All Forum Posts by: Alyn Shek

@Jimmy Lin 

4.25%, 10/1, amortized over 30 years is very competitive. Kudos to you.  

What kind of fees does the bank charge? points?  seasoning requirement? I know you are not allowed to post the name of the bank here on BP, can you please direct message me so we can discuss offline. 

@Jimmy Lin Yes, you will be paying transfer tax in Philadelphia if you're transferring title from your personal name to an LLC or vice versa.

@Jason Lee 

That’s why I asked if you knew anything about the appraisal. If they are discounting the value of the property from the start, that means you owe them an artificially inflated amount later. That will give a false rise in equity, a portion of which they can claim later on. 

Nonetheless, I think this is an interesting concept and will help a lot people achieve the goal of home ownership.  However, I would get an independent appraisal and not rely on their numbers. Buyers beware. 

@Jason Lee Thanks for the clarification. 

It's a very interesting model to say the lease. Can anyone chime in on their personal experience with Unison?  

Here's my few takeaways from my limited research. 

1. They make 3.9% upfront on the money

2. The appraisal comes in lower than FMV (complaints found online)

3. 3 year anniversary to repay the loan

@Jason Lee Thank you for your insight on Unison.  

Can you repay the loan amount at any given time? What’s the penalty, if any?

Can you share your experience on the appraisal? Did they come in lower or right on point with the FMV?

@Ankan Basak Are you in Nassau County or Suffolk County?  The law in NYC is very different compared to many parts of the country.

@Yuriy Skripnichenko

Thanks for your feedback. You gave me the same advice at our last meetup but I wanted to make sure the recommendation by the title company was kosher.  

We need to link up again for coffee or brunch next time I'm in town. 

Cheers,

Alyn

Hi BP, it's been a while since I've last posted but that doesn't mean I haven't been following the interesting posts on the BP forum.  I've tried searching for answers to my questions on the forum with no luck, so here I am typing away trying to get some advice from the experienced folks.  

I owned free and clear properties under my personal name and I'm looking to quit claim or sell to my LLC.

I'm getting mixed opinions from Title companies that I had past business relationships with so I'm looking to see what is the best course of action for my situation. The biggest hurdle is obviously the transfer tax that I will have to pay based on the assessed value. A title company suggested selling the properties to my LLC for a nominal amount to reduced the tax consequences. So the question is do I sell it to my LLC for $1 or QC to my LLC and pay the transfer tax (again!)? and WHY?

Does anyone have any similar experiences? 

Cheers,

Alyn

@Danielle Dunn I have a property manager to recommend. PM me if you are interested. 

Hi Cheang, what is your investment goal? Are you looking for SFH or multi? What zip codes are you interested? Are you looking for turnkey or fixer upper? What's your experience level?