All Forum Posts by: Peter Padalino

Hi all! Well, I've been reluctant to admit the mistake I made with the investment of a "package" of  properties a couple of years ago. Now, not only am I now coming to grips with the error, I'm looking for a way out. Hopefully one of you, seasoned pros might be interested in lending some advice. Given the circumstances, I was hoping to discuss the details off line. Any takers? I'd really appreciate the help. Thanks in advance.

thanks for the response Peter... 3 single family homes.

9006 Edna  - 63147

6318 Lalite  - 63136

7054 Emma  - 63136

Looking for a recommendation for a great property manager in the St. Louis, Missouri area.  Thanks all!

Quote from @Eric Feldman:

Allen,

You are correct that to refi conventionally it would be much easier and advantageous for you to close the loan in your own personal name.  There are hard money lenders out there that will allow you to close individually.  I am not as familiar with the options in Massachusetts, but know of several in my home state of Texas.

Eric, I wold love to chat with the HM lenders you know of in TX that will provide lending outside of an LLC. I'm in the process of selling our one rental that's in our personal name and we'd like to do a 1031 exchange without transferring the current (personal name) title. If you could pass along the lenders you mentioned, that'd be terrific.

Thanks for the response Greg...I am currently working with one but he's out til Monday and I was hoping to get at least some insight from the group here. Ha! I guess I just need to be more patient!!

I own a nicely appreciated SFR in AZ and am planning on selling once my current tenant's lease expires. My thoughts are to 1031 the gains into a replacement property. Here's the issue - the soon to be relinquished property is one of our first rentals and was purchased and is still titled in our personal names. For the replacement property, we'll need a loan and would like to use a non-bank lender, but most, if not all, require the new purchase to be in done in an entity. So it seems like getting the original property into an LLC asap, via a quit claim might be the best option - so that we can properly do the 1031 (like to like title).

Anyone have any thoughts?

Thanks!

I own a highly appreciated SFR in AZ and am planning on selling once my current tenant's lease expires early next year. My thoughts are to 1031 the gains into a vacation rental (or possibly a full time rental). If I operate the property as a short term, "vrbo" type, I'm guessing that there are specific rules about personal use? And how would that be tracked from an IRS perspective? I'm assuming that if the rental income reported isn't in line with "similar rental properties", I'd potentially be open to audit? Also considering that we are a couple years away from "retiring" to that area, how would the transaction work if we were then to move into the property? Certainly not trying to tug on Superman's cape, but would just like to more fully understand how that all would work. Thanks!

Hi BP community...I'm looking for a bit of advice. I own a duplex in the mid-west valued at about $100K (more on that in a minute) and have paid off the property in full (didn't originally intend to, but have - its a long story). Now I need to refinance it asap and have had two lenders "run into issues" - one 3 days before closing and another had an appraisal issue which is impacting the minimum loan amount - both issues are pretty ridiculous if you ask me, but it is what it is.  

So now, I may need to find a lender that can close quickly and will work with me on terms. At the end of the day, I'm really just in a short term need to get this refinanced to buy me some time...I've paid for two appraisals in the past 30 days with the first one coming in at $113K and now the most recent at $95K!  I find this underwriting situation to be really challenging. For goodness sake, it's a $75K loan on a rental property that has a dsc ratio of about 1.5, it's fully rented, I have great credit and on and on...UGH...Now I need to figure something out. Anybody out there have a suggestion? 

Thanks

@Jon Sidoti

Jon, love the enthusiasm and drive!! I live in the Denver market, but invest in AZ, Lubbock, TX and Cleveland. Always interested in new opportunities.

Looks great! Well done.