All Forum Posts by: Jai Bilimoria

Thanks for the great advice guys! I would preferably like to refinance into a residential loan and not a commercial loan to take advantage of the better terms. If I do transfer the LLC into my name, do you know if there is a seasoning period? Would a residential lender want to see the property in my name for 6 months or longer before they do a refinance?

I own two rental properties in the Phoenix, AZ area and both are single family homes. My father and I both own the properties in one LLC called Property Enterprises LLC (50/50 split). We bought both properties in 2011/2012 and we chose to be "taxed" as an S Corp. Both properties are free and clear and with both combined there is about $450k worth of equity. I would like to do a cash out refinance and use the money to purchase a bigger property. My question would be, does anybody know of any residential lenders that would do this if the properties are in an LLC? If not, is it legal for me to transfer the LLC to my own name just to do the refinance and then transfer it back to the LLC? Also, does anybody know of any real estate attorney's or CPA's in this area who deal with real estate investors? Appreciate all the input in advance!! Thank you!

I have been living in the Chandler, AZ area for about a year now. I have 2 rental properties that I own (one in Gilbert, one in Chandler) and I am looking to build a relationship and partner with an individual who knows all about rehab costs/scheduling, etc. I have access to funding and am looking to purchase properties that have an ARV of between $150k to $300k.

The money partner that I have (my Father) would be willing to finance the full purchase price as well as the renovation for interest of between 7 to 12%.  I am willing to split my profits on the flip deal 50/50 so that I can learn the ins and outs of the business.  I work in facilities management for JLL in Procurement so I have an understanding of how to manage labor/material costs.  My end goal is to use the profits from the flips to fund buy and hold deals.  Let me know if anyone would be interested in meeting up with me for coffee and/or lunch to discuss.   Thanks!