All Forum Posts by: Justin Butterfield

thanks everyone for the advice and @Wayne Brooks this is a conventional loan and ill have to check on weather it is Fannie Mae or Freddie Mac. If I remember correctly one of them is capped at 4 loans and the other is 10. This bank said they do up to 10.

im currently buying a property and after i purchase it I will be transferring the title to my llc but the banker is telling me that I can not transfer the loan into a llc in addition to the title. They are requiring that I open have a personal bank account for this loan as I bought it in my name. Should I just transfer what I can to the llc and not worry about the actual bank account? I guessing most people just transfer title and thats it. Let me know what you think is the best way to do this and if I need to even worry about the bank account. thanks in advance 

appreciate the advice everyone

I'm in the process of purchasing a commercial rental property and a few people recommended I send a commercial banker a business plan to increase the chances of getting a loan. What are your thoughts on this. Will it actually increase my chances of getting a loan and if so what is the best way to write one out for this particular situation. I already have a few ideas but wanted your guys opinions on this. Thanks

Thanks your the input guys

Im interested in purchasing a commercial rental property and so far every bank I talk to is only offering balloon payment loans. They say they will just extend the loan after the 5 year is up for another 5 year term but to me this is still a bit scary as they could early not extend the term and I will be stuck with the whole note due. Just wanted your guys opinions on this and weather or not this is a real concern.

Ok makes sense, as far as transferring a loan to a LLC is it just as easy as transferring the title to the LLC?

Hello there, I'm newer to real estate investing and had a quick question. When I put loan in my name for a property and then transfer the deed into my LLC does the loan it's self go into the LLC or just the property title. Im under the impression that the only thing that changes is the property title and if I'm correct wouldn't that still defeat the purpose of the LLC it the loan it's self is still in my personal name? And also is it possible to transfer the loan into the LLC too ?

Thanks for all the advice everyone, greatly appreciated

So I'm a new investor located in Michigan and I purchased my first 4plex about two months ago and one of my four tenants has been a pain on every level and I would like to hear what you guys think I should or shouldn't do in these situations. So the tenant is claiming in harassing her because I was doing some maintenance in the basement of the property and had to hamer two nails. So she was basically upset over a couple seconds of hammering Wich to me would only be worth complaining about if it was alot more than just that. The tenant also says that I'm harassing her be walking in front of her window. To get to the the last two units on the property I have to walk around the building and she is not understanding one bit despite me telling her that we were repairing gutters on the back of the property. I would agree with her if it was a daily issue but it has only been like 10 times in the two months I had to walk to the back of the house for maintenance of some sort. I know I must give 24 hour notice I'm my state for entering the tenants apartment but she seems to think she owns the grass in front of her unit and that's part of the reason she is complaining. She also thinks that anytime I'm on the property I need to give notice to her. I read the laws and I believe that being it's a multifamily and not a single family home then I don't have to give notice to any tenants for just arriving and doing repairs on the outside of the property. I am trying to work with this tenant but she is being very unreasonable and keeps talking about getting a lawyer and such. She is currently on a month to month lease and I'm debating giving her a 30 day notice to get out because of all the unnecessary stress. I'm also thinking about sending her a email saying that if she threatens to sue me again I will have her evicted but I wasn't sure if that is the best way to do that. I feel like I'm just doing my job and doing things correctly, if you guys think I'm doing something incorrectly or breaking the law in any way or have any ideas on what I should do about all of this and who is correct in these situations I'm dealing I would love to hear all your opinions. Thanks in advance