All Forum Posts by: Chavdar Kehayov

I has been under this LLC for more than year. The banks i spoke with doesn't want to do anything on the personal side because the property is under the LLC.

Hi Guys, Could you please give me some ideas how i can get some financing. I have a free and clear property located in NJ under IL LLC. I would like to get some financing available to do two short sales cash deals. My credit is above 680. The challenge is the LLC doesn't have any credit and i can't go for a small business loan and because the property is titled under the LLC i can't do HELOC under my name. Please advise whitch way should i go ...Thank yuo

The properties are in NJ i live and work in NY.

I have a w2 job that pays well.

My CPA had done some crucial mistakes with my taxes and i am in a process of looking for a new one.

Currently i am considering all options including bankruptcy as last resort..

Hi guys, Here is my situation. I have 3 properties i stopped paying for and soon or later the bank is going to take them. Between all 3 of them the mortgages and missed payments are about 1.2m. The real market value of all 3 together is about half a mil. It looks like if the banks get them and sell them they will hit me with 1099c and this will be a total disaster for me. One of them have a FHA loan and i might be able to get away since i can claim it as a primary residence. The problem is that i have a coop in a different state and i live there.

Could you please advise me what my options are?

Thank you very much in advance.

What is the proper way of doing that. What type of paperwork is involved?

Best Regards
Charlie

Thank you for the quick respond. So just to make sure i understand correctly. It's a simple as filling up a quick claim deed and file it with the city? Do i have to put a price for the transaction?

Best Regards
Charlie

Hi, Here is the situation. I had a free and clear property under a one of my LLCs. Begging of 2009 i sold it to a friend of mine and we put the title under his LLC. Now we have a new business together and want to move this property to name of the new business (C-corp) so we can obtain some financing for our new venture. There is some taxes that we didn't pay and a tax lien against the property but we will take care of that.

What is the cheapest and fastest way to transfer ownership in NJ. Is quit claim deed what we need to do? Is there any tax issues we have to consider?

Please advise

Best Regards
Charlie

Hi guys,
I have a couple of properties on my name and I am planning to quitclaim deed them to my LLC. What makes me confused is I'm planning to refinance them after couple of months. What it is going to happen when I apply for refinancing. The loans are on my name, but the titles are on the LLC? Which credit is going to be used for the refinancing mine or LLCs? Also once I transfer title do I have to cancel the insurance and apply for a new one with the LLC as beneficiary? Last one: Is there any way to remove the loans from my name? I heard from someone that he transfer everything into land trusts and then called the credit bureau and told them the he is not the owner anymore and they removed them.
Thank you very much
Happy thanksgiving
Chavdar

thank you for your time and patience explaining in details.
Chavdar

I see this deal in completely different way. Let me explain my point of view. I get the title of the house with $0 out of my pocket assuming the underlying mortgage which includes taxes and insurance. The mortgage balance is about $228 000 and the monthly payment $2300. For the remaining balance to $450 000 we will create a second interest only mortgage depreciated over 30 years, about $1300 monthly. At closing I am going to get one month of rents and security deposits, about $8000. After one year I must refinance the house and then I am looking for a mortgage $3600 including taxes and insurance and there are still $500 left monthly for gas, water, sewage etc. I also bet on the location of the house and the area with very low vacancy factor.
In conclusion, I pay only attorneys fees to structure the deal. Get $8000 at closing and have about $500 monthly to operate the house. What I am not seeing.
Even if this deal doesn’t go trough I am more interested in structuring it. I’ll really appreciate it if you answer my questions, about the paperwork involved, my risk, and seller’s risk. How to deal with the underlying mortgage/ trust, llc/. What happened when the bank start receiving checks from me .. etc?
Thank you