All Forum Posts by: Jennifer Knestrick

Fraud in that they would have had to falsify a document submitted to the court (statement of assets/net worth or similar). The woman who snapped doesn’t want to sell, expect for a brief period where she wanted 60k from the other for her share. The sane one didn’t want to take advantage that way, but does want out. 

So it sounds like the one who wants out could get a lawyer to bring a suit to get a court order….that answers my question. I wasn’t sure if you could force a sale, once you were no longer in a divorce suit, but just unrelated partners.

 Do you know the process? They did the divorce themselves, on the cheap, no lawyers. Sounds like fraud would have been a part of this excluded fact. It obviously wasn’t just forgotten.

Just heard of this **** show a friend is going through…

Multifamily house in Brooklyn, NY. Owned by a couple who has gotten divorced. One spouse had a psychotic break. It’s not going well for anyone, to say the least. They did not address the house in the divorce. They now co-own it and rent out the apartments. Worth about 950k with a 400-500k loan. Non-psychotic partner wants out. Can she force a sale?

I have been a w-2 employee until recently, investing in real estate on the side. I've left that work, and plan to self-manage apartment buildings I own, formalizing that as a 1099 employee of each LLC. All LLCs have partners.

What are my best options to contribute to retirement and maximize tax advantage, either near or long term. Age 42

Thanks!

It’s a commercial loan from Chase, which they plan to keep. It’s not jumbo. The rate was locked for 60 days.

I’m hoping they can credit the lock fee at least in part to the smaller loan and close it on time. Online reading suggests that if you leave a rate lock you go back to square one with the application/underwriting.

I realize this will simply come down to bank policies, but I’m curious what’s typical.

In the the midst of a 1031 exchange, we qualified for a mortgage on the replacement property at $2.9M, and rate locked in mid July. I made the banker aware early and often that we wanted to apply up to the max amount, but would possibly borrow much less (like $1.3M) if we decided to exchange into one property, not two.

OK, so the rate lock occurred. I didn’t sign it, the majority partner did, and when I talked to the banker yesterday, she was going back to underwriting to check if we can reduce from the offered $2.9M without penalty. She’s thinking there would be a penalty. The prepayment terms on the loan are 5% in year one. Again, I haven’t seen this rate lock doc yet (ask for it of course) but am surprised that the rate lock was the loan balance milestone and am curious if this is standard. 

Can mortgage experts comment?

I was surprised to learn - and frustrated, as it should have been evident weeks earlier but was not mentioned to me - that Quicken Loans wouldn't proceed with a purchase loan because title will be held by an LLC.

Is this customary? Applicable only to SFR or 1-4 unit maybe? I know it's not unusual for LLCs to hold title to RE, so what am I missing? Insurance has also been tricker to get. It's my 6th overall purchase but first time buying as an LLC.

Great info on the 90%. There's one vacant and one just-rented unit, so that would be disqualifying, it seems.

I’ll be purchasing an 8-plex, and trying to understand the advantages of a Fannie or Freddie loan. Balance will be $1-3M.

Are the rates truly lower?
What are the downsides?

Thanks, @Dave Foster. If the LLC sells to that remaining partner, who creates his own LLC or not, is that a different story?

If my mother were to leave this in her estate, it’s the same deal for heirs, right? Taxable event when the heirs want (or need) to liquidate? Or is it beneficial to pass it on in an estate, for the step up in basis, and then we sell without capital gains?