All Forum Posts by: Daniel Levine

When deciding to work with a private lender, how to you insure they are qualified and it is safe to give them access to your personal information

horticulture science. Running a large commercial landscape company has taught me a lot about business and investing. I am also a huge reader and have read a ton if books about real estate investment. As Warren Buffet says, invest in something you understand and I can wrap my head around real estate much more then stocks

actually when I refinance I will have more cash flow due to debt consolidation. I actually talked with Dominic once. I will give him a call again.

ps what is an overlay?

i purchased a triplex and a duplex using a heloc on my personal house. Both are fully rented and cash flowing for almost 2 years now. With a credit score of 800, a DTI of 22% and a DSR 0f 1.34 I am still finding it hard to refinance out of it. My triplex recently appraised for 175,000. I would like to take 70% of that out. However I have been turned down twice. Did I Menton our household income is around 150k per year. All I can say is its not a slam dunk and I am going to keep looking until I find a bank that says yes.

I am in Ulster County NY, Kerhonkson. Yes they said Fees made it a high cost loan plus the risk factor of having a multi family investment property. My credit is around 800, my Debt service ratio is 1.34 and my Debt to income is 1.32 or 32%. That is just on my income property. If you factor in my personal W2 income it seems like the credit is not the issue. I have 1 years worth of PITI in a liquid account. My guess is that it is the High fees in NY that are driving the issues. I am planning on paying off some revolving credit to make my ratio's look better. I will also lower to 70% LTV the next time I try. Do you think I would be better off with a local bank?

i have a triplex that is owned free and clear but I am struggling to get a cash out on it. It recently appraised for 175,000. I am looking to get 125,000 out of it. I was turned down by Wells Fargo and by Quicken loans. At least the guy with Quicken loans told me that due to the fact New York has a lot fees and it being a rental income property they could not make the numbers work.  I even called a local credit union and they blew me off. Please help so I can continue on my investments. Thanks. 

Does anyone know how hard the process is to switch the deed out of the llc and into my name?

thanks, that is very helpful. Arms and balloons is all I have found, both of which scare me. However I will continue hunting. It is nice to hear I am not the only one struggling with this. Many of the BRRR posts I read try and make it look easy. The personal guaranty doesn't really bother me, however do you know if that pierces the llc's Vale? Maybe a lawyer question.

that is a concern. Would a personal guaranty on a loan pierce the corporate protection of the llc? I want to stay protected from a tenant who uses me, so my personal assets are safe. Also would like to protect my personal assets from loss however I need the loan to continue investing so I am considering the personal guaranty.