All Forum Posts by: Jay Charles

You can reach out to your current lender that is providing you the funds, and ask for additional funding.  They may say no, and they may also say yes and charge you a bunch more for it.

Additionally, depends on your access to other capital.  Do you have other assets you can leverage?  Do you have other investors you can borrow from?  Can you give equity away to someone in return for the remaining funds needed to finish the project up?

Bottom line, if you already own the project and it cant be sold (or rented) until the project is completed, you go to do whatever it takes to finish the project up and move on.  If you are in this business for the long run, then one deal is nothing compared to the bigger picture.

get a hammer.

Transferring is a sale deed and taxes incur. Property and capital gains taxes.

Sure follow a guy on here who says the lender or servicer will allow you to just put it back when your hand is caught in the cookie jar. You might recall that form with the FBI on it that you signed.

No it's due and 'gotcha especially if the rate is low.   Your fire insurance policy won't match and you may have trouble making a claim. Soon as you change the fire hazard the lender servicer gets notified. Do not collect $200 do not pass go think monopoly game.

You can write to your servicer and ask permission before you change the deed. If is single owner and you prove it to them they might say yes. 

Transferring is a sale deed and taxes incur. Property and capital gains taxes.

Sure follow a guy on here who says the lender or servicer will allow you to just put it back when your hand is caught in the cookie jar. You might recall that form with the FBI on it that you signed.

No it's due and 'gotcha especially if the rate is low.   Your fire insurance policy won't match and you may have trouble making a claim. Soon as you change the fire hazard the lender servicer gets notified. Do not collect $200 do not pass go think monopoly game.

You can write to your servicer and ask permission before you change the deed. If is single owner and you prove it to them they might say yes. 

Hi Jay,

There are some other options on moving the property into a structure without triggering the due on sale clause. This could be accomplished by using a Trust so you do not move the property directly into the LLC. I have assisted many investors with this process.

 HI @Jay Charles

I want to preface this comment by saying i am not a legal expert or mortgage professional. Speaking from experience, I have purchased 4 homes in the Atlanta Metro and over 5 in Louisville, Ky via a conventional 30 year mortgage and successfully moved all of these homes into an LLC after closing and waiting a few months without a due on sale being called.

As long as you continue to pay the mortgage on time, you should not have any issues (knock on wood). Please feel free to PM with any additional questions on this piece or if you need a contact that can create the LLC/quit claim the property over to it.
 

 @Jay Charles   When you purchased did you get a conventional loan?