All Forum Posts by: Karen C.

Hi Daniel, 

One option for you would be to visit Pace Morby's Creative Real Estate facebook group. There are a ton of investors and lenders in there and I've seen a lot of posts looking for PMLs. 10% seems to be the standard return. It's not much info, but I hope that helps some!

@David M. See DM for my explanation :)

@Nick Belsky See, this is the problem I was running into. The concept of TBE is grossly misunderstood, and it doesn’t help that over half the states don’t recognize it. Luckily the lender did their due diligence, eventually admitted their underwriting department was mistaken and eventually corrected the loan agreement accordingly. 

Here’s a link for reference: https://www.rocketmortgage.com...

Thank you all for the responses! I guess my issue is that by definition, my husband and I owning the LLC via "tenants by the entirety" means we each hold 100% interest in the LLC. I've learned this setup is not recognized in all states and even though the California company I was working with is certified or licensed for the state of Florida, they don't seem to understand the concept.

Hi everyone!

So my husband and I have an LLC together which currently owns our rental properties. The agreement states "the Percentage Interest in the Company owned by [husband] and [wife], as Tenants by the Entireties, shall be 100%."

We have been trying to do a DSCR cash-out refinance and the lender is asking the operating agreement to be broken down as a separate percentage details of ownership.

Is this a standard request from a loan underwriting team? It seems the agreement to me is explicit enough and that both my husband and I own the LLC therefore should both sign for the new loan as managing members.

Am I not understanding this correctly? 

Any advice here would be greatly appreciated! 

Also, looks like our DSCR for the house is 1.76. Need to dig deeper for the FICO score

Wow, thank you both! I'm embarrassed to say I've never even heard of a DSCR loan. Does it essentially work the same as a conventional loan? Sounds like this could definitely be a great fit for us. @Jessica Tsao, does the company you used for your Boise duplex do loans in FL? I’d love to give them a call if you don’t mind. I’ll also start checking specifically for these loans down here too. 

Hi everyone! I am looking to do a cash-out refinance on a Florida property we've had for over a year now. The property is titled under our LLC but I'm having a heck of a time finding a bank willing to do this directly under the LLC. All so far have told me I should transfer the title to my name, refinance, then transfer back, which is not something I'm particularly interested in doing. Has anyone had any luck with this in the area? Could I even do this with an out-of-state bank/credit union? I'm getting slightly defeated from my lack of success here. :-P

Thanks Joe! 
That’s very helpful advice, especially regarding the security deposit. We certainly want to give her family the privacy and respect they deserve, and we don’t want anyone to feel like we are rushing anything. At the same time, we want to proceed cautiously in the hope to not unknowingly fail to follow the legalities of this unfortunate situation. 

Hey guys!

We are new investors and just found out our tenant recently passed, about 2 weeks ago. She was 3 months into a 12-month lease. Her brother called to inform us of her passing and that he and other family members were removing her belongings and going to clean the dwelling afterward. I understand we are not obligated to end the lease but per the lease terms she would be in default secondary to abandonment after 30 days. Now FL law states “the landlord shall not recover possession of a dwelling unit except:

… When the tenant has abandoned the dwelling unit. In the absence of actual knowledge of abandonment, it shall be presumed that the tenant has abandoned the dwelling unit if he or she is absent from the premises for a period of time equal to one-half the time for periodic rental payments. However, this presumption does not apply if the rent is current or the tenant has notified the landlord, in writing, of an intended absence; or

When the last remaining tenant of a dwelling unit is deceased, personal property remains on the premises, rent is unpaid, at least 60 days have elapsed following the date of death, and the landlord has not been notified in writing of the existence of a probate estate or of the name and address of a personal representativeness.”

So is it 30 days or 60?

And is it ok to keep the security deposit for lost rent?

Sorry for the lengthy question! Just want to make sure we are proceeding correctly here. Thanks in advance for your help :)