All Forum Posts by: Patrick Nuciforo

Jared- Thanks I'll reach out

Justin- Great thread, Thank you!

David- I have 3 now and planning on purchasing 2 more this year

Benjamin- I'll contact them tomorrow. There is a branch right down the street. Thanks

I turned my primary residence into a rental property. Did everything right by getting the correct insurance into my business name and changing the title into the business name (cost over $2,000 to the State of Florida to have that done). I have a large amount of equity built up that I want to pull out and use for another investment property.

So I contacted my mortgage lady and she said that I cannot refinance it because I changed the title to my business name. That makes sense because I cannot do a personal loan with the title in a business name. So she said I could do a personal loan refinance and change the title back into my personal name after closing. I don't want to do all that! She said that she is going to try and find some non-conforming loans that might loan to my business name and me. However that would probably be a higher rate and would not be 30 years.

Furthermore I want to take the money and buy another rental property which she mentioned we could put in my personal name to get a lower rate and then change over the title into my business name after the fact. Is that right?

So needless to say I'm confused and not sure what route to go. Any help or guidance would be appreciated.

My first rental was a townhouse, still own it. It started as a primary residence for myself and turned into sort of a house hack. I got married so I moved out of it and instead of selling decided to rent it as its very close to a major university. So for my case it wasnt originally bought with the inention to be a rental however now that I am renting it out I am making good cash flow. The $200 HOA eats up good portion of profit but its easy to take care of.

I guess it comes down to the numbers really.... If you could find the same criteria your looking for in a multi-family than I would go that route first.

Seems high but i'm sure that 10K is more than just the fan, compressor, handler etc. Not sure if that includes all the vending etc. That might make sense then. Its up to you. You could always install in later in the future between tennat turnover if you dont have the capital right now. Im in Florida right now and alot of properties still have window units depending on the age. Look forward to hearing what you decide. 

Welcome Sam. Glad to see another Floridian

Thanks everyone for the replies. I assumed so and just wanted to make sure.

Fellow investors.

I own 3 properties right now in my perosnal name. I do have a seperate bank account for those 3 properties (3 properties share one account) that is not linked to my personal account.

• Question is when I complete the transfer of these properties into the LLC can I take any profits or transfer any money from the business account into my personal account? Is it allowed are there tax impications?
• Do I need to have a seperate bank account for each property or can I have the 3 properties share one account and just keep good spreadsheets?

I'm sure it hsa to be ok to pay yourself incase you needed some extra money from your own business right?

Thanks

Thanks Carlos and Dmitriy.

Carlos- Naples is the #1 city in the U.S. for projected growth in 2016. It's not easy right now finding a good property that my lower budget can handle. 2 of my properties are in Fort Myers becuase of that. I'm thinking about maybe investing up in Milwaukee Wisc where my family is from and where I might have a potential partner. It is frustrating at times looking through the MLS. I just wish I knew what I know now back a few years when you could still find good deals.

What about Miami area or Fort Lauderdale?

Hi Everyone. I reside in Southwest Florida where I currenlty own 3 rental properties. The market has really changed here compared to even last year. In October I bought my 3rd rental for $75K and now I cant find anything for under $120K. Im ready to purchase my 4th property before the end of the year.

Thank you Bigger Pockets for providing all of this knowledge for us. Warning- the Podcasts are extremely addicting.

I hope that this forum and the members will educate me on:

• Forming an LLC (3 properties currently in personal name)
• Finding a Portfolio Lender
• House Hacking

Thanks again and I look forward to becoming an active member and sharing my experiences with new and seasoned investors.