All Forum Posts by: David Mathews

With this new knowledge one concern now that I'm left with is what do I do about these 3 properties that are owned in the name of my LLC? Just carry on with them as they are and move forward from this point on with any new properties being bought and/or refinanced with my own name? I do see the benefits to that now in the financing. I suppose it wouldn't hurt to just leave these current properties under the LLC. I will be looking to buy #4 within the next few months. I do believe that I'll follow the advice from here for now and buy under my personal name and protect with an umbrella policy.

Sounds like a great opinion! Thank you for the information and your input .

Hello. Seeking a little help with questions on  refinancing a rehab.  I am currently  looking to refinance  a brrrr property that I own outright and recently finished remodeling. This is my third property and second one to refi.  So here's the question...

Are there any lending institutions that offer a normal fixed-rate 15-year mortgage for an LLC? Currently my first brrrr property is financed with a 20 year amortization but has a balloon payment after 5 years. I would rather lock in a rate and end up paying it off rather than keep refinancing after 5 years. The problem is I've called around to a few banks in my area and they all seem to do the same practice for rental property. Can someone steer me in the right direction to get something more stable and long-term?

LOL

Hey David.  Good to meet a fellow Lake Charles investor.  It sounds like you have a great plan! It's definitely an exciting time in Lake Charles with all of the big projects going on.  Not so great for the traffic but that rent though!!! LOL

@Alexander Felice:

I'm sorry you feel that is sexist. It certainly wasn't meant in that way but I suppose we are all entitled to our own opinion.

And no, I did not want her gone . This couple beat out some strong applicants for this property. What I really would have liked to happen is for them to stick around for 5 or 20 years 😁 but I would settle for at least the lease agreement.

@Chris L.

That's a wild story! Hopefully her insurance allowed for some forced appreciation through new renovations. LOL

Yes I shouldn't have worded it like  she is entitled to half of the  deposit.  Originally when she moved out she asked how I would return the deposit at the end of the lease if  they are owed such. I told her I would issue a check  that required them both to sign so that way they could work that out amongst themselves. Today she quoted from our lease agreement that if they break the lease they're not entitled to the deposit. So she said she is willing to forfeit that in order to get out of the lease.

In Lake Charles, LA single family home. My dilemma: My tenants(not married) signed a 12-month lease in August. By November the female moved out for a job opportunity in a different state. By December they were broke up and she wanted off the lease. Through research I did on BP forums I concluded it is smarter to keep her on even though the remaining tenant was paying everything without problems. It is a binding contract and it is better to have the two of them liable in case something happens to the property. Fast forward to last night...  "Hell hath no fury like a woman scorned." LOL She came back into town to visit family and apparently drove by her ex-boyfriend's house. My property! She noticed he had company of the opposite sex visiting and decided to let herself in at 11 at night. Long story short the police were called and she was asked to leave. I received a phone call from her again today asking to be removed from the lease stating that she is willing to forfeit her portion of the deposit. Does anyone on this thread have any advice on such a situation? Legally isn't she entitled to entry of the property if she is on the lease? Should I just let her off the lease like she is requesting and save myself the drama? If so, what is the best way to go about doing it? Thanks in advance.

I have this exact dilemma. My tenants signed a 12-month lease in August. By November the female moved out for a job opportunity in a different state. By December they were broke up and she wanted off the lease. I thought it was smarter to keep her on even though the remaining tenant was paying everything without problems. Fast forward to last night...  "Hell hath no fury like a woman scorned." LOL

She came back into town to visit family and apparently drove by her ex-boyfriend's house. My property! And decided to let herself in at 11 at night. Long story short the police were called and she was asked to leave. Does anyone on this thread have any advice on such a situation? I mean legally isn't she entitled to entry on the property if she is on the lease? Should I just let her off the lease like she is requesting?