All Forum Posts by: Faizul Islam

Pace over-delivers. It is crazy how much he cares. I am blown away by the value of this program. 

@Andrew Postell

I ran into a snafu using "HOW TO PROPERLY STRUCTURE BUYING A HOME WITH CASH" method in your article. Once I filled out the Verification Of Mortgage, the underwriters saw that the LLC was mine. They stated that I personally financed this purchase and would need to wait 6 months for a cash-out refi. Since there is a lien on it they cannot even do a delayed financing for the original loan amount. Do you have any recommendations on what I should do now or how I can avoid the same situation going forward?

@Andrew Postell I see no reason why I wouldn't. I have a w2 job that pays over 6 figures, DTI is under 25 percent, credit score is about 740 and I only have a personal residence with a mortgage.

@Andrew Postell. Thank you for the detailed post. Your link has been very eye opening! I am still a little confused though. Please guide me through my scenario here and steer me where I am wrong.

• I create an Lending LLC and put money in that
• I create Property LLC(I want to keep every property in it's own LLC)
• I buy property in Property LLC using loaned money from Lending LLC. (A note is created between 2 LLCs)
• I file deed for loan with county.
• I go to banks and ask for a refinance. (What language do I use here with banks- Cash out refinance or regular refinance? My goal is to take money out of built in equity I have due to acquisition at such a low price. Will any bank do refinance or will I have to go to look around to see who can help me.
• Bank refinances loan for 75 percent of appraised value. Pays off Lending LLC. Lending LLC lien is removed and Bank lien is placed. Property LLC keeps the difference)

Yo say this:

Which note? The bank note that comes after or the original note that was created between my 2 LLCs.

I am a wholesaler. I have a property (in good neighborhood) that I have under contract for 40k. The as-is on-market value is about 100k and ARV is about 160K-170k. It is currently rented with long term renters that pay 750/month (under market by 100 for property condition) plus utilities. I want to buy it for cash myself and either do a cash-out refi or get a HELOC on it. I want to do this right away after I purchase this. What are my options to use built in money to get more money out than I just paid for it. I understand that Fannie will make me wait 6 months before I can do this if I want to take money out from equity.