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All Forum Posts by: Joanne Velez

Joanne Velez has started 3 posts and replied 5 times.

Private Lending & Conventional Mortgage Advice

Post: Where to get a HELOC on property in an LLC

Joanne VelezPosted
  • Posts 6
  • Votes 3

We have a property in NY with lots of equity. It is owned in an LLC. Rents are good. Would like to apply for a HELOC but places I find will only do it if it is not in an LLC. Where can I find a company that allows the property to be in an LLC?

1 Vote
General Landlording & Rental Properties

Post: Need ideas on how a finished basement in NY can create income.

Joanne VelezPosted
  • Posts 6
  • Votes 3

We have a finished basement which can be used for lounging/hanging out, storing things but not for sleeping.  As an apt it could have easily been rented for $1,350.00. Just wondering if there is a legal way that we have not thought of to create income.  I was thinking office space, but I'm assuming that would not be allowed in a home zoned as residential.  

0 Votes
Private Lending & Conventional Mortgage Advice

Post: Getting Loans and/or HELOC under an LLC

Joanne VelezPosted
  • Posts 6
  • Votes 3

So wondering if I can get some feedback. Have a property with a lot of equity in an LLC. Wondering a few things:

1. Should we refi? our credit is strong and have W2. Our rate in this investment property is 6.75%. Don't really now what the rates for investment property are right now for personal or LLCs. If so, should we refi under our personal or leave in LLC. We don't want to pay a transfer tax again.

2. Can we get a HELOC under an LLC?

 Pros/cons?

0 Votes