All Forum Posts by: N Modi

I recently completed purchase of my second property this year.
1st purchase was Single Family house. Purchased with cash and added Home Equity loan to purchase second property (condo).

Is it possible to transfer these properties to LLC without going through Home Equity loan refinancing?

If yes, what steps should I need to take? What to look for and what to avoid?

If someone has done this in past, I would appreciate their experience/feedback.
Thanks

One more thing to add. Property's present value is higher than price I would be purchasing at.

I am looking to purchase rehab property in NJ. Property has five apartments, retail stores at ground level as well as separate small warehouse/office. Asking price range is around 500k.
Property requires rehab prior to renting out. There are no tenants in apartments or in retail. Question is about financing the deal. Considering there is no cash-flow being generated when purchasing the property as well as rehab work required, what is the best way to approach financing?
My credit is excellent but I wish to put no equity (also wish to finance rehab expense). I am not interested in going through hard-lending route. Does banks/credit union provide construction loan for rehabbing property or would they provide mortgage (purchase price + rehab expense) on entire property? What kind of terms would I expect for this type of loan? Also, if you can recommend bank/credit union dealing in this type of scenario, it would be appreciated.
Thanks