All Forum Posts by: Will Stahl

Wow! This seems like quite the overreach. Who is to say that a group of people living together isn’t a ‘family’. They share a house, food, bills, etc. Doesn’t seem write to discriminate based on enrollment status at a university…

Hey @Chris Mason,

Thanks for the information and perspective. I haven't really thought about it that way but am glad you mentioned it. My logic was this - I can pullout an additional $17,783.75 after all fees (estimated) and use it for another deal / payoff other debts / remodel properties or I can keep it in the property where it cannot be accessed without having to pay it back. The property currently has a mortgage rate of 4.375% and the refinance rate is also 4.375% so no difference there. Due to the fact my mortgage balance is going to be larger after the refinance, my monthly payment will only increase by $134.81 a month (I think). 

Cash Received after fees: $104,673

Remaining Balance:  86,889.25
Cash Received: ~ 17,783.75

I am very new at this. I've never done a refinance before and have only owned these properties for less than 2 years. Would you mind reviewing the below Fee disclosure sheet along with the above information and let me know any additional thoughts? Thank you!!

Hey Everyone,

I own three 3 family properties. I purchased them in the past 2 years. I've completely remodeled one of them and am almost finished with the other two and along with the appreciation we've seen recently I have a good amount of equity. I am trying to determine all of my cashout refinance options. Most places I speak with are offering 70% LTV. One local bank is offering 25% LTV. I was wondering if anyone knew of any lenders that may be able to offer at least 75% LTV as I would like to not be reliant on one option. I'm willing to do a commercial loan or residential loan. I'm not sure if I will have more options if I wait until I am ready to refinance all at once. If you are a lender, can suggest a lender, or just have general knowledge to share that maybe be helpful please let me know!

Thanks everyone,

Will

Hey everyone,

My father has a paid off house (350k+ value), 800+ credit score, but is 'retired' and not yet claiming SS. He has no income besides 401K. I have a strong income and have a 700+ credit score so can I cosign sign the HELCO with him since I have the income and he has the asset? Does anyone know if this is possible? Or since I am not on the deed am I not allowed to cosign?

we have a 30K unsecured loan at a higher interest rate that we used for fixing up a new rental and want to get a lower interest rate with the HELCO.

I understand that it may be hard to get a HELCO right now In general due to the pandemic but would like to know if this is even possible during good times.

Given the Pandemic, I'm assuming the best chance at getting a HELCO is a local bank/CU. Any advice on going about this would be appreciated as well.

Thanks,

Will

@Joe Khan

Yes!

December 11- 6:30pm-9pm Location: The Radisson. 1 Radison Plaza, New Rochelle NY 10801. The Five Island banquet room, 7th Floor

You can find more info on meetup.com.

There is a $20 cover and some great speakers attending!

Hello everyone,

I am buying a three family property and just got it under contract. My father has just retired and wants to be a 50/50 partner. He would rather not have his name on the mortgage. I plan on holding the property in an LLC. Is there a way he can supply me half the money for the down payment but not have his name on mortgage when I take the loan? When it comes to file for taxes we'd split everything 50/50 as well.

Who is a better fit for me to discuss with this - my Lawyer or my CPA? I'd love to have some insight here first on what you all think my options.

@Brian G. You're 110% percent right! Thank you for the response.

Thank you everyone! I spoke with a professional and long story short he mentioned the 401k loan. Since I'm a family member there is a lot of red tape.

Hello everyone,

I've been digging through the forums and have found a lot topics on investing with retirement accounts but my situation is slightly different so I felt it called for a new post on the subject.....

My father has just retired at the age of 60. He just rolled his employer 401k into his personal Fidelity 401k. All of the money is pre-tax. I am 26 and have all of my money post tax. We want to go 50/50 but given that my money is post tax and his is pretax in a retirement account brings up a lot of questions for me. Here are some more details...

I'm currently buying a three-family property in an LLC. My father wants to put up half the money and be involved. Our concern is that if he wants to contribute, lets say 40k, that he would have to withdraw considerably more than that due to the tax hit.

• Is there a way he can do this without having to pay taxes - or at least pay very little?  
• Can he / Should he invest in my LLC while keeping the money in his 401k? Could his half goes back into his retirement account tax free and my half I pay taxes on and can access?
• Should his name not be on the LLC and rather he be an investor to the llc rather than a partner of the llc?

Thanks in advance for the help everyone. Please let me know if you need more information. 

Thanks,

Will

Hey everyone, 

I'm currently in talks to buy 3 SFH rental properties. My partner and I will be splitting the costs 50/50. There's a bank that will finance them at 15% each but only if they're purchased personally rather than in an LLC. If I purchase them in an LLC the bank will require 25% down per property and that sours the deal for us. I'm curious what others would suggest to allow us to purchase the property in my name / both mine and my partners names but still protect our personal assets. I have a few thoughts but have never done any of these personally.

1) I buy the property in my name and quitclaim deed the property to an LLC that is owned by me and my partner.

Concern: I'm afraid that since the mortgage is still in my name personally that if I was sued they'd find a way to come after my personal assets. Is this possible? There is a due on sale clause in the contract. How concerned should I be about this? I hear they never exercise this clause as long as the mortgage is performing.

2) We buy the three properties in our own names and take out a large umbrella insurance property so if we are sued we are covered.

Concern: The Insurance company finding a way to not have to cover us for one reason or another in the event that we get sued thus putting our personal assets at risk.  Or not having enough insurance / the right insurance for the reason we're being sued.

I'd really appreciate everybody's insight. I am going to be speaking with my lawyer about this but I'd like to go in there with as much knowledge as possible.

Thanks,

Will