All Forum Posts by: So Da

Hey all - wondering if any of you have used Rent to retirements special 5% down loan for new construction rental properties. If so, what has been your experience and did your numbers come close to the pro-forma?

1 Vote

Hey All,

I have a rental property in an LLC and I am wanting to pull money out to reinvest in another property. I have perused a HELOC & Cashout refi but those won't seem to work as the banks I have contact will not perform these services for rental properties. Unfortunately, I cant find a method to do this while it's in an LLC. Has anyone had any luck pulling money out with something like this?

Thanks!

0 Votes

Quote from @Joe Martella:

Why not just ride this lease out and then change the renewal to the LLC? Evictions with an LLC must have an attorney, at least for NJ.

Is this legally advisable, or do i have to let them know?

0 Votes

Quote from @Dave G.:

Well I'm no lawyer, but the lease is between two identified parties (at a minimum). If one of those parties intends to change, then the other side would need to agree to an update to the contract. That being said, I would find it surprising if a tenant cared much about this requested change. Unless they wanted to try to use the request as an opportunity to get out of their lease or some other agreement change. But I would think that would be low risk.

Thanks for your reply! What you described is what I am afraid of, the tenant not wanting to re-sign the lease.

0 Votes

I recently created an LLC for a rental property that I have been renting out to a long term tenant. Do I need to let the tenant know of the change? Do I need to have them sign a new lease or can I add a lease addendum stating that the property is now under an LLC? I searched around for a template for this type of situation but haven't found anything. Any advice would be appreciated!

Thanks for looking!

0 Votes

I agree with giving her a notice to vacate, but what would be the grounds of the notice? What is the reason to vacate if you received rent from her each month.

Asking in the hopes of learning the nuance here.

0 Votes

I agree with giving her a notice to vacate, but what would be the grounds of the notice? What is the reason to vacate if you received rent from her each month.

Asking in the hopes of learning the nuance here.

0 Votes

All Forum Posts by: So Da

So Da has started 8 posts and replied 26 times.

Post: Current Cape Coral Data?

Post: Rent to Retirement 5% Down Loan Option

Post: Pull Cash Out of Rental Properties

Post: Rent to Retirement 5% Down Loan Option

Post: Pull Cash Out of Rental Properties

Post: Notify Tenant the Property is Under LLC

Post: Notify Tenant the Property is Under LLC

Post: Notify Tenant the Property is Under LLC

Post: Good tenant but lost their job 4 months ago

Post: Good tenant but lost their job 4 months ago