All Forum Posts by: Korie Apgar

What about required title insurance?  Doesnt Quicken loans require it?  Scary if not.  

Thank you. Yes, the lender does allow separate releases of the properties if we were to sell. I will be inquiring with an attorney and the lender about LLCs and how it would affect one mortgage vs 2 and how the LLCs would need set up. The properties will most likely need to be combined under 1 LLC if they are under 1 mortgage. I'm also still deciding how much property value/equity I'm comfortable with putting into one LLC.

Our portfolio lender offered to put 2 of our duplexes under one mortgage when we refinance.  I'd like opinions on this.  I know it makes it easier for the bank as far as paperwork but my gut tells me to just keep them separate.  I feel it'll be easier on my eyes with paperwork and numbers when it comes time to trade one of them up, by having them separate.  As far as cost goes to refinance 2 properties and have one mortgage, it doesn't change the cost at closing.  What about tax time and mortgage interest deductions?  Thanks in advance.

@Michael Noto  Would you please message me the info as well?  Looking to refinance some multifamily properties to keep moving up.  Thanks!!

Looking forward to input on this.  I would like to know exactly what is and what isn't a business expense at tax time (for an investment property) when it comes to the fees at time of purchase.  These are the obvious: origination fee, appraisal, commission to agent, title insurance, building insurance, taxes and utility prorated amounts.  What about the credit report, due diligence compliance report, flood certification, property search, wire fee, tax certification, all the miscellaneous fees associated with the title insurance , recording fees, transfer tax? 

Thanks in advance, Korie

I am in PA.  What county and city are you purchasing in?