All Forum Posts by: Account Closed

I wish to start an IRA LLC with two bank accounts. One with pre-tax funds from a 401k roll-over and the other with post-tax funds from a ROTH IRA. Does the IRS require two separate LLC's to manage the pre and post tax fund? I'd rather have one LLC with two accounts. Thank you for your concern.

@Dan Wallace,

I am looking into that!  The seller is owned and occupied by the city.  They are going to move into a new building and I plan to offer to purchase and lease back to them until they are ready to move.  Although it would seem to be of no benefit to them, there budget is in the red and showing the building sale proceeds this year versus next would help out their accounting.  Even with this option I am finding it difficult to fund but still working on it.  

@Tim Milazzo and @Tarik Turner

Thanks guys!  I'll look into it.

How does commercial underwrites calculate DSCR with no direct way to verify NOI? 

I want to purchase an off-market, single tenant, and vacant bank building but there is no rent roll. It was originally built by the bank that occupied it (no rent paid), then was bought out by the city for street expansion and never leased out. The road upgrade ended up not impacting the building and the city is planning on offloading the property.

How does commercial underwrites calculate DSCR with no direct verifiable NOI? I could follow-up with the lease offers the city has received, which has been numerous, and sign an "intent to lease agreement" or something. Is my only options to pay all cash or owner finance?  Really in a tight spot here... Thank you for your concern.

@Taylor Smith

I have had success with Union Bank for HELOC on rental properties. Any bank will give you a HELOC on your primary residence.

@Manmath D.

My mistake... I meant Union Bank.  Reach out to Cory K Bente

@Manmath D. - Give Key Bank a try. They do HELOC on rentals.

Attention Mortgage Underwriters:

How does HELOC impact one's ability to get conventional financing?  I see if you are using a HELOC then it would count against you debt-income ratio, but what if you have the credit line but don't use it?  Will that limit how much you can borrow conventionally?   

@Michelle B.

Your sentiment is my fear when investing in such neighborhoods.  When I went into the deal over 4 years ago I had an appraisal at the time but like you mentioned, the value can vary widely at any time.  So far the payments are coming on time with only eight more to go and fingers crossed they can return my principal later this year.

Will do! Safe travels.