All Forum Posts by: Chad Mayo

I would've liked to rent it but corona virus changed things. I have two other rentals and I've only bought and sold one through my LLC. (This would be 2nd) The other I owned over a year and a half.

I bought a home on 8/30/19. It needed total renovation and it has taken up to now with all the Covid 19 issues/market etc. to complete. I have never lived in it and it is in my LLC. We are now under contract to sell and set to close next week 8/14/20. Is there anything I should do at this point to reduce the tax hit? In a vacuum, should I push closing back to 8/31/20? I appreciate any advice I can get. Thanks.

These recent posts have me thinking again about this topic. I have a 3bd/2bth home that is in my LLC name and I'm thinking of doing a cashout refinance to my personal for the 30 yr fixed rate. Does anyone have a connection to a local bank that will do an 80% cash out with 30yr fixed rate? Any bank willing to do the 30yr rate with LLC?

@Brian Mackey It went very well. Reach out to bank of Zachary and speak with Lyle Matherne...tell him Chad Mayo recommended you. I've had several deals with them and they have been reasonable and quick. Currently, I have two properties with BofZ with 5/20 terms at 5.75%. However, those were not recent closings so not sure what terms are offered currently.

@Jaysen Medhurst Everything is in my LLC's name and I am the personal guarantor. However, I have not see investment properties on any of my credit reports. Perhaps I missed it but they do cashflow.

Thanks for the advice....that would be nice if I can find a 30 yr mortgage and keep them under LLC.

I currently have two properties financed under my single member LLC with 5/20 rate with balloon. (Balloon is due three years from now) I am interested in taking the properties out of the LLC to get the better 30 year fixed rate and cash out about $20k from one property. I would then get an umbrella policy for the two rentals. I have three properties total (2 rentals and 1 personal) I plan to buy more investment property in the future but probably not for another year or so.

My wife and I are 40 with three small kids. She plans to open a medical clinic within the year as a nurse practitioner but that would be under a newly formed LLC at that time with just her as a member. It is my understanding that the umbrella policy would provide the protection I need at this point. I like the mindset of having the properties in the LLC and "away" from us personally but is it wise? I'm also worried that the investment mortgages would now be on our personal credit reports and have a negative impact....is that true? Any advice is appreciated.

Welcome!

I have purchased and renovated 3 SFR's over the past year. Two are buy and holds in my LLC and the other is about to be listed for sale. My question is related to my primary residence and the local area.

I am potentially going to list my primary residence for sale and interested in buying a fixer upper as a live-in. Does anyone have experience with 203K? Any recommendations on lenders and GC’s? I’m also open to other funding options.

Is it possible to refinance a home to a traditional 30 year term after six months seasoning if the property is currently in LLC’s name? I have my personal residence in my name and three rentals in LLC. Two rentals have 5/20 arms and the other is paid for with heloc.

Thank you all for the help. I would like to update my list again. I previously used Bank of Zachary and I now have three properties and would like to branch out to other banks because I can see a point in the near future where BofZ feels they've extended too much to me. Does anyone know of other local banks that would offer 75%-80% cash-out refinance with a 5/20 ARM? I was able to secure this with Bank of Zachary but in checking with several others, I only get the option of 75% cash-out with 5/15 ARM.