All Forum Posts by: Steven Goldman

@stevebabiak   Of course he will need a personal guarantee. Only mortgages on larger multi-families may permit a no recourse loan. 

The real estate based banks and funding companies will fund your properties in an LLC. The question is not LLC or personal the question is how much do you have to put down which dictates where you can find money. If its 5 percent than your options are more limited. Typically it will require 20 percent unless you are using a government insured rehab product. Good luck!

Nice too meet you we both invest and lend in the Eastern Pennsylvania Market. Look forward to watching you go!

@Aaron Lemoine You do not necessarily have to transfer the property to an LLC. I agree with @KevinSobilo that the mortgage will have a clause accelerating it upon transfer. But many people do in fact change the title by filing a Deed. In certain states you will have to pay transfer taxes. (Usually based on assessed value) In the future it is better to use LLC's as you have more diverse financing options when you are not taking title personally. Good Luck

@Gage Coffman

Is this in Philly?  If the code enforcement has condemned the building than they will force the tenants out after the notice to quit date. Good luck with the property. Were their numerous code violations? With Covid sometimes the City has been lax to move forward with enforcement and this could factor into your situation 

Your best bet is a real estate based bank they have the lowest rates. If you do not qualify for a bank loan than there are a myriad of funding companies who calculate LTV on debt service coverage. They have 30 year fixed options. They are 1 1/4 to 3 points higher than the bank depending on your credit score the debt service coverage and the type of property. Good luck with your refinance.

While this is a real estate investment platform I would immediately meet with a financial advisor and have them review your spending and also your income to establish a long term financial plan. You are young and time is on your side. If you want to invest in real estate he can make some suggestions on how to posture your financial picture to make you attractive to lenders and investors. A personal budget will only carry you so far. You need to have a long term comprehensive financial plan so that you are always moving toward your long term goal. Good luck!

I suggest you attend the meetups when they reconstitute. It will give you a chance to talk with some of the investors who have been working in the valley for years. Most of the meetups have a open mike session where people come up and present the properties they have for sale. Good luck. 

I agree with @waynebrooks