All Forum Posts by: Justin White

I agree with George, check with your lender they are all different.

he only thing I would add is if the amount they anticipated for taxes is more than the county needs after the property is re-assessed, then I have heard of lenders lowering that portion of the monthly payment. 

Oh an you can cash out your escrow account if you refi your loan...

Title says "looking for help". It would help everyone to know what you need help in...

And if it is just help finding deals I think everyone in here is looking for the same thing. Podcasts might be a good starting point.

The only thing I would add is that a title company/closing attorney that draws up the note can put multiple people/entities as the beneficiary. Joe Smith as to an undivided 30% interest and Mary Johnson as to an undivided 70% interest. Say if it was a 100K loan and Joe came up with 30K and Mary 70K, then if the loan is in first position, all of your bene's are in first position. You just have to give the details to the title company and they will create the paperwork for you

You might want to talk to local banks or credit unions rather than the national ones. They tend to have more relaxed underwriting requirements.

@Account Closed I understood what you were saying with portfolio lenders, Mr. Childress asked about financing so I thought it would be worth letting him know of some other options that might fit his situation.

@Steve Vaughan makes some amazing points, you CAN put as many properties as you want in an LLC, but SHOULD you? An attorney can help on this one and your specific situation.

On a financing note, remember that you can get commercial financing by bundling properties together. So rather than 10 properties and 10 loans, you could have 10 properties with 1 loan on all of them.

Welcome Monica!

I'd suggest listening to some podcasts, just start at the beginning (there are a lot of episodes). There is some awesome info in those things.

Some Counties are more user friendly than other ones. Are you familiar with all of the documents and processes for the liens in the State you are searching in? If not, I suggest you do some research and familiarize yourself.

Hi Everyone,

I am looking for a real estate agent to work with in Champaign-Urbana Illinois, that knows the neighborhoods, market well, and is responsive to requests.

I am trying to do flips in the 40K-90K range.

Does anyone have a recommendation?

It is less than ideal, but you could refi those other two out with a bundled commercial loan on all 3 properties.