All Forum Posts by: Jason Pavloff

I tried this for about 3 years calling bank after bank. 

1st, if its income producing (duplex) that will stop them/you if you only own one property. If you own more than one property and its your homestead doors will open for you, in my findings. 

Currently now in 2022, its much much harder. The banking laws have forced banks to only allow so many rental properties on their books. I'm now finding banks wont just because they are currently at their max and cant take on anymore rentals. This is here locally in Austin, RBFCU and UFCU. 

In 2018 I was able to do a HELOC with RBFCU on my duplex when now on a different property (duplex) they currently don't offer HELOC's on duplexes, same back RBFCU. Funny thing is I paid off my HELOC $35K in 2 years, you would think with my past history they could make an exception. You hear Brandon always talk about building credit with local banks...

With 2 million dollar homes on up in the bay area that's understandable compared to mine. But in Austin the average home sales in Austin proper are 325K so its just like doing one, kind of, just twice the paper work. 

I'm looking for a lender who can take my duplex and allow me to refi the loan into two loans for a condo regime. I had a Real Estate lawyer create a condo regime already for it. 

Option A.)  Take the 313K currently outstanding and turn this into two loans. one for each side, Condo A - Loan for 156K  and Condo B - Loan for 156K.

Option B.) Take the loan and change it so that the whole balance will be on Condo A for 313K.  Condo -B is clear and free. 

Condo A = worth 390K   

Condo B = Worth 390K  

Let me know if you can help, but before you reply- please double check with your underwriters. Please don't wast my time with trying to be a YES man/woman. 

Yes it's possible, you just need to create you LLC before you close on the house. You give the title company your LLC paperwork, such and your EIN numer which is issued to you. Your EIN number is basically your Federal Tax ID number.

I'd then try and open a bank account with your LLC's name as well. Now NOT all banks are the same. Some banks will allow you to do this with just an EIN number. I would suggest these. Others will require more which is ridiculous, but it also depends in what state you filed your LLC in, some choose NV others choose Delaware, or their current state they reside in.

So what I've learned is that my bank is a joke, a local credit union called Amplify Credit Union. Chase, Wells Fargo, and two other credit unions in Austin dont require a Texas State Tax id # in order to open an account in your LLC's name... just my bank. Such a headache. I'll be switch in the days to follow.

Thank you everyone who helped.

@Greg H. Thanks Greg I'll give that a try.

@Fred Heller I dont have a tax ID # yet, I'm trying to get one.

So the reason I'm looking to pay someone, is because I've contacted not only the Secretary of State office here in Austin, but for few other local offices as well. Each one telling me to do different things at different local offices. I was told I need a Texas Nexus Questionnaire, I was also told I need to fill out a Certificate of Formation, and an Articles of Organization. So I'm getting conflicting stories and rather than wasting two or even three lunch days to get the final result, if I end up going to the wrong office. I feel paying a $100 could be worth my time. 

Sorry Texas TAX ID #

I'm trying to find an online service to obtain my Texas state ID #, in order to open a bank account for my LLC, here in Texas. I was told Legal Zoom could, however since my LLC has already been opened. Legal Zoom can't help since what i'm asking for is an "a la cart" item.

Any help would be greatly appreciated! 

I've talk to Quicken loans and they have advised me it will work. Pennymac, who holds the note, also gave me the thumbs up as my lawyer and their back end team all are in line for this to work. 

To split the loans into 2 which means I have to refinance to make it happen. Pennymac can do it. However, Pennymac can't do cash out refi in Texas yet. I'm in the process with to lenders currently Quicken and a local Austin bank who's underwriters (I think) is backed by Wells Fargo.