All Forum Posts by: Chris Redfield

I'm currently at 5 doors and seeking to add another soon. These first 5 are currently owned by my wife and me, but want to evaluate the pros and cons 

For those that own properties under an LLC, do you have an insight you can provide on the questions below?

1. How do you transfer ownership of a paid-off property from a person to a business, and is this smart to do?

2. I previously had a bank that would not lend to my LLC and required that an individual be the lendee. Is there a reason for this and manner of getting around it?

3. What are the biggest reasons to title under an LLC?

4. What are the biggest reasons to title under your name?

5. What are your personal thoughts and experiences that could help me and others that are still new to this?

Thanks for any help!!

I discovered BiggerPockets through the Spotify podcast and have become hooked, listening to 2-3 episodes each day and catching up on old shows.

I currently have 3 rentral properties for a total of 4 units, in addition to my primary home. Two rentals are condos and the final property is a mixed-use property where the first floor is a commercial space that I use for my own business and a second-floor apartment.

The first condo was purchased in 2007 is paid off and valued at about $60k. 

The mixed-use property was purchased in 2017 and is valued at $160k (I'm estimating at the low end but could be as high as $200k) with a mortgage of $67k, joint with my wife.

The second condo was purchased in 2019 and is valued at about $70k with a $48k mortgage, joint with my wife.

My primary home was purchased in 2013 and is valued at $150k (estimated at low end but could be as high as $170k) with a mortgage of $75k, joint with my wife.

A few additional details:

I have a credit score that fluctuates from 760-810

I have no other debts other than the two mortgages stated above

I have access to a credit line of $85k at an interest rate of 6.25%

I have roughly $25k in cash that can be used

I want to grow my property portfolio quicker with condos in the $40k-$70k range and have additional questions. 

1. How would a traditional bank look at and treat me considering I have three mortgages? Would I be considered for a fourth, fifth, etc.?

2. What mixture of cash/financing would be suggested in order to purchase additional rental properties?

3. Are there any sources/institutions of financing that are recommended?

Thank you so much for any help and guidance!