All Forum Posts by: Hong Gao

I have several rents in NC and one in FL. I am looking for a portfolio lender and one that provide an equity line on those properties. Would love to hear the recommendations who have had successful experience in the areas. Thanks!

@Aaron Klatt will do. Thanks for your suggestion.

@Aaron Klatt that company who gives estimates never provided estimates in written form. My bad too much trust in someone I had no experience with. I will never deal with him again.

@Aaron Klatt ur question of “why change course” got me thinking. I Was working on two properties and I knew my cash was getting tight. Reassessd the situation. Going to finance the other property. Negotiated price with sellers on this and got it down to 75k. Closing next week. So I am staying my initial buy, fix, and rent with this one. Thanks for the question. Sometimes it takes a bit thinking to figure out what was going behind the decisions. Thanks a lot Aaron!

@Peter M. What banks would allow that? Can u give me some names? Most of banks would not finance properties under LLC names. Thanks!

We put a townhouse under contract with cash and are planning to refinance it after closing. Talked to several banks and credit unions. Most of them would not Refi Properties under LLC names and it takes longer to finance LLC properties. How do others deal with this? It seems to me it is easier (maybe cheaper) and after to finance properties under personal names. Has anyone done transferring title from personal names to LLC after financing completed? BOA officers told me I could do that and they would not accelerate the payments. Not sure how to handle this. Looking for advice. Thanks!

@Eric Adobo working on extending DDR and see what price it comes down to. Then make a decision. Thanks for ur advice.

@Eric Adobo good question. I am totally new and the contractor was referred by my inspector who worked with me on several occasions. My gut feeling is that he was trying to help, not to pick up the deal himself.

@Aaron Klatt yes it is a big IF, but it could happen as the couple has been collecting rent for the past decade and could have bought 2 such houses with the rent collected. It is still in DD and I can still walk away depending on what price they are willing to come down to. The problems are “deep” problems in crawl space, in the rooms it looks rent ready- that is how I and the realtor felt when we walked in: Clean carpet, rooms, kitchen, bedrooms, functional AC, and other appliances included in the purchase.

@Aaron Klatt I thought the numbers make sense IF I can get it for 60k and then sell it for 65-70K even with renovation of 30K, the buyer is still good on price giving other properties are at 120k in the same neighborhood. Could be thinking in the wrong direction though.