All Forum Posts by: J Shoe

I am looking for a long-term multifamily loan with creative financing.  I currently have one rental with partners.  I am looking to expand. Property - in Michigan - $5,000,000 - $6,000,000.  Would like to finance, most if not all.  Where would I go for such financing?  Please refer people/companies with whom you have worked.  I am skeptical on private or angel financing.  Thank you.

 Thank you.

I am looking to purchase a 10 unit apartment. Should I purchase it in an LLC or a Trust? I am a little confused as to which entity to place it in and how. Do I purchase it in the name of the LLC and then quit claim it to the Trust, and, if so, are there any consequences? As far as getting financing - is it easier to get financing in the LLC or Trust? If I purchase in the name of the LLC and move it into the trust then the LLC no longer owns the property (mortgage) and are there tax consequences for the LLC to do this and should I dissolve the LLC? Is there a better way to structure this? Any help is appreciated.

Dave - thank you. I didn't think about maxing it and only using what I need. That is a good idea. That rate seems high (9-12%). What are your thoughts on the Home Equity Loan vs. HELOC? I believe home equity loans have a fixed interest rate and a HELOC has a variable rate Also are there closing costs involved? Is it easier to get a private lender to approve and how to you choose one that isn't a scam?

I have been looking to purchase my second fix & flip however I keep losing out to all cash offers.  I have also been looking at foreclosure and sheriff sales which want funds within 5 days.  Which is the best way to come up with cash. Home Equity Loans or HELOCS seem to have the lowest interest rates and are flexible so if I find a property I can move on it quickly.  Can someone give me some advice? Is there a better way to go?

I have a corporate Roth and cannot access unfortunately.  Who do you use for hard money loans?

I purchased a home and have done improvements to it. I need about $30,000 to finish the improvements to sell it. I don't want to refinance as I have a great low interest rate currently and I don't want to pay upwards of $6000 to refinance or take out a HELOC. Personal loans for $30,000 are hard to get and have high interest rates. Does anyone have any knowledge they could share as to what is the best way to get the additional money? Would a hard money lender be the way to go and do you have any good recommendations for one? (BTW, I have a good job and great credit). House is located in Oakland County, Michigan.