All Forum Posts by: Ben Habig

Have a rental property in Texas listed with an agent, and they are giving me a lot of push back on including anything about the returns we get.  This is a mid term rental and I receive substantially more than surrounding comps for monthly rent.  Essentially, this single fact is where any premium is derived for the price of the property.  The agent doesn't want to mention anything for fear of liability.  To be clear, I am not asking to put price of rent, or even list metrics for some sort of ratio in the listing.  I am simply asking to include something like, "unit has brought in rents well above market rate year over year" or "unit is cash flow positive".  Right now agent is just putting something in the "private notes for agent section" that says "contact agent about rent details".  So the keystone piece of the property is buried at the bottom of the listing.  

Would like to hear anyone's thoughts who have experience selling rental properties in Texas.  Thank you. 

I currently have two mid term rentals I have been renting out in Dallas for several years now, and find myself having issues with one of my renters.  I am looking to educate myself on the eviction process and find legal help that is reputable and experienced with this process.  Suggestions of good resources are welcomed.  

Quote from @Jay Hurst:

Quote from @Ben Habig:

I currently own a rental property out right that I would like to refinance to get my cash back out of it for another purchase. I would like to put the property in an LLC when I do for liability reasons. However, my research thus far says I can not get a 30 year mortgage with an LLC. Without the 30 year term, this move becomes much less enticing. Is there something I am missing? I have looked into getting the mortgage in my name, and then transferring to LLC after mortgage is completed, but I get mixed reviews on this as being a bad idea. How do I accomplish both outcomes?

 @Ben Habig You can get a 30 year fixed cash out loan vesting in a LLC. We do it every day. However, it will be personally guaranteed and have higher rate/costs then a conventional loan. OR, you can take out a cash out conventional loan close in your personal name then move it over to an LLC after the fact. Fannie Mae transfer to LLC

Jay, if I close in my personal name and then move to LLC, can't the lender "call the mortgage in" at anytime, or something such as that? Making the situation risky? Perhaps its only certain lenders, or I am misinformed.

I currently own a rental property out right that I would like to refinance to get my cash back out of it for another purchase. I would like to put the property in an LLC when I do for liability reasons. However, my research thus far says I can not get a 30 year mortgage with an LLC. Without the 30 year term, this move becomes much less enticing. Is there something I am missing? I have looked into getting the mortgage in my name, and then transferring to LLC after mortgage is completed, but I get mixed reviews on this as being a bad idea. How do I accomplish both outcomes?

I currently own a rental property out right that I would like to refinance to get my cash back out of it for another purchase. I would like to put the property in an LLC when I do for liability reasons. However, my research thus far says I can not get a 30 year mortgage with an LLC. Without the 30 year term, this move becomes much less enticing. Is there something I am missing? I have looked into getting the mortgage in my name, and then transferring to LLC after mortgage is completed, but I get mixed reviews on this as being a bad idea. How do I accomplish both outcomes?