All Forum Posts by: Jake Kozul

I currently have 13 properties, 12 free and clear (all rented). I am looking to leverage these for a flip and to for other buy and hold opportunities I have in markets within an hour of where I live. What lending institutions or private money options are best for collatoriazing existing properties? Any advise would be helpful. 

Sounds good Brandon...thanks for connecting.

Thanks Brandon,

The keyword search will be helpful...I'll definitely get that set up. 

Thanks for all of the help to everyone who has responded to the post thus far. 

I have 12 of my 13 of my properties free and clear, all rented, all certified and all insured. Does anyone know of a lender that is open to cross collateralize for cash out to purchase more. I have a flip opportunity that has come across my desk that I would like to take advantage of, but need some more funds to purchase/finish the repairs. Any advise would be helpful. 

Thanks

Hey all, 

I am a mortgage banker and investor in West Michigan. I have experience in buy and hold, land contract/seller financing, property management and consulting. I have been investing since 2009, so I have some info to share, especially in the market if anyone has questions or opportunities, but have even more questions as I am still young (relatively speaking of course) and have a lot I can always learn. 

Cory, I am have been a loan officer for 8 years and investor for 5. I did something similar to what you are doing, but with a multifamily with established cash flows earlier in the year.

I acquired a 4 unit property, using FHA financing, I live in one unit, rent out the other three while having an established LLC to distribute cash flow.

What you are trying to avoid is the "Due on Sale Clause" of the mortgage. Go to this link if you would like a more comprehensive explanation of the "Due on Sale Clause"... http://www.creonline.com/beat-the-due-on-sale-clause.html .

In my lending career, I have dealt with countless homes that are deeded to to a trust or other entity, and other than having to deed the property out of the trust's or entity's name back to yours' (and then, back into the entity's after the transaction) in a transactional situation, the bank does not seem to care. Now I have not checked into why that is frankly, but I have dealt in enough of these transactions, and have kept in touch with enough clients through the years to know that the bank or any other agency has not come knocking at their doors. 

I would suggest once you get past the one year of tenancy, deeding the property to another entity should be discussed with an attorney, but is something I am confident you can do in some capacity.

Thanks for the insight Curt,

I remain open to either opportunity...I try to access every property individually. That being said, I am currently holding and renting most of my properties within a 45 mile radius I know very well. Even with all of the research I can do into a new market, it still is not enough if I don't have the people on the ground to manage correctly manage the rehab and or management, I won't make money, so an affiliate arrangement may be a good option. 

Thanks again Curt,

I have been investing in my local market aggressively over the past few years, however, prices have increased and deals are sparse. I have had offers from investors looking to get into the market, however, with the returns I am getting, I do not want to sell, especially without a sound or comfortable place to reinvest locally. I think it may be a good time to utilize some of my equity to grow, but the best place may be in another market. Any advice on how to set up an info structure to purchase, possibly manage or flip remotely?