All Forum Posts by: Lakshay G.

Thank you everyone. 

@Chrissy L. @David Fernandez

@Andrew Postell Thank you for explaining this. New RE Investors like me have people like you to take advice from and I'll be sure to return favors after several years to someone else. 

So because I'll be making offers in properties that are not living ready, a conventional loan won't even be given to me to make the purchase initially. According to a porfolio lender (local bank), it'll take at least 30 days to close but a "Private Lender" can close fairly quickly at a higher rate though (which is fine because it'll be a matter of few months until refinance for a conventional loan). Finally, my question, should I get a pre-approval from a hard money lender so when making an offer, it'll have a lot more credibility or should I have a pre-approval from a "regular" bank for a conventional loan to make an offer (but I don't think this will matter, I am just throwing a thought out there).

Again, my questions may seem "not smart" but I am on my way to get funding together as without funding, deals don't mean much at all.

@Andrew Postell thank you very much. When you stated "You will have to close in your personal name. HOWEVER, you can absolutely change title to your LLC after closing." I mean how hard is this to do? Does the title have to be free and clear before I can do this? I don't think so but I wanted to ask anyways, and won't bank have a problem to transfer the title to LLC after it's already on my name? If I'm asking too basic question then I'm sorry but in order to apply BRRRR strategy, one must be able to get a regular conventional loan at a decent interest rate whereas if I go through and stay with a portfolio lender, he already said the interest rate will keep going up, or down with the market, in other words, to won't be same throughout amortization period. Or do people leave their personal name on the title and get landlord insurance that protects them for getting sued. Thank you in advance.

And as we are discussing financing options, may I ask whether you are trying to finance on your own name or on a LLC? @David Fernandez @Chrissy L.

Thank you everyone.

A local known portfolio lender does ask for all the details @Stephanie Medellin mentioned and my local REIA works with them and recommends them.

I know I am about to throw a completely different question here but do major banks like (Bank of America, PNC, Suntrust) not give conventional loans to LLC? And if not, how will I apply the Refinance step when doing BRRRR strategy?

Thanks again everyone!

thank you @Michael Seeker Another quick comment, will getting for a pre-approval cause a hit on my credit score?

Hello Everyone,

I would like to get pre-approved for a loan so when I do have a good deal in front of me, my realtor would be ready to make an offer. My question here is Do I have to get a pre-approval from the lender from which I will eventually get/process the loan on the property? Or should I get it from one of banks (PNC/Suntrust Bank) and use that to show other lenders when needed? Does every lender/financial institution accept others' pre-approval?

Thank you in Advance. I am looking for pre-approval to invest in Baltimore County for Buy & Hold.

I'll have to check because I'm unsure whether it was mentioned in podcast or webinar. I'm sure you already listen to bigger pockets podcast, right?

And thank you sharing lending company name. 

Hello Jasmine. 

I don't think you can view the listing by yourself (as the listing agent would be present if yours isn't with you). In Brandon Turner's webinar, he mentioned that it's best to use your realtor versus the agent that has the property you are interested in. House hacking can and will be challenging as a couple of my friends have done it because tenants think they own you. I recommend my friend to mention in lease documentations that complaints/concerns will be processed in writing only (non-emergency) and so far so good for him. But if you can and want to, GO FOR IT and all the best to you.

Also, may I ask which company/bank you are thinking of using for loan purposes as I am looking for a lender/bank actively. Thank You.