All Forum Posts by: Stephan Hawkins

@Nathan Click, thank you. I may reach out to you Monday after I'm off work or during my break. @Amy E., I've contacted a few of the smaller banks in my area but haven't exhausted them all. I probably should contact a few more to see what they'll offer. Like you I tried to consolidate all my properties. The ones I talked with were leery about loaning to an LLC. Either way, it won't hurt to put out a few more calls. Thank you!

@Stewart Miller,

Thank you. As I said above, I was looking for creative financing. I probably should talk with an attorney and my accountant to see what they'd say. At the end of the day, it never hurts to explore all options. Thank you so much 

@Nathan Click

Thank you. I'm looking for a 30 year product with a decent interest rate. Are the rates competitive. I talked with a few other lenders who'd go that low. The problem was that the LTV on the refi's went as low as 35% with very high interest rates. Some of the interest rates including points, closing costs, and additional fees came out to 15-20%. After evaluating my options, I figured it was more orudent to add equity or wait until the values went up. I didn't want to leave so much on the table or have a such a thin return. Let me know what you guys have to offer. Feel free to send me a private message.

@Account Closed,

That makes a lot of sense. Also, thank you for following-up to the additional advice. It's important that I do everything legal. I really don't want to take chances, I have too much to lose. However, I've spoken with some banks that told me I could title them back into my name. They're offering better rates but I prefer the LLC route if possible. I've also spoken with some of the large portfolio lenders. I've found one that will do a 30 year refi at about 7% $45,000 minimum property value @75 LTV. One of the appraisals I had hit $51,000. I had them do two additional which came in at $41,000 and $39,000. They required at least a $60,000 loan. I've since added a second full bathroom from 1/2 and completely remodeled the full bathroom ($41,000 house). I'm considering reapplying to see if I hit the mark. @Eddie T I'm all ears if they have better rates than what I've been quoted at. The other option is to allow the property values to increase in the coming years.

@Noam Adler,

Thank you for the information. Let me know if you come across others!

Thank you Aaron! I've talked with a few smaller banks but haven't tried the credit unions yet. The smaller banks indicated that they'd work with me if I had them in my personal name as opposed to an LLC. I'd prefer to keep them in an LLC but I may have to transfer them over. Have you done most of your work with Credit Unions or smaller regional/local banks?

Thank you James. Some of the banks I've talked with have indicated that the would consider working with me if they're in my personal name. If you know of any banks in our area I'd like to get their information, thank you. Also, when I do begin the mortgage process, I'll more than likely put them in my personal name.

Hello All,

I currently own 13 real estate properties in the Northeast Ohio area and I'm looking to obtain a loan to assist with further expansion. I'm finding it difficult to find loans geared towards rental property investments, as I bank with a larger institutional bank and they are fairly selective in what they'll lend to. All the properties are owned 100% by an LLC that I formed. On an individual basis, I have a credit score over 800 with revenue already being created and have very little debt. I've been contacted by B2R about potential loans via; the mail, however I didn't meet the criteria they were looking for due to the houses having lost some value. The dilemma is most of my houses are valued between $40,000 - $50,000 which has made Refi almost impossible especially having them in an LLC. I still have liquid available to put down in the event that I can find a loan. The houses in my area are yielding me an average of 20-30% yearly in rental income. In hindsight, had I known how difficult it would be to get loans on houses valued less than $50,000, I would have bought houses that had higher values. However, higher priced houses would have reduced my yearly ROI. It seemed like a good idea to go for the higher ROI but know I'm starting to feel like I may need to start liquidating and repurchasing different houses. I figured I'd come to this forum to see if anyone had any ideas before I started. Again, I still have money to put down. Can anyone help me? Thank you in advance for taking the time to read my post and for any advice and/or suggestions.

Hello All,

I currently own 13 real estate properties in the Northeast Ohio area and I'm looking to obtain a loan to assist with further expansion. I'm finding it difficult to find loans geared towards rental property investments, as I bank with a larger institutional bank and they are fairly selective in what they'll lend to. All the properties are owned 100% by an LLC that I formed. On an individual basis, I have a credit score over 800 with revenue already being created and have very little debt. I've been contacted by B2R about potential loans via; the mail, however I didn't meet the criteria they were looking for due to the houses having lost some value. The dilemma is most of my houses are valued between $40,000 - $50,000 which has made Refi almost impossible especially having them in an LLC. I still have liquid available to put down in the event that I can find a loan. The houses in my area are yielding me an average of 20-30% yearly in rental income. In hindsight, had I known how difficult it would be to get loans on houses valued less than $50,000, I would have bought houses that had higher values. However, higher priced houses would have reduced my yearly ROI. It seemed like a good idea to go for the higher ROI but know I'm starting to feel like I may need to start liquidating and repurchasing different houses. I figured I'd come to this forum to see if anyone had any ideas before I started. Again, I still have money to put down. Can anyone help me? Thank you in advance for taking the time to read my post and for any advice and/or suggestions.