All Forum Posts by: Joseph H.

 I went through Community America Credit Unión in KC, Mo. 

I believe the BRRRR reference of not being able to do more is because many members of the BP forums have stated they are typically limited to a 10 property limit. This typically moves you to use portfolio loans as opposed to individual residential loans. If that makes sense.

@Andrew Postell has a great article on refinancing a 1-4 unit multi family complex that hits on this topic. 

@Wes Rice What terms does your lender request after the HELOC? Do they require you to stay in the house for a certain period of time this furthering your progress after The HELOC is pulled, or can you move out instantly after the HELOC is pulled?

So you are paying almost half of your cash out in closing costs? That doesn’t make sense to me. 

What type of LLC do you have? The lenders I have spoke with said, ifit is only you on the LLC and you transfer it to thebLLC they do have that right to call the loan due by using the Due on Sale clause, but you could transfer the property back to yourself out of the LLC. If that makes sense. More work if they call it due, but gives you what you want. If you have a multi-member LLC with anyone else except your spouse it wouldn't work to my understanding.

I am currently re-zoning from Industrial to residential. As of now I am 4 months into the process due to COVID and am awaiting the final approval this month. Like the others said, a couple of months is pretty normal. 

@Vina Real Did you receive the property when he defaulted on the loan? Was that written into the contract? 

Do the research while they sort it out and find comps to correct the appraisal report. I would start working another route to change your appraisal through proof.