All Forum Posts by: Harshil Kakadia

@Harjeet Bhatti I tried the commercial department too, but they just do not do it for rental properties under LLC. Does MB financial do cashout refinance?

Hello BPs,

Does anyone recommend a bank/lender in PA who can do Line of Credit on an investment properties held under LLC? I tried Wells Fargo and Chase but they both shot me down. They need the properties in personal name, not under LLC in order to do HELOC.

I am also open to the Cash out Refinance and trying out banks right now. I would appreciate any opinion/suggestions.

@Beverly Buella Wow, hats off to your patience. I am stuck in a situation right now where the bank is the owner and never bothered to kick out the owner from the property. She has been living on the property since 2013 without paying mortgage. 

I am scheduled to close in a week and just trying everything to motivate her to move out. I have tried several strategies including cash for keys, offered her an apartment at 30% off market rent, etc. But, she just would not accept anything. She has been foreclosed, bankrupt and has no other choice. But I am not sure why would not she. 

Looks like you are experienced in this situation. Do you know any other card she could play once I close? Any advise or suggestion will help.

Hello,

I hope you are doing well.

I am getting into contract for 12 unit condominium portfolio. Each condo is $27k and three of them are rented at $1150/month. 7 of the units needs cosmetic upgrades like carpet, paint and clean up. Cost per unit is about $5000/unit.

I have tried a few institutions and private lenders. Most of the deny the financing because of each unit is less than $75k and they do not do blanket loans. I have enough cash to do 25% down payment and pay partial costs of repairs. 

Is there anyone out there who can help me out with this riddle? The return on this deal is amazing and I do not want to let it go. 

Harshil

Hi Jim,

I am interested in the program. In fact, I am under contract on a single family house and need to close fast. Please let me know what will you need to get started. Let's chat.

Thanks,

Harshil

@Rao Mu I own a few condos in the same complex. I would stay away. There have been too many property repairs + assessments and it just eats out cashflow. The property has other issues as well. Let me know if you need more info.

Thank you,

Harshil

@Ethan Giller makes sense. I was really debating whether to get into this or not. Thank you for clarification, I appreciate it.

Hello,

I recently came across a motivated seller who would like to basically get rid of her property. She has a condo with 1Bed/1 Bath and could be rented for $1000/month. Her mortgage payment is around $470 and HOA fees are $270. All I need to put down is moving cost for her and fix up cost. All together I am in this deal for $5000. The condo is worth somewhere around $35,000 and she owes $48,000. Don't ask me about it, her financial situation is a mess.

My question is, I can net $200/month out of this deal with $5000 down. So, how can I do this? Is there a lawyer out there who can help me out with this? This is my first creative deal and I would like to do more of these in the future.

Any comments, suggestions will be appreciated. 

Thanks,

Harshil