All Forum Posts by: Javier Sanchez

@Kevin Sobilo Thanks these are exactly the scenarios I was weighing. My concerns were asset protection and DTI related. However, since the loan remains under the LLC I realized I maintained asset protection. This would only be the second mortgage on my personal credit so I have some room from a DTI perspective. I made the same decision to go with the conventional residential loan for the same reasons you listed. It is super helpful to be to discuss such items on this forum and know I am not the only one learning the options that exist

@Tarik Turner my credit is in good standing so I am not worried on that front, but are you saying in the future if I obtain a third property there are mortgages out there that are non-reporting and will not impact my personal credit profile?

@Nick Belsky this is my only property currently. That is the reason I am pulling out cash to expand. I am trying to get the best rate for the longest term, but I was hoping to keep the loan off my credit. I guess I am trying to understand if there is a risk to having the loan under my name but the title under the LLC. Like do I give up some asset protection because it is setup that way.

I currently have a rental property that is fully paid off that I am looking to refinance under an LLC. I have a mortgage broker that can support a cash out refinance where the title would remain under the LLC, but the loan would be under my personal name and credit. Does this make sense? Is there anything I need to consider that I am not thinking about? Is there risk to this?

I am starting to explore my options from a commercial loan standpoint as well...just in case.

Would greatly appreciate insight from the group on this. Thank you in advance!

What are options to get an equity loan from a rental property that has no mortgage but is under an LLC?

@Ernesto Hernandez -yes, definitely a lesson learned regarding separate leases, but notice timelines are clearly highlighted in my lease and I have a text communication stating their need and intent for the one month extension. So from that perspective it is on them.

@Marc Winter Yes, I do have co-signers. Putting it back on the market tonight.

@Andrew Boettcher Thanks. I like this approach. Worst case I can garnish the deposit

@Joe Splitrock sorry my 4 year old tapped my screen while i was writing my previous response and prematurely posted it. I have one lease for all 4 of them (thought i like the thought of individual leases for these types of situations), but they each paid an equal portion into the deposit and the rent. However, the two who texted me stating they needed an extension we’re going to pay the full rent. I did verify I can keep some of the deposit for unpaid rent. However, to your point, I think the most I could hold on to in this scenario is the portion for two who did not give me proper notice. If there are any additional damages I would reduce the remaining deposit accordingly.

@Joe Splitrock I have one lease for all 4 of them, but they each paid their equal portion of the deposit and rent. I like the idea of I verified that I can keep the