All Forum Posts by: John Burke

Hello I'm getting ready to purchase my first rental I was told I have to take out a mortgage in my personal name then After I close I can transfer it into an llc ? Is that possible? Won't the mortgage still be tied to my personal assets? How do I protect myself or can't I until the rental is paid off?

Thank you I am going to follow that advice for sure.

I am a newbe looking to buy and hold a rental  property 85k. I can get a short term loan to buy the house very quickly at 8%-10% over 12 months then want to convert that into a conventional mortgage is this something that makes sense or should I just apply for the conventional 30 year mortgage with a direct lender? Any advice would be appreciated. The upside to a short term loan is I can get the cash very quickly to close a deal. Thanks john in New York

Hi getting ready to buy my first rental with 20% down and Reno cost in hand. Will I be able to obtain a mortgage if I have 2 current mortgages and a home equity loan. I was told if my rent is 125% to 150% of my mortgage payment it should not be an issue. Is this true? I plan to purchase it under an llc. Any advice would be great 

Hello I'm new to the flipping world and was wondering how much tax was charged when you sell a flip. I was told 40-50 percent??? Is this true? Any advice would be appreciated. John