All Forum Posts by: Jordan Napoli

Michael R Fox congrats on moving forward on your journey. I'm also relatively new to investing and would like to look on the south side suburbs where I currently own a rental property but also open to Tosa and Waukesha County if there is opportunity available. I'd love to talk shop and get to know you and your partner more. Shoot me a message and we can work something out!

Hi Ben, I'm just getting started myself but live in Brookfield and have a rental on the south side. Would love to connect at some point and see if we can do anything together in the future. Best of luck!

Daniel Hanson I was wondering if I can pick your brain on some refinancing questions I have as it seems you've done a few for single family investments. Any chance you'd be willing to share your opinion on a potential refinance I'm looking at?

Hi everyone, I'm a bit new to the forum positing here in BP but after looking through the Wisconsin thread have found some of your commentary helpful and interesting. I currently have a rental property in South Milwaukee. This was my old home and we decided to rent it rather than sell because we felt over the long term it might be more beneficial. I've run some numbers and do feel were cash flowing but not a ton! We have an $84,000 loan and currently I think it would appraise around $110,000. I have a 5.25% rate with 24 years left from when I first bought the home. I'm debating if I should refinance. With the talk of a potential market crash Which is something I'm concerned about...My thought was to take a refinance and try to get down to a 15 year mortgage and remain around the same payment. Because this isn't my primary dwelling I think I can only get to about 4.25% on 15 years. Any wisdom as to where you would go with this type of situation? Refinance with same amount years and more cash flow? Refinance and shave years to help if a market crashes? Sit and hold as is or sell now and turn the profits into another property? Any help would be greatly appreciated as many of you seem to know the area quite well!

Awesome work! Where is this located?

Carl Dowdy Timothy Winfield Rick S. So I spoke with a CPA who's dealt with a few different people who operate similar to what's been discussed. Keep the LLC as the PM without any issue and run all funds through that while leaving the property in our name but will need to pickup an umbrella policy. We will need to update the lease to include both the LLC and our name rather than the LLC only. Still unsure on the refi. I have 24 year loan and have roughly 25k maybe more in equity. I will keep the property in our name but now trying to figure out if I can turn around and take some equity out to reinvest elsewhere. Excited to get moving on another property but also don't want to over extend on long term loans with a bank. Thanks for the help guys, glad to see a first forum post was able to be productive for me.

Thanks so much for the input, this is great to hear. I will let you know should anything else come up that I find to be of use.

Thanks for the input, I will definitely look into the umbrella policy. I will get in touch with a RE Lawyer as well and hopefully get a clearer picture. I guess what I was told from a CPA and banker is the transfer of deed would trigger the Due on Sale clause once that bank sells off the house to Fannie Mae or whatever other entity they choose.

Hello Everyone,

I've been waiting on a post and monitoring some of these similar questions for quite some time but now have a conundrum on my hands in which I'm trying to figure out a relatively simple answer for. I'll try to be brief as possible with the hope that someone may have a great answer on hand.

My wife and I currently own a rental property which is under our name. We recently started an LLC and opened a business checking account at a small local bank in Wisconsin. To many peoples suggestion, the LLC was formed simply for the protection issue, but now finding out it's very hard to transfer the property to an LLC.

To make things a bit more complicated...We have new tenants moving in shortly and have the lease, security deposit, rental checks, etc. all written under our LLC name rather than our personal names. We also are seriously considering refinancing the property (not commercially) since I cannot transfer the deed to the LLC to easily...

So my question(s) are:

1.) Should I rewrite the lease to include our names or leave in the LLC? And should our tenants also write our checks to the LLC? (I've heard some people use this as a property management LLC scenario.)

2.) Should I close the business checking account, abandon the LLC, altogether and just go with the umbrella policy approach?

3.) If I remain with the LLC and deposit all money through the business checking account will I run into any tax or legal issues?

Thanks to anyone who may have had this experience previously!