All Forum Posts by: Kevin Hassold

Thank you for the responses they have been very helpful. 

The property is in Pasadena, TX. 

So I have a house under contract that has an unfinished addition to it. The addition is roughly 600 SF and has been dried in already. It is still at the studs and will need insulation, electrical and drywall completed. Would I be able to finish out this addition if the seller did not pull permits to build this addition or what exactly needs to be done if seller did not pull the permits to build the additional structure? 

Ok great that makes more sense thank you.

So do all lenders have to follow Fannie Mae and Freddie Mac rules or how does that work?

Is there a way around the 6 month minimum seasoning period to refinance an investment property? I was talking to a lender about BRRRing a property using a line of credit to purchase and rehab the property which I thought would get around this since it would be like purchasing the property with cash but they are still telling me that I wouldn’t be able to cash-out refi until 6 months. They did say it is possible to refinance before the 6 month period is up but it could only be for just the amount used to purchase the property through the line of credit and not the rehab amount. Just want to make sure I am understanding the Texas rules correctly.

I am looking to purchase a rental duplex that was built at the end of 2016. It was built by an independent builder who does not provide a structural warranty. Should I look into taking out my own policy or is this that big of a deal?

I am currently looking at a 2-story duplex with a large attic space. Each floor is a 2/2 unit. I want to convert the attic into 1 possibly 2 more rooms to make the top unit a 4/2. It is my understanding that as long as the bedrooms have a window and a closet they are considered a bedroom. Is that all I need in order to include these bedrooms with the 2nd floor unit or is there more to it? Does anyone have experience with renting out an attic?

Thank you for the reply! So how would I be able to leave the property in the LLC if the property is under my personal name and I am making the payments on the loan?

So I am currently working towards buying my first BRRR property and have recently found a private money lender willing to set me up a line of credit to purchase and rehab a property. The only catch is that they will only lend to an entity, i.e. LLC. It has come to my attention that banks will not refinance a property through an LLC, which I was not aware of. If I were to form an LLC with two other partners, we buy the property and rehab it through the line of credit, is there a way around this to where we would be able to refinance the property through the LLC or would we have to transfer the ownership to one of our names, refinance, and then transfer the property back to the LLC?