All Forum Posts by: Steve Barfknecht

I have a HELOC on my personal residence. I had used funds from this to purchase the house about 6-8 months ago but placed title in the name of my LLC. I am now considering getting a HELOC or line of credit on the equity in the home. But since it is in the name of the LLC, I am anticipating problems. Am I just misinformed? Do I need to do a better job of 'bank shopping' to find a lender willing to do a line of credit secured against the property equity?

I believe in the BURR strategy. However, when you acquire investment properties, would it be best to complete the initial acquisition in your personal name rather than the LLC if the plan is to refinance or attempt to get a HELOC on the property in the near future (12-18mos)? Then once the property is refinanced, complete some type of deed transfer to the LLC.

I’ve heard getting a HELOC for a property owned by an LLC is very difficult or impossible.  I currently hold one property in my LLC and would like to be able to re-finance to get the money out in order to put it towards my next acquisition.  I am beginning to believe I should have placed it under my name rather than the LLC.

Any feedback or advice is greatly appreciated.  Thank you.  

Thanks for the warm welcomes and timely insights.  I will definitely look into the area Meetups.

Hello BP Forum members!

I have been a BP podcast listener for months but decided to take the plunge, complete my BP profile, and get my introduction out there.  I live in Denver, CO but was born/raised in Wisconsin.  The Denver market is at a price point not attractive to me as an investor so I am looking for investment opportunities in the midwest, starting in areas like Marion County IN and parts of Wisconsin.  Like many of you, I have a regular 9x5 job in another field (Network Engineer) but am very interested in building a rental investment portfolio through a buy/hold strategy.  Through passive income, I hope to gradually supplement my salary and replace it completely within 5-8 years.  Areas of interest for me are buy&hold strategy, turnkey properties, and creative financing.  

I am green but hope not to be for long!  Look forward to chatting with many of you as I begin the BP journey!  

Steve Barfknecht