All Forum Posts by: Rusty Scott

I have a single family rental property that I have owned for approx 6 years. I purchased the property with a family member's LOC and it was purchased in my personal name.

Shortly after, I had a partner come in with me, and we quit claim deeded the property to an LLC we established, with both of us being members (me 65%, he 35%). In 2008, we took out a commercial mortgage loan (cash-out) to pay off my family's LOC, at approx 80% LTV. It was on a 5 year balloon, which is due in approx 2.5 months. Current balance is approx 65% LTV.

Now I need to come up with a way to get this refinanced. I would prefer to pull it out of the LLC, into my personal name, and get the financing done in my own name. THe 35% partner is fine with this, as he doesn't really own the equity (off-paper), and we have a good relationship.

Is this going to be a problem getting this done due to any title seasoning requirements? I talked with one broker who said it could be done, but they aren't who I really want to use due to high costs. Or is it better to try to just stick with financing within the LLC. Another note, this is a small balance loan, approx $68k. Thanks!

I have a single family rental property that I have owned for approx 6 years. I purchased the property with a family member's LOC and it was purchased in my personal name. Shortly after, I had a partner come in with me, and we quit claim deeded the property to an LLC we established, with both of us being members (me 65%, he 35%). In 2008, we took out a commercial mortgage loan (cash-out) to pay off my family's LOC, at approx 80% LTV. It was on a 5 year balloon, which is due in approx 2.5 months. Current balance is approx 65% LTV. Now I need to come up with a way to get this refinanced. I would prefer to pull it out of the LLC, into my personal name, and get the financing done in my own name. THe 35% partner is fine with this, as he doesn't really own the equity (off-paper), and we have a good relationship. Is this going to be a problem getting this done due to any title seasoning requirements? I talked with one broker who said it could be done, but they aren't who I really want to use due to high costs. Or is it better to try to just stick with financing within the LLC. Another note, this is a small balance loan, approx $68k. Thanks!

Thanks for the reply Joel.

I've looked over the numbers pretty closely, and believe they are accurate and I would say in the middle possible range for both ARV and rental value.

As far as the area, this home is on the lower end of the overall area. It's directly across the street from a large private Catholic school as well.

I do not yet know if the home is owned free and clear or not. Will be finding that out.

Patrick,

I plan to keep is as a rental.

Hi everyone, just found this site recently and have been very impressed with the content and the valuable community of fellow investors.

I have been a part-time investor for about 6 years now...currently own 2 SFH rental properties. I've done minor rehab on one and a bit more extensive on the other one. I've had solid renters in both throughout. I haven't put much time or effort in the business for a while, but want to get back into it starting this year, and increase my rental portfolio.

Came across this deal in the MLS.

3/1 1200SF + 1200SF unfinished basement.
ARV = $70k
Asking price $45k
Seller is willing to finance (though not sure yet on what terms)
Property needs some minor rehabbing and cleaning. ~$5k.
Rent ~$750/mo

I have read a ton over the years about buying using seller financing, but have never done a transaction myself. How should I look to structure it? What kind of offer would you make on this property?

I'm most concerned with making sure I protect myself in regards to title, etc....

Thanks!