All Forum Posts by: Davian M.

Greetings, 

I’m reaching out to the community to find investor-friendly lenders for a cash-out refi on two properties. Your assistance is greatly appreciated. Thank you in advance!

@Andrew Postell thanks for your insight. All great perspectives to help going forward.

@Paul Welden thank you, this is very helpful. I called a few lenders and no one could really answer the question. I’ll start with the end in mind going forward. Again thanks for your insight.

@Matthew Porcaro thanks for the response. I intend to live in one unit and rent the others. The goal is to use the equity to renovate the store front since FHA funds can't be used for this aspect of the deal. More to follow. Thanks again.

Hello,

Our LLC made a cash purchase on a mixed use building. We wanted to know if we could use a FHA 203K loan in our individual names to buy the building from our LLC?

To give you some context we purchased the building under value with a decent amount of equity. Going the FHA route to purchase the building at full value you would give us a profit to fix the commercial unit.

Is this feasible or does anyone have any experience with this method? Thank you for any insight we greatly appreciate it.

Dave

@CJ M. Thanks I found the forms online, just worried about doing them incorrectly after being told I should use a layer. 

@Marc Winter Thanks and I agree. Hence why I am moving to get the transfer out of her name sooner than later. 

@CJ M. Thanks. I looked at Quick Claim Deeds and called my tax department to find out if there were any associated fees. They suggested I use a lawyer to do so. Thoughts?

@Marcus Auerbach wow I didn't consider that actually, this actually keeps them committed to your projects vices waiting for them to finish on another job. Thank you for the response, that was very insightful.

Davian