OfflineOne new strategy I am looking at is finding Sellers with portfolios of rental properties that are anxious to sell and getting them to add me to their LLC that they own the properties in and then immediately refinancing them @ 70% of ARV and just make sure that you are picking the properties up below 70% ARV to begin with. In some cases you can get cash out when you refinance but usually the seller will need to stay on the LLC till after you refinance and you will have to have good credit. This solves the seasoning issues and having to come out of pocket for anything except the appraisal fees.
Good Hunting!
Cheers,
Dave
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one concern of mine is that my lenders tell me that they do not refinance properties inside an LLC; I would have to transfer title to my name to refinance; how do you get around this issue? Have you been successful finding lenders who do lend on LLCs?
thank you!
Valerie
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Thanks for sharing, I would look into this strategy. I always see a couple ads on Craigslist where someone is selling there rental portfolios. Question, how do you get the seller to agree to your strategy when they will know you are going to refi and they can do the same thing and just keep their properties?
Reynold Orozco
Nice!! What is the fee to be added to someone's LLC and does the title company or attorney remove sellers name at closing if the bank doesn't do the refinance? Most banks will not do refinance in LLC.
Laura
This is just what I need to look into once my business grows, thanks
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