All Forum Posts by: Rochelle Kretchmar

@Mark Nolan

Thank you for the welcome and advice.  Much appreciated.

Thank you to all for the welcome's and encouragement.

Hi Ashley! 

No the home currently is not in an LLC. Our Venture partner did an individual FHA loan he wants out of. We are trying to figure out the best plan. Unfortunately, HML are not allowed to lend money on Owner Occupied homes. We have been thinking of getting a loan through our LLC and then Re-fi down the road. But, not sure that will work either. Which is why we are looking for other options, since conforming is out of the question (we have to complete Master Bath. Would really like another VP to get a loan or provide a loan to us that we would make monthly interest payments and turn around an pay out a % when we re-fi in 1 - 2 years. We could sell, but we have made it home... and put over $60K in the home so far...

Thank you so much for your input, much appreciated. I did consult with my underwriter and as long as the LLC is owned 100% by the person or people who want to personally re-fi loan to long term (conv), it can be done easily. I learn something every day!

Thanks again,

Rochelle

Hello!  I am new to BP and so far I am really enjoying all the information.  My hubby and I have been in real estate for years.  I started back in early 2001 as an office administrator for a local real estate office.  I talked my husband into getting his license and the rest is history.  We kept it in the family and got my brother in law involved and they started flipping homes prior to the 2008 down turn.  in the meantime I went to work for a Corp Relocation company and also obtained my Mortgage License in Tx. 

We have continued to keep a few rentals, but have decided since the market is booming in the area, we should go ahead and get in the game again. Primarily for Buy & Holds, but we are open to pretty much anything. 

We have a joint venture on a property we started a little less than 2 years ago, we decided to move into the home and keep for ourselves, but the work isn't quite complete.  Our partner has decided he has to get out.  He has 2 kids going to college and needs off the loan, so he can qualify for student loans, etc, etc.  I have been running into some lending problems though, since it will be owner occupied... Any suggestions would be greatly appreciated.  

 It's never dull that's for sure!  I look forward to getting to knowing others in the North Dallas area.  We are currently in the Highland Village, Flower Mound, Lewisville area and are always on the look out for a good deal.