All Forum Posts by: Pierre Eade

So helpful, David! I will look into this... thank you!

I have a duplex that I bought when I was first starting out that I purchased in my own name. Now I do everything in an LLC. I am going to refinance this property with cash out and have the option of putting it into an LLC name. The problem is that in PA I have to pay a 2% transfer fee which amounts to about $4000. I'm trying to figure out whether to keep it in my personal or switch it over. I know there are some liability issues with keeping it in my personal that I might be able to cover via an umbrella policy. Not sure what to do and am looking for some perspectives, thoughts, pros/cons or things I might not be considering. Thank you.

I'm looking to refinance a duplex I bought a few years back in my personal name. I have equity that I would like to take out and would also like to put it into the name of an LLC. I'm looking for a lender that is investor friendly and will not require a bazillion documents.

Who do you have experience working with that you would recommend? 

Hey BP People...love the conversation. I am a big fan of using HELOCs to purchase investment properties. I have done this multiple times. I have always had HELOCs as 2nd lien positions behind a traditional 30 year mortgage. Now I would like to have a 1st lien position HELOC instead. Do any of you have banks that offer this now on an investment property?

Hey BP Fam. I have a tenant who was giving me a hard time about the amount of deposit money I said he should receive back. He was threatening legal action etc. We came to an agreement of terms, but before I give him any money, I want to make sure he signs off on something to say that he agrees to the amount.  What document do I use?  (If anyone has a sample that would be super helpful too.)

Thank you for your input. It is very helpful to me. To give you some more details, my costs right now are three interest only payments for $667, $875 and $500 = $2042/month. If I were to keep the property I would need to refinance it within the year. I would hope to do so in such a way that would allow me to pull out cash in a refinance. That is going to depend a lot on the assessed value of the property. The property would need to assess at $300K to pay off the debt along.  

A few weeks ago I purchased a 4-plex (3 Residential, 1 Commercial) in downtown Trenton, NJ.  My purchase price was $240,000. I borrowed 100% of the funds to make the purchase $75K & $100K private loans at 8% and a hard money loan of $75K. The gross monthly rent is $3300.  

A few weeks before I went to close, I was contacted by a young flipper who is extremely liquid and looking to put his cash somewhere. He asked me the selling price, so I said $450K. He didn't flinch. I told him that was the As-Is price, but I was going to put some work into the property and would sell it to him afterwards, with the necessary CO for $475.  Again, he had no problem with the price at that point.

Assuming this guy is good for the money, what would you do & why? Take the money and run to my next investment or hold the property.

I'm sure there are a 100 other factors and questions you may have about the deal, but in order to avoid writing a book, I'll stop here. Feel free to ask me any questions or extrapolate based on any assumptions you may have about the deal. Thank you in advance.