All Forum Posts by: Todd Rasmussen

@German Torres

Selling the first house does not get you out of your situation. Sell the second or lose them all seems to be the situation you are in.

@Roy Gottesdiener

How much equity do you have in the deal? How long does the prepayment penalty last for? Is there a reason you aren't considering wrapping the mortgage and selling it that way to avoid prepayment penalty?

@David Garcia

You'll get denied for both your HELOC and your loan on the MF if you use those terms. HELOC bank doesn't want their line used as a term loan on real estate they don't have collateralized and the bank that you apply for a loan for doesn't want your down payment to be borrowed.

If you wanted to get the HELOC for home improvements then decide to draw on it for liquidity, had it sit in a bank account for a couple months and then applied for a MF loan and used it as the down payment, you'd have to answer no to the question, "is any part of the down payment borrowed". But if that answer was no, then you wouldn't get denied for the reasons mentioned previously.

That being said, try elements.org/spedersen. You can tell Shaneka I sent you and ask her real questions. She's a great resource to get some information on getting a HELOC.

@Gary Carr

Welcome!

@Trevor Marvin

Yes, you can transfer property to LLC later, even with conventional loan. Send me your number, we should talk.

@Festus Emore

LLC is probably overkill for your situation. Just carry adequate insurance and worry about an LLC when you are bored enough to take on the administrative load of having one. Focusing on LLCs in the beginning is a distraction.

@Trevor Marvin

You don't need an LLC, concentrate on the deals and buy adequate insurance. You can add an LLC down the road. For now you are just causing yourself an unnecessary administrative headache. Are you using hard money that requires the LLC? That's one of a very few scenarios where it's appropriate for you to have an LLC now.

@Zachary Blomberg

Almost forgot, amazing job with tithing. I know few if any that get to that number. I sure don't.

@Karan Kanekar

You are going to end up out of pocket on this one. You learned a lesson and it didn't cost you nearly as much as it could have. Never have sellers make repairs. Credits only.

@Danushka Abeyasekera

Your agent/broker should have sent in your repair request yesterday. Do not sign a release the contingency unless you are planning on taking the property without the 50k credit. Call your broker now and find out if they sent your repair request and ask them to get on the phone with escrow because they sent you a release. Your agent/broker should straighten this out for you.