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All Forum Posts by: Robert Timm

Robert Timm has started 2 posts and replied 18 times.

Post: Mortgages through an LLC

Robert TimmPosted
  • Realtor
  • Indianapolis, IN
  • Posts 19
  • Votes 22

@Jason D. - Thanks for the recommendation. I'll check them out!

@Joe Splitrock - I didn't realize the loan stays in my name. I thought it ALL went into the LLC. That does seem somewhat pointless. And yes, I'm terrified of the due on sale clause and it absolutely seems like a big mess to clean up!

Post: Mortgages through an LLC

Robert TimmPosted
  • Realtor
  • Indianapolis, IN
  • Posts 19
  • Votes 22

@Philip Johnson Congrats on getting close to the 10 properties! It seems like a great problem to have, good luck on the next steps of getting past 10. I hope to join you there!

Post: Mortgages through an LLC

Robert TimmPosted
  • Realtor
  • Indianapolis, IN
  • Posts 19
  • Votes 22

Hey @Dan Gamache! Thanks for the advice. That is just about as close as I can get to what I'm interested in. I spoke with a couple companies today that offer similar packages - LimaOne, Visio, etc. Are these technically private lenders like you mentioned? Thanks again for the comment - I'm excited to get my first deals under my belt here!

Post: Mortgages through an LLC

Robert TimmPosted
  • Realtor
  • Indianapolis, IN
  • Posts 19
  • Votes 22

Hey @Jake S.!

Thanks for the response. I'm not gonna lie, I love how you offered that recommendation - key word simply. It really makes me think I'm overthinking/overworrying because I've been given that exact advice by a few people (including my business attorney!). However, the thought of a bank calling the loan due based on that due on sale clause absolutely terrifies me! 

Have you personally used this process before? If they do call it due, what would potentially happen next in that scenario? I sell the property? Try to refinance it?

Thanks again for the recommendation! And yes, in my many phone calls I've discovered exactly that - banks do not like lending to LLC's!

Post: Mortgages through an LLC

Robert TimmPosted
  • Realtor
  • Indianapolis, IN
  • Posts 19
  • Votes 22

Hey BP Community,

I am looking to purchase a few properties in the 60-80K dollar range. After taking Brandon's 90 day challenge I kicked it into gear and set up my LLC and I'm ready to put down 20-25% on these properties. I have connected with some people in various areas and found some properties that I felt comfortable putting in an offer, but I'm running into an issue with lending.

I'm really only interested in 30yr FIXED mortgages, not adjustable rate - which it seems is about all I can get through my LLC. I'm trying to persevere through all of the no's (about 4 banks so far), but I wanted to reach out to this awesome community and see if anyone has advice.

I know I'm not the only one to purchase property through a business, and I definitely know I'm not the only person who doesn't want to do a balloon type mortgage. Does anyone have any suggestions for lending through an LLC?

Thanks guys!

Post: Looking for referrals in Rockford, IL

Robert TimmPosted
  • Realtor
  • Indianapolis, IN
  • Posts 19
  • Votes 22

Thanks @Charlotte Edwards and @Joe Randazzo for the recommendations! I'll look into those!

Post: Looking for referrals in Rockford, IL

Robert TimmPosted
  • Realtor
  • Indianapolis, IN
  • Posts 19
  • Votes 22

@Philip Williams Thanks for the insights! That’s exactly what I’m hoping for - the immediate cash flow, not theft lol

Any realtor recommendations out there?

Post: Looking for referrals in Rockford, IL

Robert TimmPosted
  • Realtor
  • Indianapolis, IN
  • Posts 19
  • Votes 22

Hey everyone!

I'm a beginner investor wanting to get into real estate and I'm researching some different areas. My search has brought me to Rockford, IL because there are many potential properties in my budget and I'm somewhat familiar with the area as it's close to where I grew up. 

I'd also love to hear any recommendations from those who have invested in this area. What are some dos/don'ts for Rockford whether positive or negative?

Thanks!

Bob