All Forum Posts by: Jenni Villane

@Adam Schneider Hard money institutional lending is what we are focused on. Not a refi situation at this time. Thanks for the reply. 

We formed a LLC Investment Company in early 2020. Have purchased 8 properties since then, but all have been cash deals. Looking for continued growth in 2021, but looking at using financing for additional properties. We are hearing the lending options to LLCs are limited. Before I do my full jump in research I wanted to hear feedback on anyone else who has completed the lending process as an LLC.

For reference, 6 of our properties are in North Carolina and 2 in Florida. Growth would most likely happen in these 2 states based on “support teams” we have formed that are working well for us.

Open to hearing more. Thanks.

@Dave Foster One other question, does it need to be a rental for a specific period of time? Thanks!

Thank you for the feedback. 

We have had a second home for almost 2 years. The house is not a formal rental property even though we allow friends and family to use it. No rental fees are paid to us currently. However, this home is not our primary residence by any stretch.

We have gotten into rental properties over the past year and are wondering if we can use a 1031 exchange if we sell our second home and buy a true rental going forward. Does the fact that the second home was not a true rental/investment affect the ability to use a 1031 process?

Thanks in advance for the input.

@Carol Birnberg That’s juts outside of one of the areas we have focused on. We have property in Winter Park and also Tallahassee. Sorry, I don’t have any specific experience in Edgewater.

@Remington Lyman My husband and I have 9 rentals out of state and have focused on North Carolina and Florida. Previous posts are correct about having a solid team in place. Finding the right people to help you is the almost more important than the property itself. Good luck to you.

@Scott Lennon

Depends on the location I would say. Our rentals in predominantly military based locations are doing great. Not a single rent has gone unpaid during these COVID months. Thankful for that! While the sky is not the limit on the rental prices, it’s a steady bread and butter type of market.

Anyone have a sample REO Schedule that would be used during the application process with a lender? Looking for something to model when listing our properties. Going to start looking into leveraging our first property instead of a cash buy and we want to get our "ducks in a row".

Thanks in advance.

@William Matory Where can I find more information on the base housing closures? I own properties in the area, but haven’t heard of this yet via our Property Manager. Thanks.