All Forum Posts by: Faye R.

oops @Nhi Nguyen

Wondering if you ended up going with EKM and if you're happy with them? Anything I should know before I sign up? 

I want to pay off arrears and leave the existing owner-occupied mortgage in place. I do understand the risk of the due on sale clause. Do I have to "go rogue" with the entire process and record my own documents? Or is there a title company or attorney who I can hire to manage the transaction? TIA! 

Does anyone know a lender who will touch this? Mobile is 1990. Can't remove and replace. TIA! 

Thanks for responding. Next time I’ll put it on the hud. This time I had to move fast and ended up only recording the note. 

My second question should have simply stated “will it cause problems if buyer/ borrower is llc but title subsequently changes to my name before refinance?”

(1033 is the same idea as a 1031 but significantly more flexible. It happens when you lose property involuntary, for example to wildfire.) 

@Andrew Postell

This is brilliant. Thank you! Couple of questions. 

1) Can I just record the deed or does there need to be a paper trail? For example, does the lending llc need to wire closing costs? If the purchase price makes up 60% of the ARV and rehab is 10%, does the 10% also need to transfer from lending llcs bank account to the borrowing llcs account?

2) In order to meet 1033 requirements,  homestead the property, and get primary residence rates, I would like to buy in an llc and then transfer title to and refinance personally. Will this throw a wrench in things? 

In over my head and need help please. I'm under contract for 2k sf+ for 200k. ARV 400-480k. About 400sf was added on poorly and is under grade on slab. Crawlspace in remainder has microbial growth. I've got a solid detailed inspection report and today, tomorrow, and Tuesday, to figure this out. (It needs additional work. These are just the things that feel overwhelming to me.) I'm open to ideas, hiring someone with exceptional references to fix the problem, JV, assignment, or selling the deal. I close on WEDNESDAY. No tire kickers, daisy chains, or inexperienced investors please. Great Airbnb potential Gross 4,678/month STR or $2,645 LTR.

Thank you, everyone! 

I filed claims this morning.  (Chubb and Nationwide) Curious to hear from others who have been through something similar. Did you hire someone to represent you to insurance company? If so, at what point and was it helpful? 

Thanks for the feedback. I appreciate it, especially the summary!