All Forum Posts by: Kelli Huang

There are so much to read on this topic it can be overwhelming. 

I just created my LLC and I met with the bank mortgage banker yesterday, he said he has heard of lending to a LLC but has never done it. I might be his first LLC client.

Some people use land trust combined with LLC. Some people obtain the mortgage then transfer the title of the home into the LLC but there is the risk of due-on-sale.

I think you really just have to ask the lenders the questions. "Will you lend to a LLC", "will you enforce the due-on-sale"?

I want to know more about them too. Sounds like they will give you fund to do whatever you want in your real estate business and 0% interest for 12 month

20160822.

The undewritter is reading my pay stubs wrong. I explained that I get paid every 2 weeks but the UW thinks my stub is every month. They are still reviewing the documents. I am worried because it is almost September and I don't know when the seller will need me to close on the house.

The good news is we finally went inside of the house, and it turned out to be move in ready! Yay. The seller offered to split the cost for termite spray and we got the house treated last week. 

I talked to a HML today in case of my cash-out refi doesn't come through. The HML will fund 65% of purchase price, and I will use private money for the other 35%, if my refi doesn't work out. I am going to talk to more HML's to shop around for less fee and lower rates. I know for my first deal the lenders will lend less and charge more, but the house is a good deal. Hopefully I will be able too refi in a few months.

I just asked the seller if he would be okay if I use HML, he hasn't reply to my msg, I think he is worried that I can't come up with the money too.

I also created my LLC last week. I am hoping to close this house under the LLC. I can already see the seller and the lender calling me being difficult.

@Kweillin Gordon, I will let him know. Thanks. 

@Jay Y., I sent you a msg

@Kweillin Gordon, I will let him know. Thanks. 

@Jay Y., I sent you a msg

Michael,

Thank you for the suggestion. Most of them are hardmoney lenders. But I just remembered the BP podcast always talked about B2R financing. I will tell him to check it out. 

I have a question for a friend that has a house free and clear, but doesn't have a job. The bank won't let him do a cash-out refi without income. He is planning on getting cash out of this home in order to buy another one and rent the current house out. Can anyone suggest a lender that can help? Or what should he do in this situation? He doesn't want to sell it.

Douglas,

Did you contact them? I am seeing job postings from them in Ga and I am curious too.

Congratulations! How long were you studying for? 

I am buying my first property that is intended for rental. After scouting all over zillow, I found this for sale by owner 3/1.5 for $46,900. ARV is about $70k. I contacted owner right away and ask If he could do owner financing because it is such a small loan that will bye hard to find a lender for it. The seller agreed on $20k down, 6% financing, and $2k ernest money. He is flexible with the terms and he is also giving me a little discount on the sales price.

He won the bid on this house from auction.com and it was a bank owned property. He is not closed on the house yet. I will close on this house the same time he closes it with the bank. I gyess this is what you call a double closing? 

We went to see the house together but he didn't get the key to the house from the bank yet so I didn't see the inside of the house, not even pictures. But he believes the repair will be less than $1000. Our contract states if the repair is more than $5,000, I can back out of the deal and get my EMD back. Sounds like a pretty good deal?

There are a few problems. D&D period is 14 days but we can't see the inside yet. The closing will be approximately in 2 weeks and the seller told me that We will see the inside before I buy it. But I dont know how that will go. The area of the roof under the gutters have some dry rot. I need to figure out how much that will cost to repair. And for the$20k down, I am doing a cash out refi on a home to get the money. But the lender just told me today my income isn't enough for the debt ratio. So now we have to bring my husband on the loan. His credit score hurts me a lot. The rate went from 3.5 to 4.875. Plus now I have to pay more points. The new PITI is now$577. Wow. The house I am doing the refi on justvwent from 2% rent to 1% rent. I am starting to doubt that I am making a right move here...