All Forum Posts by: Julie Asmussen

What is a “second tier” market please?  I was thinking of trying Savannah. 

Hi allI’m considering buying a property w a mirror wrap.  Monthly payment will be paid to a 3rd party servicing company.  How risky are these given buyer (me) has no title/deed?   Thanks so much ! 

@Patricia Steiner that helps a ton! My primary mortgage is w chase and thru said move to llc no problem. However I’m reaching out to my lender who holds heloc on the property said no because at that point the llc is a business owned and heloc is for personal finance not commercial loan. So it appears for now I’m stuck. :(. But thank you sooo much for your advice!

Hello All,

I want to use a heloc of for a downpayment on the next investment on something that isn't a total gut, but minor cosmetics to get it rented fast.

Is this not a good idea given it's not like a BRRR where the ARV after a tiny fixup won't be some magical huge difference so that I can pay back the heloc quickly (ie less than 1 year) ?

Also I assume I have to add the cost of the heloc to the the deal calculations.  

Would appreciate your thoughts on this all or is this a bad idea to do all together and I should just sit and wait until I can save up enough for a downpayment?

Thanks so very much!

Julie

@Vincent Q. Just wondering how you can refinance ? Don’t you need to leave 25% in the deal! Are you assuming the property increases in value so much in less than a years time to cover both mortgages ? Looking to understand. Ty

Hi BP Family,

I just setup my LLC and want to move my rental from my personal name into the LLC.

The problem is two fold: 1) I have a 3% loan on it that I don't want to let go of 2) I have a heloc on this property.

How do I just get it moved under the LLC without having to do a refinance?

Thanks so much for your collective wisdom,

Julie

HI Tracy,

Wanted to ask how is PCB doing?    Thank you for any advice you can provide.

Hi All,

Does anyone have a recommendation for a good Tax Accountant in the Chicago area preferably near 60631 zip code?  Norwood Park.

Thank you!

@Don Konipol. Which lenders will do this?

How long before I have to pay the principal back ?

Thanks so much !

@Aj Parikh what method do u use to find deals?