All Forum Posts by: Naveen Kumar

@Timothy Doenges keep calling, or do an online search - there are quite a few credit unions (local and non-local) that will do a low balance loan. Make sure they know its for an investment property, and a portfolio loan if this is a non-warrantable property.

Reach out to credit unions that will do such loans at 70% LTV

I will push back on this and hopefully get past it.

thanks for all the advice.

@Steve Vaughan - they have been reaching out to my agent via their agent. Technically, we don't even own the property anymore - and we addressed their initial concerns by offering to cover the service call expense. 

Not sure what the correct procedure is in this case. Should we go to the property and address it in person? 

thanks @Caleb Heimsoth

We had an inspection when we bought the place, and the new buyer had it inspected too. Neither of those reports found the piping material to be an issue and needing replacement. 

A first time flipper and just sold my first fix and flip 2 weeks back. Very exhilarating feeling - thanks to all the good stuff and nuggets of wisdom all over this site.

Now the first time home buyer has come back and says that they had a water leak in the bathroom, for which they used a home-warranty service that we had bought them (a 2-year home service warranty). The plumber that fixed it said that the plumbing in the whole house should be changed as it is Polybutylene pipe. Now the buyer is freaking out and wants us to 'take care of it'.

What do you suggest we do? We already paid for the service call for the leak repair.

Any advice will be appreciated.

Sounds like a good one! Will the replay be available online anywhere?

thanks @Stephanie P. - appreciate the lead.

Hello fellow BP'ers

I am coming to the first year anniversary of my first investment property purchase that I had bought in cash. 

I currently own it fre and clear and am looking to get a HELOC for $50k from a local credit union or a community bank.

Looking for recommendations on local Prince George's County, Montgomery County based credit unions or community banks that are investor friendly. 

Thank you in advance. 

It is correct that you will not be able to get away with just moving the loans to an LLC as it will show up on your tax returns.

One option could be to form a corporation (C, or S), and take the money out as a W-2 salary. That way it will be treated as regular income for tax purposes and not on schedule E.