All Forum Posts by: Scott R.

if I title an inherited property in an LLC, as opposed to in my name, do I lose step-up basis? Or should I title my name first, then put in an LLC? Thank you,

Father passed and left me properties- two of which were bought as a second home. I'll be renting/managing these as vacation rentals. As I now need to move these out of his name I'd like to put them in an LLC, but my concern is it'll trigger mortgage to reassess the mortgage from a second home to an investment property. I know the mortgage co. can't call in the loan (due on sale) b/c of Garn St. Germain Act, but can they change any of the mortgage if I try to protect myself and put in an LLC??
Thanks,
Scott

Ahh, this sucks. My dad passed and I probated his will in Ga (sole heir). I'm in Fla now and he has a condo/boat. I switched his boat insurance into my name. Now I find out probate here sucks- they compel you to get a lawyer and it takes forever. Meanwhile, my fear is the mortgage on the boat ($50K!!!) could be called in b/c the insurance will most likely notify the mortgage co. of the ins. switch. Am I screwed here or am I protected like w/ real estate property under the Garn-St. Germain Act? Bonus points if anyone has any idea how to admit a foreign will under ancillary probate w/o an attorney. I have all the doc's, I think, but the beaurocrat in probate won't tell me if I have all the right ones. The sarasota gov't I swear has the most heartless, unhelpful people on God's green earth. 

see above, thx

thanks. It'll be a secondary vacation home. We may rent it a little, but not much. The concern is we already have a vacation home in the same area that we're thinking of selling and we don't want this new one to be considered an investment property.

Hi,

So my father has a mortgage on a 2nd home (cabin) in north georgia (we live in Atlanta). He's looking to get another one, but it seems like if it's in the same region the lender's underwriter will deem it an investment property regardless of whether he plans to semi live in it or not. If he quit claims the cabin he owns now to me, would the new property be able to be financed as a 2nd home, and would the mortgage on the first cabin continue as is assuming I take over payments? Let's assume my father and I are on the same page and completely trust each other. This is only about not getting rammed on interest and/or down payment. 

Another possible idea, though not ideal, would be to claim the original cabin as an investment property after it was approved 15 months ago as a 2nd home (it's been only 15 months of ownership) and then get the new one as a second home (this new one costs a lot more). Any other ideas are welcome.

Thanks creative investors!

Scott

My father wants to leave me 3 properties, 2 in Georgia (both houses) and 1 in florida (condo) [no siblings]. I would like to keep all properties and all attached mortgages. My concern would be losing the current mortgages. 

1) Would transferring the 2 properties I won't be living in, but renting into an LLC be the right move? [1 fla, 1 ga]

-if so, would I need an attorney to do this? I am not currently on any mortgage, but I assume I would need to ber listed in the LLC.

2) my understanding is that the main house in georgia, if I live there, I would be able to assume the current mortgage. 

So I've found a property I want to invest in. I have the down payment, I have the credit, but I DON'T have the income- I'm an actor- it happens SO what are my options? Have my father co-sign? co-borrow? Have my father take out the loan entirely and then somehow transfer it to me? Maybe through a joint LLC? I'd love some creative input here.

Thanks!

After securing a conventional loan, how can you get a loan for construction costs? I realize 6 months later you could refinance, but is there something that can be done sooner so that money isn't tied up?

scottrosenfeld1@gmail dot com I'm in Atl and looking to buy