All Forum Posts by: Rigo V.

I was listening to one of the BiggerPockets podcasts a few months ago and I think the guest mentions he adds the Reno to the closing disclosure (hud-1). 

Would this allow him to rate and term refi and include the Reno? Why doesn’t everyone do this? I might be misunderstanding him so feel free to clear it up for me. I will try to find the podcast number and post 

@Matt Hurley I am confused because my bank says no llc and my hml say only llc. There must be a way during the refi process that would move the property from the llc to my name in order to refi. 

I think I confused myself. Most hard money lenders will require you to close in an LLC. How are people refi'ing in a conventional loan after their rehab to get their cash back out? Don't think you can get a conventional loan in an LLC?

Are investors just going commercial for a duplex? I find that hard to believe and dont even think its possible. 

@Mark Creason thanks mark. i'll look at commercial loans

So I am looking to buy a foreclosure. I need to get a HML since the property needs a bit of work and a conventional loan won't work.

The bank I found to do an 80% ARV cash out refi doesn't close LLC's unless it's a commercial loan.

Do I need to find a new bank to make this transaction work?  

do you write up your own leases with review from a lawyer or are you using the state leases a realtor would use?

@Tyler Bushey are you asking to see bank stmts for collected rents? invoices for the expenses from the utility companies etc? 

Mind just explaining a tiny bit more? 

So you go under contract and your serious due diligence period begins. 

What do you ask to seller to see to verify income and expenses? Is there a list somewhere? 

Anyone investing in Huntington? Cash flow ok? 

I used to work for a company that had a partnership with Marshall so I am curious what the area is like for REI?

Do you avoid properties in a flood zone?

If you don’t, is there anything specific you look for/do to mitigate the risks?