All Forum Posts by: Scott Goulet

 Thank you Kamil, I guess my follow-up is I am referring specifically to fannie/Freddie financed properties. Like If my wife and I were both members of the llc, and it has a property in it, would that count as a property for both of us? Or just 1 of us?

Hey BP, 

I hope everyone is doing well. I am in the proess of completing a cash-out refi on a triplex that I own, and I thought it might be a good time to transfer it from my personal name to an LLC.

My realtor is suggesting we do a quit-claim deed after the cash out refi is complete. 

I am wanting to start and LLC, but i have questions from two perspectives:

1. From a tax perspective in Florida, is there an advantage either way.... just myself on the LLC or my wife+me

2. From a property buying perspective, does it matter if we are both on the LLC or not? eg we should be able to both get 10 mortgages/properties in each of our names. If we are both on the LLC's, would that limit us to only 10 between the both of us?

I appreciate all of your help! 

Scott G 

Hey there BP!

Hope you are all having a great Q1! I have been doing my 90 days of intention journal and find myself definitely on task more often than without it, so that has been helping for sure. On to my question...

I have a goal this year of acquiring a 16 unit apartment complex and have about half of the needed DP saved up. I have a good amount of equity in my properties and would like to utilize that equity in a down payment toward my 16 unit.

I've heard helocs are great options, but I have also heard that they are probably better utilized in a short term scenario.

Would a cash out refi be a better option if I am going to use these funds toward a down payment of another property or would a heloc be a better option?

Thank you so much for your insight.

Welcome to biggerpockets! The best website on the internet. 

I'm in port saint lucie, you said you're in treasure coast? 

Good morning BP! 

i have a deal on my desk for a 16 unit in Oswego, Kansas.Though, I will admit, I have never heard of this city, and the population according to Google for Oswego is about 1600 people.. not sure I would be able to fill all of the units

Does anyone have any personal experience with Oswego, KS? 

Any help, would be much appreciated! 

Milton, that is awesome news! sounds like a great program to me, i have recently looked into BofA, Lower.com, Pennfed CU, and CMG financial. These are all good options but BOTW sounds great as well! 

thanks for the information! Good luck with your investments. 

Jack, thanks for the info, looking forward to connecting! 

Also, has anyone used a company called "lower" https://hi.lower.com/ is their website? 

Looks like they have pretty attractive terms. 

Hello BP! hope everyone is having  a great start to 2022! 

my goal for 2022 is to purchase a 16 unit apartment complex somewhere in Missouri, possibly Kansas City or Saint Joseph. A 16 unit apartment complex will probably run between $800K and $1million. 

I currently have about $80K saved up and can save about $4k per month, so if I just straight save, I may be able to still grab one by the end of the year. 

However, another strategy I have heard of is using a Heloc to purchase investment properties. 

My primary residence is worth about $350K and my mortgage balance is $250K, using the standard formula/LTV i have heard around the bp community that lenders will typically do 70/30's or 80/20's. So I should hypothetically be able to get $70K-$80K as a heloc, correct?

I have called any lenders yet, however, on their online calculators, I have seen like $20k as the highest heloc I can get, so I am not sure if I am thinking about this wrong? 

I have a 813 credit score and my income between my wife and I is a little over $200k, so I wouldn't think we dont qualify for more? 

Please let me know your thoughts on my Heloc strategy 

im based in Port Saint Lucie Florida! nice to meet you :)