All Forum Posts by: Benjamin Rodriguez

@Eric La Pratt Same here.
Would also be interested in recommendations as I am looking for someone to do removal when I leave town in the winter. Any recommendations are welcome. 

Thanks for the advice gents! 

@Francis Rusnak - So are you saying to refinance out of current FHA into the 30 yr conventional in my name first and then transfer title thru QCD into my LLC after 6 months? Would I be able to transfer title to my LLC after refinancing if there is a due on sale clause?

The current mortgage is in my name now but Im trying to refi out into the conventional while at the same time transferring title into my LLC, all for the same loan terms the refi lender locked me in for if it was only under my name and not the LLC.

Hi Everyone,

I'm in the process of trying to refinance on my four unit building from my current 30 yr FHA loan to a 30 yr fixed conventional.

I initially began the refinance under my name with a local bank who is a portfolio lender and locked in a rate in the low to mid 3's for a 30 yr conventional loan. However, I then requested to refinance title under my single member LLC, which I established earlier this year. When I informed the lender of this, they changed their terms and told me that if I wanted to refinance under my LLC it would have to be done as a commercial loan with only an 5 or 7 yr ARM or 15 yr fixed for a half point higher than my locked rate residential quote.

My question is do other lenders require residential 1-4 unit properties to be refinanced as commercial properties when transferring title under a single member LLC? Are these properties no longer considered and refinanced by lenders as residential conventional loans with loan terms equivalent to non-LLC borrowers?

Any advice on this would be greatly appreciated.

Thanks,

Ben RodriguezEZ Property Group

@Mark Killion great information! Thanks for sharing.

I am not in one of the current ADU pilot areas. However, I currently own a pre-1950's built grandfathered 4 unit in a RS-2 zone on the Northwest side. The property has a main building with two conforming 2/1, one non-conforming 1/1 garden unit which I recently renovated with upgrades, and a non-conforming CH over the garage. The units are separately metered for utilities and CH unit sewer and water connected to main lines.

The property has received three prior inspection and zoning board certs upon sale, including my 2019 purchase, zoning it as a legal 4-unit even though the area is county zoned as RS-2. 

Assuming that ADU area expansion occurs after the initial pilot phase, how would the new ADU ordinance affect my property?