All Forum Posts by: Justin Lanciault

I'm in a similar situation and would be appreciative of advice. I own two properties in Baltimore under the same LLC, both owned outright with no mortgage. I am looking at portfolio loan options only. Looking to do a cash-out refinance on one (to purchase another), but every lender I've spoken with requires transferring the property into my personal name before closing.

This would trigger a significant transfer tax from Baltimore City, and while I could transfer the property back to the LLC after closing, that process seems less than optimal. I would also need to time/adjust my insurance coverage accordingly @Justin Lanciault how did you manage llc to llc? All I am seeing is dissolution of the llc as an exemption option

Re @Russell Brazil - I did not realize taking out the loan in my personal name and then transferring the property back into the LLC could pierce the corporate veil. Also, in past transactions, my insurers have kept me as the named insured with the LLC listed as an "additional insured." I'm assuming this is problematic in the same way? Financially I'm very tight with separation of personal and LLC finances.

Calling all MD/Baltimore real estate/title pros: we are trying to deed two Baltimore City, MD rentals from our names into our LLC's name. The city has explained that since this is a "no-consideration" transfer, it's not subject to transfer tax. However, apparently the deeds need to contain the relevant exemption code in order to avoid the tax. The city won't provide the transfer code to me, though. Does anyone out there know what the code would be for a personal-to-LLC transfer? Thanks!

Looking to get started with real-estate and would Dallas Texas be a good start for a beginner 

Thanks @Caroline Gerardo. The lender said they looked at the reserves and the upcoming needed repairs and think that they association is under funded. The property is in PG county, MD. These are low rise, 3 floor buildings. 

How do I find a mortgage broker that can assist? The buyer was fully qualified and is putting down a healthy downpayment. 

Hi, I just closed on my first rentals in DC/MD area (one in each).  In California, I rely on apartment association's very detailed forms (www.aacsc.org).  Here, I cannot find any such equivalent w/ downloadable forms, any help would be welcome.  Thanks.

Looked at:

https://www.thelpa.com/lpa/associations/maryland.html
https://www.mareia.com/MemberBenefits.aspx
https://www.pma-dc.org/
https://www.mmhaonline.org/

Thanks much.

@Justin Lanciault - The logic I had initially been using was that I'd be able to maximize my cash return on investment by having lower investment up front. And it would allow me to potentially start building wealth off of the cash flow sooner than if I was more in the hole from a higher down payment. That was me operating under the assumption that the choices were either a 3.5% FHA loan for a duplex, for example, or a 20% conventional loan.

Maybe that was incorrect? Sounds like you're saying that it is not as hard to get a lower down percent conventional as I originally thought? 

I put my first house on Zillow this Friday. The responses have been less than enthusiastic :)

What other sites should I use to list the house in the DC area?

Quote from @YiBing T.:

Can anyone recommend a title company in the DC metro area that handles Subject To or Seller Financing transactions? I recently came across Pace Morby's video on the "subject to" real estate deals, and I am interested in learning more about it. Thank you all. 

The vast majority of subject to deals with the exception of fha, va and usda loans are basically a form of mortgage fraud, certainly for the seller in the deal and possibly for the buyer, I doubt any reputable title company will want to risk legal liability on a subject to deal unless it is one of the above loan products.