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All Forum Posts by: Account Closed

Account Closed has started 4 posts and replied 7 times.

Post: What type of entity should I create to govern my LLCs?

Account ClosedPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 8
  • Votes 1

@Basit Siddiqi

Why would some utilize another LLC and others an S Corp? What would be the advantages and disadvantages?

Post: Best Property Management App

Account ClosedPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 8
  • Votes 1

What is the best property management app to use?

Post: What type of entity should I create to govern my LLCs?

Account ClosedPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 8
  • Votes 1

If I have multiple rental condos titled within various single-member LLCs (each condo is it's own LLC), what entity should I create to be the "master" entity? This entity would be the "manager/single-member" of the LLCs.

Post: Recently self-employed and can’t find financing...thoughts?

Account ClosedPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 8
  • Votes 1

@Nicholas Covington

30 year fixed at 5.75%

Post: Cashout Refi Percentage

Account ClosedPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 8
  • Votes 1

When looking to do a cash out refi of your private loan into conventional mortgage (BRRRR method, 15% down) what percentage of LTV are you requesting with new ARV?

Example:

Purchase Price: $215,000

Loan Amount: $182,750

Market Value: $300,000

Post: Recently self-employed and can’t find financing...thoughts?

Account ClosedPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 8
  • Votes 1

Thank you everyone for the thoughts and advise. After much "shopping", I recently found a private lender who will lend 85% LTV. This will be a rental property and cashflow is what the private lender based the loan on.

Post: Recently self-employed and can’t find financing...thoughts?

Account ClosedPosted
  • Rental Property Investor
  • Chicago, IL
  • Posts 8
  • Votes 1

I am recently self-employed (6 months) and having troubles finding financing for a new residential rental property due to income and not having 2 years worth of self-employment. I am located in Chicago and purchasing condo to rent out.

Thoughts?