All Forum Posts by: Jessica Jay-Maleski

Hello!

In the past I have purchased properties that were zoned commercial, however I have purchased them with the intention of being long-term buy and hold residential rentals (multifamily 4-plex). My other purchases were a while ago. In one case I had a property re-zoned to residential, in another case the property was considered mixed-use so I left it as-is. 

The primary reason for rezoning (aside from complying with laws) is that it did save tremendously on taxes. That said, I am curious about the following:

1) are there any glaring reasons one can think of to attempt to keep a property zoned commercially, even with residential use?

2) I will very likely need to pull permits for this property and I don't want to and up in a lurch as I am relying on the ability to update the electrical to make this deal happen. 

3) Any thoughts as to whether to try to have it rezoned to residential or to multi use?

I understand this can be fairly geographically specific. This property is in Phoenix, AZ.

Thank you so much for any assistance you can provide! This community has been invaluable to myself and to the bajillions of people I have sent here to search the forums over the years :)

@Ingryd Hernandez you are a hero. I use rpr but I feel such an obligation (unnecessarily I’m sure!) to provide more detailed analysis. I seem to end up with many cases of major remodels/additions/added solar or new builds that don’t register on rpr that I would love some help with but I am SO glad to hear of your confidence in RPR because I do probably dig too deep and drive myself crazy! I am generally in the luxury market so people do some...interesting...and very expensive (and sometimes unadvisable) things!

Hi, Realtors/agents! I am a "one woman show" but get a ton of requests to run comp analysis'. I don't mind doing them and find them valuable for my own knowledge, but oftentimes they don't result in much and they take a couple of hours out of my day (I must be clunky/slow). Is there a person (even just a hobbiest?) or an organization for hire that specializes in running comp analysis for traditional residential resale scenarios? Particularly I am in the Phoenix AZ market and although I have considered hiring someone to aid me with this, I'm not a high volume agent and would prefer to pay someone transactionally. Doesn't need to be perfect but I'd love someone to help with the basic research to get me started. TY in advance!

@Jason munger did you ever get it done? I am having a similar problem... can't get anyone there to actually call me back. Does anyone have a good contact over there for a HELOC?

Hello! Does anyone have a direct contact at PenFed, particularly for a HELOC? I have had the toughest time getting to anyone - calls drop, people never call back, etc. Any direct contact would be appreciated :)

Hi, all! I just closed on two three bedroom houses (on one lot). One of the buildings (ironically enough) was previously a pub but has been converted into a 3/1 residence. It has come to my attention that Phoenix metro is in need of more halfway/style sober living residences. Is anyone familiar and willing to let me bend their ear? :)

@Julee Felsman this is EXACTLY the type of feedback I was hoping to receive. Thank you, thank you! I’m sure while I reflect on this I’ll have done additional thoughts or questions - this has given me lots to consider!

Hello, all! 

I am currently in the process of refinancing my 4-plex along with buying two more rental properties. All of these loans will be in the name of my LLC (and the properties will also be owned by the LLC) rather than my personal name (yes I am aware that does little to protect my personal assets, but I've been very encouraged by by the ability to keep my personal credit out of the mix by taking the loan in the LLC). While I am still sussing out details, I am not positive if I will personally be considered a guarantor on the loan or if they will consider this loan to be entirely asset-based but either way, I do not anticipate the loans being reported under my name.

So my question begins here: hypothetically (and I understand there are probably a million variables), if I wanted to purchase a new primary residence, HELOC my current, etc and *assuming it will not show up on my personal credit report*, when applying for a new loan with a different bank, would you even bother to disclose ownership of rental properties? Is it realistic to say that "I" don't own any rental properties because they belong to my LLC, not me? Or is that just too much of a stretch, too likely to "get caught" if I don't bring it up and cause a lot of headache for everyone? ...or some other issue I am sure I am not considering?

I know every loan product is different, and that in some cases it would be of benefit for me to have the rental income included if I wanted to "amp up" my earnings (I know many lenders will credit you back like 75%), but for the sake of simplicity, let's assume my income from other sources is sufficient and I am trying to avoid the extra ppwk. 

I am absolutely not attempting to commit mortgage fraud or anything of the like - I am just looking to ensure that I make each move strategically so as to maximize my available credit while still staying honest. I am just curious if anyone else has dealt with the domino effect of moving things in and out of their personal name/LLC's, trying to make sure your taxes are legit while still reducing tax liability AND being strategic enough to ensure that when the first domino falls, the rest fall into the correct places (the ultimate dream, right?)

Any and all advice/feedback is appreciated. TYTYTYTY!

Hello all! I am looking for a recommendation for one provider who can do BOTH residential and Multifamily HELOC - bank statement loan preferred. I, and both properties, are located in AZ. Looking for the unicorn of low interest rate, fast close, and preferably bank statement loans as I am self-employed and had a LOT of deductions in the past couple of years.

TIA!

Hello all! I am looking for a recommendation for one provider who can do BOTH residential and Multifamily HELOC - bank statement loan preferred. I, and both properties, are located in AZ. Looking for the unicorn of low interest rate, fast close, and preferably bank statement loans as I am self-employed and had a LOT of deductions in the past couple of years.

TIA!