All Forum Posts by: Kevin Guyden

Thank you all very much for the advice! It is much appreicated!

Hey everyone!

I am about to move out of my primary residence and turn it into a rental property. My plan was to move the property to an LLC. I just reached out to the mortgage company, and they informed me that I could not move the home into an LLC. They said that the investor(Fannie Mae I believe) wont allow it and it will trigger a due on sale clause.

So my question is for those of you who have rental properties in your personal name, how are you protecting your personal assets in the event that someone wants to sue you for something that has happened on the property?

Thank you in advance

Does anyone here know of a company or companies that build container homes, more specifically in the Houston, Tx area.

The companies that I have reached out to in the past have never responded.

Has anyone here ever built a container home or cluster of container homes for rentals? What issues did you run into and how did you overcome them?

Thanks Matthew Gullo

sounds like the event was awesome.Will there be another one soon?

@Tracy Z. Rewey

Thank you! I need to read up more on seller financing. Like yourself, I have heard of others that have started with seller financing. What I need to know and find out ( and I'm sure this is on BP somewhere) is how do I know if the seller is making payments to the lending institution on time from the payments they receive from me( which would be rental income from tenants)? Or does the seller who is providing the financing have to own the property outright? I have also heard of banks "calling the loan" due if they find out about the seller financing if he/she doesn't own it free and clear.

@Bob Langworthy Thank you!! I did begin to feel that way. And you have echoed what others have been saying which is sell the car. Your two cents were worth it's weight in gold.Thanks once again.

@Daniel Rutledge Thanks. I am currently at 48% . I believe they wanted it to be at 45%. I was told by the bankers that the car note is what is pushing it over the edge. So if I paid off the car note, which is about 20k, then I would be able to qualify for a loan of about 150k, with a 20% down payment on a property. I am able to earn some additional income outside of my day job, so that is definitely an option and the extra income will help. @Alexander Felice Yes you are right about that!!! @Eric Loya Oh I didn't know that there were assett based Hard Money Lenders. I thought there were only income based lenders. The exit strategy I planned to use was to refinance into a conventional fixed loan. However the HML's I spoke with wouldn't lend unless I was approved by a traditional bank for a convetional mortgage. But I think those were more income based instead of asset based. I will reach out again and try different Hard Money Lenders and Private Lenders and Seller financing. Will also dig deeper into the BP forums. @Chris Mason Thanks for the information link to "Overlays". I have never heard that term before until today. Yes the home loan is newer than the car loan, So I too was unsure why there were counting it against me, but I guess because it is financed and it is money I owe another institution. I totally agree with you and now I am seeing the light with this whole new car situation.

Hi BP family, I am new to BP(Both the podcasts and websites/forums) and I am a fairly new investor from the Houston Texas area. I bought my first Single Family Rental in 2014 and sold it In October of this year. It was a great experience and I am looking to acquire more properties whether that be Single family or Multifamily or both. The problem that I currently keep running into is obtaining financing from banks and hard money lenders. Although my credit is good, my Debt to Income ratio is too high at the moment. The debts I have are my mortgage and car loan. My home is new and I have not lived in it a long time so there is very little equity in it. So BP family, If you have gone through this at some point in your investing career, how did get around this and continue to acquire properties?