Because the financing is coming from us personally and not through the LLC this is a crack in the veil of the corporation.We are finding it much harder to find commercial financing since this is our first property and we do not have a track record of success.We both have excellent credit and a good amount of cash on hand.

You always sign a personal guarantee on a hard money loan, so if you default, and the foreclosure doesn't make the lender whole, they will go for a deficiency judgement.You use the tool appropriate for the job at hand.

It's next to impossible to get anyone to do anything and if you do find someone, they'll stick their hand so deep in your pocket, they'll be fishing around in your sock for money.

Lots of bedrooms for any size family, and renters often can't tolerate paying the heating bill for an over-sized house.Sometimes these can be made into rooming houses, if zoning permits (but that is a more hands-on business to be in than whole unit rentals).

Giving a refi to cash out some of your equity on your proven properties and giving a construction loan to build your other buildings you want are 2 very separate issues.If the ltv is right and the property is solid a bank would love to lend on your current buildings for the right ltv.A construction project on the other hand is not a type of loan many banks are giving right now at any ltv.What do you think was the first thing banks dumped on their books??

It's refreshing to find an online community where most of the (active)members are so passionate about the subject at hand, and more than that, openly willing to discuss, and lend a hand to people who are at a disadvantage due to being new in the business.So thank you.

He as a PM had nothing to do with placing that tenant so he would not be saddled by a poor choice by a desperate or inexperienced Landlord, if he did help place the tenant(with LL approval and criteria of course) then his time spent on an eviction or whatever would be free as he had a hand if the tenant placement and therefor his job was to rectify the situation and get a new tenant in place as quickly as possible.

First a quote from the honorable judge Learned Hand.

It feels kind of like making a deal with a hand shake and not putting it on paper and then having the other party(me) back out.

I don't think there's any more chance of forgery than if you get a hand signature...IMO:)