All Forum Posts by: Stephen Mahler

Nice! rates have dropped so you should get a great rate on this one

I financed thru wells fargo for my first rental

Yes it is pretty stressful but I feel good about it now. Josh has been really proactive to remediate the situation. I am going to get an inspector for sure. Elizabeth actually told me she was considering using the same company as you. I am considering them as well. Maybe we can start getting exclusive pricing if we are all using them. Feel free to give me a call anytime. Would like getting your insights and feedback. 

@Daniel P.  What rates are you getting in you personal name? My 1st rental is in my personal name and I got 5%. MY CU rates are 5.5-5.875 currently with a .5% origination charge. I have checked with lima one, lending one, visio and a few others but they have pretty origination charges and rates. Did you try checking  with some regional banks? They may have better rates than the big national banks and I think they are easier to deal with. Yes transfer tax is no joke, My plan was to buy in my personal name than transfer to llc until i found out about the transfer tax. 

Well the rehab was going good overall until about 3 weeks ago. A stop order was put in place by the city because a neighbor complained about there being no permits. I actually found out while visiting the property on a weekend. The communication was non existent until I Brought it up to Josh. He was apologetic and assured me this would not happen again. Since then, I have been updated regularly and the permits are all active. Work is scheduled to resume next week.  

This three week delay has been extremely frustrating but I am optimistic the rehab will be finished next month.  

@Arthur Rivera From what I have heard, Fund and Grow establishes business "credit cards" for you. Is that true and if so how do you access the cash with incurring a cash advance or balance transfer fee?

@Richard Chieffo Welcome to the BP community. I too am a newbie. I have purchased my first two properties in the last 6months in PA. lets connect

@Fred Shatzoff My only concern with lending to the llc is the high fees and rates

@Andrew Postell I have been looking into a few but have not applied yet

Does anybody know if you can just transfer money from a heloc to your business account as a "owner contribution"?

@Connie Steele I use Cozy.co. It is easy and free to use.

@Aaron K. Thanks for the reply. I was considering just putting properties in my personal name and getting a umbrella policy. 

Hi bigger pockets family,

I am pretty new to rei. I currently have two properties I purchased with my personal heloc. I put the first one in my personal name and the 2nd one in the name of my llc. My plan was to do the brrr method buying with my heloc then doing a cash out refi in my llc's name. 

I met with my cpa last week who told me it's a no no to buy property in the name of an llc with a personal heloc. He said I would have to first lend the money to my llc to buy the property then pay it back to my personal name.

Anyone have experience doing this?