All Forum Posts by: Justin Fenlon

This is all super helpful.  Thanks.  K.I.S.S.  Right?  

I shouldn't even say unmarried.  I could care less.  Merely substantially differing applicants when it comes to their "stats".  

Hello,

What do you guys/gals do when you get an application with co-applicants that are unmarried.  I am concerned about differing credit scores and incomes.  Perhaps one has poor job or housing history while the other, top notch.  What do you employ for a screening strategy? 

Thanks!

All super helpful.  Thanks a ton!  

Does anyone know the timing it takes to get either set up? I am considering the route of an LLC as a property management company vs a DBA - but without the added liability protection - they are essentially the same. Because of that, which one is "faster and cheaper" to set up?

I am up to 4 investment properties all personally held (i.e. not in an LLC). I understand the risk to that and feel as though I have accounted for that in my insurance planning. My goal is to start paying those down and moving them to an LLC going forward. I have heard mixed reviews of re-titling into an LLC and risking the "due on sale" clause in my mortgages. Perhaps someone can speak to that but that is not my question. :)

My question is 2 fold:

First, would it be wise to create an LLC as the "property management company" for my personally held investment properties? I am not sure if I would see any gained liability protection in establishing the LLC, but it may change the "feel". Secondly, alternatively, I have also considered setting it up as DBA to change the feel of the sole proprietorship and keep my personal name out it (again, knowing full well that I am not gaining any liability protection with a DBA)

Thoughts?    

How anxious are banks to do a complete refi with 1 large LOC? I have decent credit and have been a long standing bank client with a small town bank. I just want to make sure I have my ducks in a row. Any tips?

My current LOC is at 5.05%, it may be more expensive but also give you the flexibility to make interest only payments if need be. I also look at all the cost of closing that may be avoided vs the traditional route. Thoughts?

I've heard of strategies with people using a LARGE line of credit as their primary financing tool.  For example, 5 units at $200,000 each is their collateral for a $1,000,000 line.  When the line is paid down enough, they purchase their next property only using the line and avoiding traditional bank/lender financing.  I understand that the interest rate matters, but in general, what are your thoughts on this strategy?