All Forum Posts by: Mariah Jeffery

"But now Mariah I have a question, was the house with an existing loan in your name or the LLC...or someone else?"

The house with in an existing loan was titled in the LLC's name.

There is only $33K left on the loan. Would it be easier if I simply pay it off before refinancing? I was thinking about doing that anyway.

I'm not sure what I may have screwed up by using a quit claim deed instead of special warranty, but it's done now so I guess I know better for next time.

I should have mentioned that this is a cash-out refi. One property was purchased in cash and another has a small loan on it.

Thanks for the responses!

I sent in a quit claim deed to the county to transfer two properties from my LLC to my personal name so that I can refinance with conventional financing. The county took a month to send it back because they didn't like where the notary put the stamp. I corrected it and sent it back in, and they'll probably take another month to finally record it. When I complained, they said the "date of instrument" will still be the date that the document was originally notarized. Does anyone know if the lender, for the purpose of the 6-month seasoning period, will go by the "date of instrument" or the date when the deed was finally recorded? There will be a difference of about 2 months in my case. TIA.

I have two single-family investment properties that were purchased in the name of my LLC. One was purchased in cash and the other was purchased with a mortgage through a local credit union @ 6.75% for 15 years.

Given that rates are very low, I would like to get as much cash out of these two at ~4% and use it to pay down my debt at 6.75%. I understand I will need to transfer the properties into my personal name via quit claim deed. Are there banks that will allow me to bypass the requirement to wait 6 months? I talked to Aimloan and they said for a property that was originally purchased in my personal name and later transferred to the LLC, I could transfer it back to my personal name and immediately refinance. It sounds like every lender has their own requirements.

They did not. The deal fell through, which was lucky for me because I had cash available for the next deal that came my way. I bought a large package of rentals from an elderly couple that has been much more profitable.

I was thinking more in terms of selling them via 1031 exchange than a HELOC.

Over the last 4.5 years I have acquired 28 income-producing rental units. They are about 15 properties with 1-4 units each, with about half being SFHs. I've found motivated sellers wanting to sell properties with deferred maintenance at a substantial discount (about 2/3 of these units came from the same seller). I'm really happy with where I am now, but where should I go from here? Stay the course and keep buying as long as I keep finding good deals? Be happy with what I have and maintain the status quo? Take advantage of the equity I have and try to locate larger commercial buildings and trade up?

I work full time and I used to devote most of my spare time to RE, but I have a one year old now and I have no more spare time! Part of me wants to just be happy with what I have maintain the status quo, focusing on paying off the mortgages (we have mortgages on all but one property, and we owe roughly half of the value of the properties). Given that these are our 401K properties, we'll be pretty much set for life once these 28 are paid off. Another part of me wants to think of a creative strategy to use the equity we have and create real wealth. Any thoughts?

Oh, you didn't make it hard to understand, it was just a complicated topic. Thanks for taking the time to spell everything out for me!

I may possibly need a partner in the future. I'm going to try to digest what Financexaminer suggested, which means I'm going to have to read it 6 or 7 more times, LOL. Essentially if the sellers don't agree to take less than 20% down, I don't think even with my parents' help we'll be able to come up with the roughly $400K we'd need to buy the other 44 units. I'm thinking about this batch now and there's enough to think about, but I may search for partners in a few months when the dust settles.

Nothing painful about it when I went through it. In fact it was less painful because you only have to send paystubs and bank statements for one person, assuming you have individual accounts. If the accounts are joint you'll have some extra steps.