All Forum Posts by: Khanh Le

@Aaron Zimmerman Thank you for the reply. I'll connect with some CPA on BP.

@Bill Hampton You make a really good point. I figured if I found someone in my particular city of investments they would be more knowledgeable of the state and county taxes. Let me DM you and we can discuss more tax strategy. 

Thank you BP Community for all the response. 

Hello BP,

I am currently looking for a CPA in Indianapolis. I currently have 1 rental property under my belt and would like to reach out to the BP community for any recommendation. 

Khanh Le

@Shawn Holsapple Can you also PM your recommendation for a CPA. I'm looking for someone to advise me on my rental property. 

Khanh Le

Hello Luke,

If you are investing in your local market or even invest from out-of-state, I highly recommend reading "long distance real estate investing" from David Greene. It's very important to build a strong team. Network with other investor in the market you wish to invest in. I wish you the best of luck.

 Khanh Le

I wanted to share some info that I received from other BP members. 

Either you can go conventional or commercial for your refinance. 

Conventional loan would require to be under your personal name. The interest rates and term loans are better. Most banks and local credit union requires 6 months seasoning period for 70-75% of LTC (loan to cost) or 12 months seasoning for appraisal value. 

Commercial loan would be able to do cash out refinance for LLC but the interest rates are higher and the loan terms are shorter. Some of the banks I've talked to have terms length of 15-20 yrs for a 5/1 or 5/5 ARM.

Depending on the banks that you choose, ask if they are willing to work with out-of-state investors. Some credit unions require you to live in the city in order to qualify for membership (credit unions). 

I hope this information helps. Feel free to reach out if you have anymore questions. 

Khanh Le

Absolutely, most lenders I've talked to require 6-12 months of seasoning period. LTV for LLC is generally 75% and for owner occupied it goes up to 80% LTV. Some lenders typically will have a minimum cash out amount (e.g., loan has to be a minimum of $50,000). Appreciate the response.

Khanh Le

Yes, My LLC is based in Indianapolis. I will send you a DM. Thank you Nick.

Hello BP,

I am currently purchasing my first single family residential property next week. I would like to reach out to the community for some help/advice on which lenders that will offer a cash out refi for my property. The property is going to be currently owned by my LLC. Most lenders that I have spoke to will only do a cash out refi unless it's owner occupied.

The advice I got from most lenders is to purchase the property under my own name and then quick claim the deed over to the LLC. This is one option; however, I'm trying to find a lender that can do a refi under the LLC.

The property is currently located in Indianapolis. Any help or advice is greatly appreciated. 

Best Regards,

Khanh