All Forum Posts by: Timothy B. Dunn

@Nick Barlow thanks for the reply and insight. I will continue the search

@Luke Anderson that would be a good solution. Thanks for responding 

@Account Closed I was a Locomotive Engineer for 28 years and involved in a accident at work that resulted in several spinal fusions in both my neck and back.  I am currently on an occupational disability that has an earning cap of approx. $900 a month.  If I were to exceed the restriction my pension would be reduced $1 for ever $2 over the limit.  This restriction continues until I am in my 60’s at full retirement age.  The restriction will then disappear.  

This disability is paid through the Railroad Retirement Board not through Social Security.

@Anthony Wick I guess that I must be confusing my terminology, I had always thought that a balloon and adjustable rate mortgage were the same thing..... can you explain the difference between the two?

@Russell Brazil thanks for your input on this topic.  The way that you explain it makes perfect sense now!  I was hoping that I was on the right track of thinking but wasn’t exactly sure if 1. I was correct and 2. How to explain the triggers...   Thank you!

The purpose of our LLC is to be able to keep the business income Only in my wife's name due to me being limited on monthly earning with my pension. With that being said, it would make absolutely no sense at all to have an LLC and not take advantages of its protection. Again, thank you

@Eric C.  I have many family members in the Gainesville and Ocala area, where are you located in Central FL?

@Account Closed That would be a totally acceptable compromise.  Have you had luck finding these terms in the past?

I am starting to think that the only option would to be to roll the dice and get the lan in our personal names and then transfer it into the llc after closing knowing that there is the possibility of the loan being called due on the transfer.   It sounds like this is common practice (transferring the loan to the llc) and I haven’t heard of anyone actually having the clause exercised  by the banks...

I agree that the tenants would laugh in my face if I approached them with this scenario. Hence the problem, I am having trouble finding a lender that will do a 30 year fixed when purchasing the property with an LLC.

Thank you for your reply Patrice, the LLC is in my wife's name and will have her SS attached to the loan. We currently have a local bank that is willing to make the loan but it will be on an adjustable rate. Adjustable rates are something that have always made us nervous especially when they are as low as they are these days. I wouldn't mind signing on with a 30 year fixed mortgage even if the rate was a point or so higher than prime just to avoid the worries going forward.

How do investors account for future rate hikes on mortgages going forward.  The property that we are purchasing will cash flow just over $200 a door at todays rates but what could be eaten away quickly as rates rise in the future?