All Forum Posts by: Dan Gongora

Thank you Mark!

Much appreciated Marc! Thank you!

Hi Steven I would really appreciate that. I'm hoping to find someone I can go to year after year

Thanks Marc, I realize now my question was very ignorant. You seem very knowledgeable and I appreciate you helping me out. You've given me some great tips. The reason for my post is i want to rent, refinance, and repeat for all the properties I purchase but I wasn't sure if that was possible once i quick claim it to an LLC. Thanks again for helping me out Marc

Good evening, Is there a CPA in the Elgin IL area that knows real estate or is a real estate investor as well that I can contact to do my tax returns this year? Last year the CPA I used was not able to help me maximize my deductions and i almost ended up owing taxes for my rental income. Hope to hear from you soon

Good afternoon everyone, My name is Dan. I currently own a 2 unit flat under my name and renting one of the units. I plan on purchasing my next property this year by doing a cash out refinance to conventional loan on my current property and using the cash to purchase my next property with an fha loan. I've read that it is wise to incorporate each property as an Llc for asset protection as well as open bank accounts for each property as well. My questions are: At what point is it best to incorporate a property? after I incorporate, can I sill do cash out refinances on properties under an Llc ? For example with a property under an Llc can I still do cash jout refinances on them? Is it more expensive?!What are the lender ramifications if they see that a property is not under my name but under an Llc ? Thanks! hope my questions aren't confusing

thanks Jonathan! I appreciate it

Good morning everyone,

I want to cash out refinance my current two flat to a conventional loan and purchase another property with the cash as owner occupied. Does anyone one of a portfolio lender in Elgin IL that I can work with?

A few details:

I bought my current property with an FHA loan which is why I want to refinance as a conventional loan. I plan on moving in order to purchase the next property FHA owner occupied

Thanks 

Thanks Derek! I didn't know that. Good to know

Good afternoon everyone,

My friend recently told me that his brother's property is being foreclosed and will go to auction mid next month. I told him I'd see what I could do and this is what I came up with. My plan is to make his brother an offer before It goes to auction. I'm hoping by making and offer/purchasing the property before it goes to auction, his brother will no longer have a foreclosure on his credit? Are my assumptions correct?

action steps

1. find the listing. currently shows "auction"

2. find the lender. find out how what the loan balance is and how much the lender needs to satisfy the foreclosure.

3. once I have the numbers I need to satisfy the lender foreclosure, I can make an appropriate offer on the property and hopefully close.

Is this accurate? I know its very condensed but I was wondering if I have the right idea.

Thanks!