All Forum Posts by: Michelle Williams

Does anyone have experience with Turnkey Vacation Rentals in Nashville?  What are the best transitional neighborhoods for short term rentals?

I think the key is working locally. I spoke with someone from Quicken and they said they absolutely could not do a refi for an LLC, much less a cash out refi. Told me I would have to do a Quit Claim deed to put the props in our personal name before they would do it. Im like, NO! that can't possibly be right plus that totally defeats the purpose. If a bank loans to an LLC in the first place, surely they can refi to one as well. In the process of finding a good lender that will work with me and what Im trying to accomplish. A 5% rate at 80% LTV would be ideal. Thanks for the advice.

Im looking to refinance 2 SFHs that are owned by my LLC. I currently have 15yr 7.50% rates (current LTVs are 51-63%). What are current commercial loan rates and who will refinance, having a hard time finding someone who will do this. Properties are in Louisiana, I live in Texas.

 Was thinking the same thing.  I can see its something from Michael Quarles but still dont understand what it is exactly???

Thanks you guys, I will definitely be on the lookout.

Im about to start wholesaling in Katy, TX (Richmond, Rosenberg, Brookshire - pretty much west side of Houston). Im on Podcast info overload and ready to pull the trigger. Wanted to know if there were any currently active wholesalers in the area who would be interested in networking. I also own a couple rentals and have done a couple of flips. If you are looking for properties in the area, please let me know how I can best assist you.

Yes, RICH Club (Realty Investment Club of Houston) www.richclub.org and Houston RENC (Real Estate Networking Club) houstonrenc.com are pretty good REIAs in the Houston area. They meet once a month but have classes going on all the time.  Check out the websites and calendars.

I've actually purchased two deals from one of my wholesalers in New Orleans. one flip (didn't go so well) and one hold, which I still own today, that was a steal! But, yes, you most definitely need to do your due diligence and run your OWN numbers. I love working with wholesalers and am looking for some in Katy/Houston area.

I'm also considering using my personal home equity to fund deals. Both home equity loans and HELOCs are second lein positions, otherwise know as second mortgages (in which that term may lends itself to somewhat of a negative connotation IMO). BUT! if you are using that second mortgage to temporarily fund purchasing (real estate) assets, it's all good! What's the purpose of the 100k home you are buying? rental, flip? banks will typically allow loan amounts 80% LTV minus mortgage balance, so depending on what that amount equates to for you, you can take it out at one time with a fixed rate and term in the form if a home equity loan, or over time as a HELOC (typically variable rate, shorter term, but sometimes only requiring interest only payments on the amount drawn). if you are renting this property, the rent payments can pay the second loan note during the seasoning period until you can cash out refi into a new mortgage (using the cash to pay off your equity loan/line)...then rinse and repeat! of course there are several nuances to this whole process, I recommend reading Brandon Turner's book The Book on No or Low Money Down, there's a specific section on home equity in there. I hope this helped, good luck!

Just ran the numbers on my latest Katy, TX SFH rental using the BP Rental property calculator AFTER I made my purchase and NOT considering the 50% expense rule of thumb and found out Im still cash flowing over $180 per month PHEW! - and this was a MLS lead / conventional finance deal! (I've learned so much from BP over the last 2 days via webinars, podcasts, blogs, books, etc)