All Forum Posts by: Taylor Rees

@Natalie Kolodij. Thank you for this information! 

@Mitchell Zoll. Thank you for this information!  The property is out of state so I'll be sure to check with my property manager there to find out if that could be an issue for me. 

@Stephanie P. Thank you for this! I was not aware of potential transfer taxes.  I'll chat with my CPA to see what the tax implications could be.

@Grant Thompson Thanks for the info. Seems to be what I'm finding. 

I have a single family rental property, currently in my name, with a commercial loan that I'm hoping to refi. For a variety of reasons, I do not qualify for a conventional mortgage, but am able to refi this property with another commercial lender. But this commercial lender would need the property transferred to an entity ownership in order to do the refi. Are there any downsides to LLC ownership of property? In particular, I believe I may be able to qualify for a conventional loan after this year, and want to make sure it isn't difficult to transfer the property back to my personal name if rates are still low and I want to pursue this route at some point in the future.

Thanks in advance for any help!

@Chris Mason @Stephanie P.  Thank you both for the words of encouragement! That's much better news than I was expecting. 

Hi,

Thanks in advance for any advice/input...

I'm wondering if/how I can qualify for conventional 30yr financing on rental property (1-4 units). Here is my situation:

*I'm a small business owner with no W-2 Income for the last 3 years. My wife had W-2 income, but it's going away in a couple months.

*I do have tax returns showing some personal income (though not much and not consistent) for the last 3 years.

*credit score around 830

*dti ratio of right around 50% (even with my meager income and not counting any income from my wife). Debt is from a mortgage on our primary residence and student loans.

I'm now in a situation to either reduce debt or increase my regular income (via paying cash for rentals/purchasing notes/something like that) to a point where my dti would be more attractive to lenders. But, at this point, give my non-conventional financial situation, is it even worth trying to "fix" my dti? Even if it was good, would there be any bank who would possibly qualify me for a conventional loan?

If it is worth getting my dti lower, would it be better to reduce debt (and debt payments) or increase income (by purchasing rental property with cash, or something of that nature)? If i do purchase rental property, is there a period of time I need to wait before a lender will consider any of that income? Or does this not matter?

Maybe there is something else I should be considering?

Any input is much appreciated!

@Rob Gillespie Hey Rob! Spirits are definitely booming right now, at least in Colorado. Yeah, owning a brewery in one of the most saturated markets in the country has been nothing but a cake walk! LOL

If you're ever in Denver, please stop by the brewery. Also, I'll be sure to reach out in the near future to hear more about what you guys offer in terms of deals and financing.

Thanks!

@Hillary Gries Thanks Hillary! I'll be certain to keep you in mind. 

@Chris Lopez  Thanks for the input! Will do.