All Forum Posts by: Greg Torian

Thank you for your response Jaysen, the more I think about it, my insurance guy suggested an umbrella policy for my first property. I guess I should look into removing this property from this LLC. Hopefully, it won't be that complicated since I don't have a mortgage it.

  Thanks again!

Hi all, seems I'm having a problem applying for a heloc or a mortgage on a condo that I purchased in an LLC . The LLC was started in August of 2019, and I purchased the 1 bed/1 bath condo in Galloway in February of this year - and completely remodeled it. I'm being told that I have to have the business for at least 2 years to qualify for the mortgage or home equity line of credit. I already own a duplex ( with a mortgage), another condo ( with a heloc) - both are in my name, not an LLC. With these difficulties, is it even worth having it in an LLC ?

Any suggestions would be greatly appreciated.

Thanks

I got a home equity line of credit from Fulton bank after doing the same thing on my first condo. At the time, they gave me an introductory 2.99% 12 month on 80% of the properties ARV.

GOOD LUCK!

   You could avoid all those hassels by just having a property manager handle everything.  They advertise, do background checks, hold the security deposits for the cost of first months rent. And if you choose to allow them to manage it month to month, they get 10% of the monthly rent. Deposited into your account regularly - well worth it. A lot less headaches!. I attempted to advertise and do background checks myself in the beginning, but then you realize the money you pay property managers is well worth it! And you get to write half of it off. Again, well worth it. 

  Good luck!

Hey Syed, I recently used a realtor named Tracey Newmones from Executive Realtors. She showed me quite a few places, including AC. I finally settled on a Hud condo in pleasantville. Got a great deal. 

 You should give her a try. 

Good luck!

Hi everyone, just completed the long approval process for a duplex in New Jersey- FHA 3 1/2 % down, the amount to be financed was 211,000. Was about to go to closing, the mortgage company told me they couldn't get an under writer to close on it because they didn't believe I was willing to rent my current home out and move into One of the rentals.

    I have about  $ 20,000. - was only going to have to put $9,000. down, ( closing cost tied into price ) rentals were $1,200. Each. Would have been great income. 

My question is, what other ways are there to go about getting financing the next time a find a good deal like this? I only attempted to use FHA because of the amount of money I would have had to put down.

  Any ideas? Thanks.

     Hi everyone,  yes, I'm referring to Medford N.J.  kurt, that's a great idea that I can add to the N.J. association lease  that I was able to get online. This is my first time posting a question in the forums. This is great! Thanks all for the input!

Greg T.

Hi everyone,  I have a tenant already in one side of a duplex I'm about to close on in Medford. He currently has a co - signer for the lease in place now. I've seen copies of past rent checks from the current landlord and am comfortable with him staying. 

  My question is how do you place a co- signer on the lease agreement,  and any suggestions on finding a lease agreement on line?

  Thanks,

Greg T.

Thanks Mark, I currently have one I'm working with now. But, I will look you up if he doesn't work out.