All Forum Posts by: Michele B.

If you lived in the multi you could get a HELOC.... Since you do not then I would say use a cash out refi to get your money out... It is an equity deal.

2 Votes

GO get some Odoban it is at Menards and works.

1 Vote

DO not get an LLC it cost to much when you are just starting out. Wait till you have been in business a while.

0 Votes

I think that the good ones have someone that understands accounting basics. The bad ones are the boxes of receipts with no more information. I have worked with both. While more lucrative the boxes of receipts are really not fun especially if they wait till the last moment.

0 Votes

Originally posted by @CJ DeBerg:

Thanks for all the responses. I will look into everything you all have said. My only real reason for wanting to move my property into an LLC would be to show a bank that a newly formed business has an asset worth as much as the house. I've heard banks are next to impossible to work with when dealing with a new LLC with zero capital invested.

Maybe keep my primary residence in my personal name and find a hard money loan (on top of the money i invest) for the LLC?

Why do you need an LLC at all? I just don't get why you are going that way.

Please tag me so I can understand

0 Votes

Originally posted by @Caleb Jordan:

Originally posted by @Michele B.:

If you are paying rehab out of pocket why do you need the hard money just get a regular loan? I am confused.

If the house is distressed enough conventional won't work, if your job situation if complicated conventional is harder or if you need power of cash offer and fast close.

You don't have to do conventional loans there are other types out there that is not hard money. I mean hard money is fine when you need it and I get that. I was asking why was he going that route when there are other routes.

0 Votes

If you are paying rehab out of pocket why do you need the hard money just get a regular loan? I am confused.

0 Votes

Yes it will.

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Originally posted by @Mike G.:

@Michele B. Many Good pointers in your post regarding loan resources. Any good brokers come to mind that are a good resource for shopping lenders for financing programs for Multifamily and / or MHPs?

ME!!!!

0 Votes

Originally posted by @Nik Moushon:

@Michele B. Sorry for the late response it was a busy weekend. Could you explain what you do for contingencies? I know what SFR and MF would look like but not what would get me out of raw land.

Like what you would do if you hit a snag.

0 Votes

All Forum Posts by: Michele B.

Michele B. has started 12 posts and replied 543 times.

Post: Single Family Home Vs Rental Property

Post: Best practice in removing dog urine smell?

Post: How did you get started?

Post: Property Management: Accountants Point of view

Post: Advice on what to do

Post: Hard Money... What will my money costs be?

Post: Hard Money... What will my money costs be?

Post: SSN for a Loan through an LLC?

Post: Community credit union va. larger banks for Loans out of state?

Post: How do you decide if a large lot is worth putting an offer on?