All Forum Posts by: Jordan F.

Thanks! I have spoken with Vectra, Penfed, Horizons North, and a few others that are doing NOO second, but too many properties for them.

Hello! 

I own a handful of properties across CO, some 2-4 and some 4+, and most of the <4s have second mortgages already. Every bank I have spoken with told me I have too many financed properties for their limits or can't get there on LTV beyond the 70% cash-out limit.

So, I am starting to think maybe a blanket portfolio loan might be a good option. Hoping to get 75% LTV but not pay off any of my first mortgages.

Does anyone know any competitive commercial lenders who are OK going into second on a mix of 2-4 and 4+ unit properties and are competitive? Any reasons why this is a bad idea? The properties can more than support the debt burden. 

Thanks! 

@Derek Lacy Unfortunately, I did go through a complete loss a few years back on my personal home and had the same type of coverage. Was able to get the full value replaced. Thanks for the tip though I will speak with my representative again. 

Check out roofstock.com. Just remember that a 1031 has to be used for a like dwelling. 

You should look into landlord insurance. I generally ensure to about $500K of premise liability, unless there is a negligent death, that should be more than ample coverage. Further, look at providers who have a 25% extended dwelling coverage add on. In my most recent instance, it was cheaper to ensure up to 75% dwelling coverage and include the additional 25% extended dwelling coverage (kicks in under total loss)  than ensuring the entire complex. 

Come tax season your LLC will have to generate a K-1. The K-1 is typical for an LLC and will show each LLC members' losses or gains. The loss can be used to offset against your W2 income. Best to consult a tax professional.