All Forum Posts by: Shelby (Osborne) Johnson

@Christian Verges Could you send me info regarding your duplexes?  I own multifamilies in Spring Lake and Fayetteville-always looking to expand the portfolio!

Thanks, you guys.  You raise some valid points for sure.  

@Jason Hathcock How have you liked Southern Bank?  For the time being, we've been able to find investors and use their money to purchase properties using cash.  

I think we're likely to title properties in our individual names, refi, and transfer into the LLC. As you mentioned, there's the due on sale clause to worry about. Aside from reading about that disclaimer in numerous forum posts, we've yet to encounter anyone who has actually dealt with the issue firsthand.

Has anyone here actually had to deal with the due on sale clause when changing names on a loan?  

@Caleb Heimsoth do you have any suggestions as far commercial lenders go?  We have a local lender now who's willing to work with us but its always nice to have options. 

@Jonathan Breton It seems to be quite promising and we're excited to see how this goes!

Thank you both, @Jeffrey Holst and @Alexander Felice for your input!

@Alexander Felice, we're finding this to be so true. Fortunately, we just heard back from a local bank today and they agreed to refi under our LLC's name. Since we had multiple accounts and ample cash with them, the manager was able to convince the underwriters to go through with the refinance.

Shelby Osborne, Real Estate Agent in North Carolina (#300149)

Five Pillars Real Estate, LLC

Hello everyone! My name is Shelby Osborne and I'm a realtor with Keller Williams in Fayetteville, NC. My partners and I own a business called Five Pillars Real Estate, LLC, where we utilize the BRRRR strategy on residential and commercial real estate.

Our business is new, as we were officially established in May of this year (2018). We're off to a good start, having successfully purchased two properties since then and closing on our third soon. However, now that we've rehabbed and rented out our first property, we're having trouble with refinancing. We want to refinance under our LLC's name but numerous lenders have told us that they'll only refinance under an individual's name.

Has anyone else ran into this issue?  If so, what'd you do?  We're sure there's a way around this but we haven't figure it out.  Hopefully one of you can help!  

Thanks so much! 

Shelby