return can reflect the change of ownership to two 50% partners (or however the ownership interest is split between yourself and the other remaining partner)? A huge wasted expense re-titling the property to a new LLC.

Yes, I hadn't thought about the fact that I would have to re-title the property - way more work than it'd be worth!

0 Votes

Houston, Texas

Yes, I think I can do that. To be honest I wanted to dissolve that LLC mostly because I didn't want to continue paying all the annual fees associated with it. 😉 Depending on the difficulty and expense, I was hoping to put that property under one of my other llc's. It was just a thought.

Thanks!

0 Votes

Houston, Texas

Quote from @Chris Seveney:

@Becky Hoffman

I would not change the name of the LLC but do a dba so you do business as one name but legally your LLC name does not change

So I would need to keep that LLC as long as I own that property? Doing a DBA is a possibility.

0 Votes

Houston, Texas

Myself and two partners purchased a buy-and-hold under our LLC. One partner has gone out on his and lays no claim to that property at his request. He is now not considered a partner on the LLC. My preference would be to rename that LLC and exclude the absent partner. When it comes time to sell this property, what will happen then?

0 Votes

Houston, Texas

Quote from @Gil Wildridge:

500 SF is pretty small, so that may the reason for other lenders, but I'd try a few different ones or try a credit union if that doesn't work. Have you done DSCR before and are you using the same lender if you did?

This is my first DSCR

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Quote from @Mary Ainsworth:

Quote from @Michael Palma:

I am looking for funding on a particular property that we would like to rent out. It's 474 sq ft and I have spoken to several hard money lenders and they seem to have the min sq ft at 480. I am in the process of some of them trying to work with me on this, but I am curious if anyone can recommend a lender that doesn't have this requirement, or if anyone has dealt with this before.

Hi Michael, I sent you a PM! I think I can help

Dear Mary, I am having the same issue with one of my rentals. I'm trying to qualify for a DSCR loan but the property is too small. (500 sf)

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I'm going through that exact same thing right now! If you find a lender please let me know!

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Quote from @Michael Palma:

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Quote from @Rick Pozos:

Try a different lender. Maybe find a broker who has access to different companies. Someone will lend on the property.

I have used 3 different brokers who shopped around for me. Once we get to the size of the house it's a no go.

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Quote from @Rick Pozos:

Try a different lender. Maybe find a broker who has access to different companies. Someone will lend on the property.

I have tried 4 different lending companies. They all say 700 sf or more.

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All Forum Posts by: Becky Hoffman

Becky Hoffman has started 6 posts and replied 21 times.

Post: Question about my LLC

Post: Question about my LLC

Post: Question about my LLC

Post: Question about my LLC

Post: I can't get a DSCR loan

Post: Hard Money Lender for a 30 year fixed rental loan- Under 480 sq ft. (474 sq ft)

Post: Hard Money Lender for a 30 year fixed rental loan- Under 480 sq ft. (474 sq ft)

Post: Hard Money Lender for a 30 year fixed rental loan- Under 480 sq ft. (474 sq ft)

Post: I can't get a DSCR loan

Post: I can't get a DSCR loan