All Forum Posts by: Brian Goff

Thanks Kevin. I understand the primary reason for LLC is protection of personal assets. But I already own this rental in my personal name. If the rate were lower, I'd look to do a quit claim and move it over to the LLC.

Regardless, I was asking if it's legal and savvy to have the income flow through the LLC instead of to me personally. I am the sole manager of the LLC fwiw. My intention was to minimize my reported taxable income after taking expenses against the earnings through the LLC.

I have an LLC structure, but I own a rental held in my personal name. This was done so because of loan type and rate. Can I set up my account with my property manager in my LLC name so that all income and expenses go through the partnership even if the LLC doesn't own the rental? TIA

We relocated during covid and rented instead of buying. The plan was to build, but the perfect storm of supply chain, labor and now rising interest rates have put those plans on hold. There is a duplex for sale nearby that I'm considering living in one unit and renting the other. How do lenders treat that? Would it be viewed as residential or commercial? It would be our primary residence. What kind of down payment % would be expected being that it is a duplex instead of SFH?

Randy Herron did a solid job for me. Did his plat work before going out, surveyed our 6 acre lot, quick turn around with CAD file. 

He’s out of Waynesville 

Thanks Abby!  

I'm looking at an investment rental in Henderson County.  Can anyone recommend an honest property manager in that area.  This would be a long term rental, not Airbnb.

Also, any property tax information for non-owner occupied would be greatly appreciated!

TIA

@Bryant Stokes

Palmetto Citizens FCU will do 20yr for low balance investment properties. Only caveat is they’re commercial vs personal.

@Charles Carillo

Thanks Charles. I inquired about this on the front end and the answer I got was bc each property was individually addressed, each one needed a separate mortgage. I don’t know if this was loan officer ignorance or their policy.

I own a small portfolio of rentals that I purchased in late 2018 putting 20% down and using 5yr balloon commercial loans with a local credit union. I have a rate of 5.5% on 4 and 5% on the other 3. These are ‘C’ grade properties that have lower balances on the loans. I’m looking for ideas on if I should refinance and if so, is an umbrella single-loan product even an option. I spoke to the CU but even doing a note mods, I thought the earn back on the monthly savings was kinda long. That option would have used the original valuations and not allowed for any cash out. Ideally, I could obtain a single loan for the bundle and withdraw enough extra cash given appreciation to offset the refi and possibly use as next down payment. TIA

Same here!  We have a great lot under contract and have started intro calls.  Not only is everyone very booked.....but hearing $250 and up per square foot!