All Forum Posts by: Elmer Javier

Hey Brandon!

The rental property is not in an LLC

I'm in the process of doing a cash-out refi under my LLC

No, I do not plan on purchasing and then transferring it into an LLC since this property was originally owner-occupied turned into rental property.

Could someone advise me on initial capital contribution? I recently opened up an LLC for my rental property and a business account.

1.How is it funded? 

2.Is the contribution in the form of Cash or could it be the property itself?

3.Would this need to be held in a bank account?

4.How much funding should I contribute?

Thank you in advance!

I plan on doing a cash out refinance on my rental property but possibly transferring it over to an LLC. The lender has no issue doing this since it's a portfolio lender. I wanted to know once I receive the cash, where should I park the money? I know I have to keep business and personal accounts separate. Does it matter at that point? The cash will be used to fund some small renovations on my primary home and to purchase new rental properties in the future. How do I access the money to pay for things not related to the rental such as what was mentioned earlier? Would I pay myself as a distribution? Would that be taxed?

What do you guys recommend?

I have a rental investment property that I plan on applying for a cash out refi

Hello All! I've been reading up on the BRRRR method and was curious how one goes about the process. I understand the acronym but how would someone get the funding to buy? Would you apply for a conv 30yr loan? What about homeowners insurance? If that's the case, wouldn't you have to stay in the house for 1-2 years before renting it out? Could someone go into detail of the process? Thanks!

Newbie here. I have recently turned my primary residence of 14yrs into a rental property. I still have the original 30yr mortgage on the house. I purchased another house that I plan on doing some upgrades/updates to it. I have a good amount of equity from the rental house but I'm not sure how to tap into it. Is it possible to apply for a HELOC when it's no longer "owner occupied" or refinance it as an investment property and pay a slightly higher interest rate? Pros and cons please...Thanks in advance!