All Forum Posts by: Mary Beatty

When you choose your bank ask if they have a commercial lending department. Not all credit unions write commercial loans. No the mortgage will be in your LLC. Even if your LLC doesn't have income the lender will analyze the profitability of the property. This is where knowing your numbers and your scope of work (if you need one) really help.

@Frank Teshima . Yes it's very good you started your LLC. Once you have your LLC finalized open a business bank account and an EIN for your business.

Hello.  I am interested in any off market deals please send them to [email protected] 

If you already have a LLC go for it. If not get your LLC first. Commercial lenders are easy to work with they care more about the return on the property vs your personal income like you said. They still will look at your credit since you will be the guarantor however it won't be on your personal credit.

If your wanting to purchase another property and start real estate investing it would be the easiest to take out all the equity.  It depends on your strategy.  If you want to keep some equity in the property you can always get a loan against your next investment property to get the funds however you will need money for the down payment unless you are working with a private investor.  You may want to speak to a financial advisor. 

Refer to the agent or title company that closed your loan. They will be able to assist transfering your deed to your LLC. If you want to refi your loan to your llc ask if your lender has a commercial department if they don't call around to some local banks that have a commercial lending department and see if you can qualify to refi the loan there. Also there are a handful of hard money online lenders that would be able to do it however it would be at a higher rate.

Since it wasn't specified and there are other contractors that don't use thinset I would leave it.  Going forward if you prefer to have thinset used make sure it's in your scope of work you provide your contractors!