All Forum Posts by: Luke M.

@Jeff Schneider, great point about how we're hitting the point where foreclosures are starting to drop off of credit reports.  That puts a lot of people back in the market for conventional loans.   

@eddie

Hey Eddie, here's an article that explains seasoning. http://budgeting.thenest.com/definition-mortgage-s...

That being said, if you're going to do a 30 year fixed instead of a HELOC, you will probably be able to find a portfolio lender (a lender that doesn't sell their loans to Fannie or Freddie, but rather keeps them on their books), or a credit union who won't require a seasoning period. I've done a few where I was able to refi out of hard money immediately after the rehab. Not sure if you'll get them to do a HELOC though. Good luck

@Garrett M. My property is in San Diego, and I got it through California Coast Credit Union. Pretty seamless. Not sure about the LLC aspect. I think they only lend in the local area. It seems that since I asked this question, a lot of banks and credit unions have loosened their standards and are now offering them. Good luck.

In the end, I was able to get a LOC (which the institution still refer to as a HELOC) from a local Credit Union even though I no longer live in that state. They paid all the closing costs, and gave me a great appraisal value on the property as well. It does have an adjustable rate, but I love the flexibility this gives me.

I'll be lending on my first loan in Ohio, and I don't have an attorney yet. Can someone suggest someone they work with and trust in this capacity? Thanks.

In addition, anything I need to know about specifically lending in Ohio? I'm fairly new to lending.

I'll be lending on my first loan in Ohio, and I don't have an attorney yet.  Can someone suggest someone they work with and trust in this capacity?  Thanks.

In addition, anything I need to know about specifically lending in Ohio?  I'm fairly new to lending.

Hey David Ackerman , thanks for your reply to this post. I'm looking into doing the same thing except I'm using personal cash and an LOC from a rental propery I have. Can I ask if you use a broker, and where you found them? I'm diving into some books right now, but this is where I'm getting held up. Do you do more than 4 loans a year?

Thanks Josh, I've got an offer on another one, and if they bite, I'll do it properly this time.  Thanks for the info.  

I purchase a property all-cash with my own name. I would like to have it in an LLC, but it's just not cost effective as it's in California and the $800 annual fee would kill my cash-flow. Would it be beneficial to drop it into a trust even if the closing took place in my name? It would seem that I would still be easily discoverable as the owner if it was closed in my name previously. I've read through other forum posts, but couldn't find a definitive answer.

@Dawn Vacek 

Hey Dawn, welcome to BiggerPockets!  I live in Brooklyn, and since cash-flow investing is pretty tough out here, I've been looking in your market. I haven't yet started working with an agent, and I'm currently looking for a wholesaler or bird dog in the area.  If you're interested in showing an investor some properties, I'd like to work with an agent/broker that invests.  Send me your contact info if you'd like to have a call and discuss.  Thanks