All Forum Posts by: Daniel Johnson

We are restarting our monthly evening meetup at Fiddlin' Fish Brewing Company in Downtown Winston Salem on Tuesday, 02/04/25. We will meet at 7 PM and have an open conversation about investing in real estate. If you are new to the group, we are monthly regulars here now, so just ask the bartender where the real estate group is and they can point you in our direction. Look forward to connecting!

Hey Jeremiah, we have been on hiatus for a little bit, however, I think we are looking at getting it restarted soon! Will definitely blast out here on BP and our slack group when we figure out a date/time.

Hey Melissa, you should be fine to qualify for a transfer. However, you must go through the Servicer process to do this. That includes making a specific request regarding each property, getting approval of the servicer to make the transfer. The "approval" is just them confirming that you meet the Freddie standards and providing confirmation you are able to proceed with the transfer. This protects you from the mortgage being called "due on sale" when the transfer occurs. The servicer might push back, but if necessary, you can send them the Freddie Mac guidelines, and they are required to follow those guidelines. It might take some legwork, but you can get that approval.

Quote from @Melissa Title:

Does anyone know of a success story transferring a property to an LLC that is mortgaged through Chase?

Do you know if the loan is backed by either Fannie Mae or Freddie Mac? You can lookup here: https://www.knowyouroptions.co... and https://myhome.freddiemac.com/...

If doesn't really matter who the servicer is if it is a Fannie/Freddie mortgage. If it is not a Fannie/Freddie mortgage, you will be at the mercy of the servicer and their rules.

I have no experience with any of these banks. However, I have enjoyed using Baselane for managing all of my properties.

Quote from @Calvin Thomas:

Quote from @Daniel Johnson:

Not using a real back is nuts. This is a fitech company backed by a fintech private bank and a penny stock public bank. We do have a million a month in rent collection with our banks (we use two). One would have to be nuts to use a fintech bank and a public bank who's credit rating is crap when holding your (or your client's) money. Not wise at all.

Please reconsider your strategy. You're just asking for a rude correction in the way you banK

So, to clarify, I don’t manage properties for anyone other than myself. No regulatory concerns, I would hope anyone managing properties for others are complying with their state requirements. 

Thread Bank is FDIC insured, therefore, up to $250k(possibly more when using a sweep program) is fully backed by the federal gov’t. 

When other banks make is easy/seamless to open virtual accounts, create virtual debit cards, and pay a reasonable interest rate on deposits, I will consider them. However, I have zero concerns about utilizing Baselane/Thread Bank for my personal needs.

Just an FYI, Blue Ridge Bank isn’t the bank utilized by Baselane now…

 According to their website, it is Blue Ridge Bank.  Hey, it's your money. Do with it as you wish. Most wouldn't place their funds with no name penny stock fintech banks; but hey, it's your money. Do with it as you wish.

Blue Ridge Bank was their previous bank custodian. It is now Thread Bank. I don’t know anyone that looks up a bank’s credit rating/stock price when putting in less than FDIC limit. If over, then sure. Thread Bank is a private bank that has been around since 1907. Not worried about it, and the FDIC is there if something goes bad. 

in actually a little worried for you, if you have millions in rent collection per month, so you have sufficient FDIC coverage? You know SVB wasn’t a small penny stock bank right? They were a well respected Top 20 bank. If you have more than $250k at one time without a sweep prig ran, you have uninsured deposits. 

Not using a real back is nuts. This is a fitech company backed by a fintech private bank and a penny stock public bank. We do have a million a month in rent collection with our banks (we use two). One would have to be nuts to use a fintech bank and a public bank who's credit rating is crap when holding your (or your client's) money. Not wise at all.

Please reconsider your strategy. You're just asking for a rude correction in the way you banK

So, to clarify, I don’t manage properties for anyone other than myself. No regulatory concerns, I would hope anyone managing properties for others are complying with their state requirements. 

Thread Bank is FDIC insured, therefore, up to $250k(possibly more when using a sweep program) is fully backed by the federal gov’t. 

When other banks make is easy/seamless to open virtual accounts, create virtual debit cards, and pay a reasonable interest rate on deposits, I will consider them. However, I have zero concerns about utilizing Baselane/Thread Bank for my personal needs.

Just an FYI, Blue Ridge Bank isn’t the bank utilized by Baselane now…

Not all states allow for Series LLCs. Even if Series LLCs are allowed, there are operating reasons that multiple bank accounts under one LLC is very helpful. Think of it as the "envelope budget" for business owners.

I use Baselane. It has been a game changing tool for me. I transfer via ACH/wire all the time with no issues. Curious why you need a brick and mortar bank? Paper checks/bill pay? They are working on adding that functionality right now. I find that I can take care of most things inside of Baselane, and initiate transfers into and out of using the Baselane website. 

@Mackal Smith - Searching for a financial advisor that can help build an exit strategy for your real estate is definitely a tough task. There are very few of us out there that specialize in working with real estate investors. I am a big believer in fee-only financial advice, so I would recommend taking a look at NAPFA.org to see if there are any fee-only advisors in your area that might work with you. If not there, you might also search on XYPN to see if you might be able to find anyone there that is able to help you. I am a member of both of these organizations and believe they are the best places to look for an advisor.

If I might be able to be of help to you, please don't hesitate to reach out.