All Forum Posts by: Joe Surber

Thank you Simon, I am inclined to agree under most circumstances. Unfortunately in my area, most insurance policies will not insure you if your tenant has a dog that is considered to be a "dangerous breed".  I think there is a 99% chance that it  would  be completely fine, but where does the liability lie IF a tenant has a breed on this list and it injures a person or another animal?

We are fairly new to this and have a very qualified family with pit bull mix that wants to rent our house. How do you handle renting to people who have dogs that are classified as "aggressive breeds"? Does the renters insurance suffice?  Thank you for your input!!

Joe

I have a property that I am finishing up the BRRRR strategy.

2 Questions - 

1- Are there online lenders that will write loans for properties held within an LLC?

2- If a property is taken out of the LLC to obtain a loan, and subsequently transferred back after loan closing, does this typically invoke a "due on sale" clause?

Thank you!
Joe

@Dave Foster Thank you for your time and expertise! That makes perfect sense. I have never heard of a reverse exchange. 

Thanks again!

Joe

@Alex Olson, thank you for your reply and input!!  The condo should be around 130K.  

Joe

I am fairly new to Real Estate investing. When our daughter started college instead of renting, we found a good deal on a condo and decided to purchase it. We rented out the second bedroom and it worked perfectly while she was in college. Once the condo was paid off we took out a line of credit secured by the condo. We used this line of credit to buy several single family homes in need of help. We also used the LOC for the rehab, and then finished the BRRRR strategy.

Because of HOA fees, we are going to sell the condo. My initial thought was that we would use a 1031 exchange and buy a like property. I had a thought however, about instead of putting the cash into another property.... using it as a seed money. This way we could pay cash for the purchase and rehab, then finance. My thought is that this will give us an advantage with REOs and making deals happen quickly. This could also serve as an additional safety margin if ever needed. I realize there are obvious tax implications. Thoughts?