All Forum Posts by: Clayton Silva

A few things here:

When you say a business loan do you mean: 1) a business line of credit 2) a DSCR loan that closes in an LLC 3) a full non-recourse loan with your business as the guarantor?

Each one is going to have different requirements based on your goals. Most people mean they are looking for a loan they can put in their LLC similar to a DSCR loan and there is very little that is needed for that loan type and we do them all the time. It really depends on what you are trying to do.

Hope this helps!

This is an unfortunate situation that happens pretty frequently.  You have a few options: 1) do as you are and let the tenants pay the difference so you may not make much if any profit, but they will pay the shortfall.  2) You can typically contest the assessed value of the home with the county.  ESPECIALLY in this market with home prices falling a bit in some markets, and affordability going down, you probably have a decent case against the county to get the assessed value reduced a bit so you don't have the shortage.  3) You can pay the difference in full up front like you mentioned

I would at least give the county a call to see what the process for contesting looks like

Typically, funds and syndications are going to be taking down larger projects like 50+ unit apartments or something. I have not personally seen or heard of funds that are doing individual BRRRR deals.

I would love to connect about this.  Depending on your appetite and means, we may have a deal for you that needs a 2-3 year bridge.  It's a pretty heft loan amount though.

We have access to DSCR lenders that can do rural properties. I am working on 3 rural cash outs right now actually. I know how frustrating it can be!

Hey Roshan, a lot of our clients are doing BRRRRs in the Bay Area.  Being part of the David Greene team means we've seen a ton of them and would love to help you get started!  Generally, a lot of them have used either hard money or house hacking to get into the properties and then they do live in flips or true BRRRRs depending on their financial situation.

 Agree 100% this is probably the best advice.  Again, these are just my personal thoughts and not in anyway legal or tax advice.  I would always recommend consulting professionals in those areas.

 You pay it to your dad or you pay it to the bank directly?  It should help your case tremendously honestly.   At least from a lending perspective if we see two people on a loan, but one of them has made all the payments for past 12 months, we can treat it as if the debt does not exist for the person who does not pay and attribute it entirely to the person who does pay.  

Few questions: 

1) Who has been making the loan payments?

2) Who was your original lender? Because they should have advised you to be on title and not on the loan originally.

3) Definitely listen to @Bill Exeter in regards to consulting a tax and legal professional.  Frankly, you may just be best off leaving it alone in his name and put the house into a trust that names you the sole beneficiary.