No Season Refi Loan.

Sounds like a GREAT deal! Thanks for the helpful tip, it will definately save someone time:)

What city was your deal in?

Hi Steve and Veronica,

Dom and I ran into the same problem with both refi and initial purchase, Because he lives in Indiana and I live in KC. So far we have found one bank to work with us on the out of state thing if he were to come and fly down here in person and meet with the rep personally I am working on that so for right now that is not possible for us. I had to talk to them several time to convince them that I am here too LOL! They always only want to look at dom LOL

It is a small town Covington only 3k people.

Steve.

With us the bank kind of knew me, I graduated from high school in the small town many years ago. A lot of the people in town know my sister and her husband real well so I think that helped. Also one of the Big name realtors in town used to cruise town with me and my friends back when you could aford to do that. If he says you are OK to loan money to the banks listen.

I hope you get your loan.

Steve

Steve and Veronica,

thanks for sharing the information about the LLC loan in another state; I'm planning on doing something in another state under my LLC, so I will definitely do my homework... you learn something new every day!

Valerie

why did you need to have the California LLC registered in Indiana to get the refi loan?

Yes you do learn somthing new every day.

Steve

Steve and Veronica and their LLC are out of CA. The prop and the bank are located in IN so in order for the bank to do the loan they have to be registered in their state.

Am I correct Steve?

The bank told me they can not give the loan to a business that was not registered to do business in the state of Indiana. I called the SOS in Indiana and they told me to do real estate business in my California LLC name I did have to register my LLC in Indiana. It cost us $90.00 to register in Indiana.

Now we could have opened a new LLC in the state of Indiana which we may do at a later date but that would have cost us more money. We wanted to get this loan closed so we did what the bank asked us to do.

Steve.

I know you are glad to get THAT check!

Yes that is correct for us. Some one else can come along and say we have never done that. I can only say what we had to do.

Steve.

Yes we will be glad. We should get it by next week.

Steve.

Great job of hanging in there and getting it done. Nice twist on the LLC, wow you guys are nationwide now so to speak. Enjoy the $$$$$, well deserved...Jan

Thanks for the tips. and, congratulations!
peace,

Congrats Steve and Veronica!!! I love hearing about people getting it done! Great job on the loan. I have also done out of State deal and did register my company as a foreign biz in FL. Doesnt cost too much but there is some work to it. I think different states have different requirements.

Richie

I just started talking to small community banks in my area and i have found the same thing. They are definately much easier to work with and want your business.

Jan, Dana, Richie and Shaun for stopping by this post and the kind words.

It was a lot of work but worth it. This REI business is real work like any other job the best part is you set your own hours and the more you put in the more you can get back.

Steve.

Congrats on this deal Steve and Veronica! Keep posting your successes as it keeps us excited and hungry as well. Question with the refinance and your LLC, does your personal credit score come into play and if so what score is needed or do they look primarily at your paydex score for your LLC when you're getting approved for the refinance?

For us and our LLC yes our personal credit came into play. Our LLC did not have much credit and is less than 2yrs old. Next time we do this type of loan we should be good to go with out personal credit being used.

Also Joseph every bank may be differant I can only speak for the bank we used.

Steve.

Thanks for answering my questions I appreciate it and may you continue to prosper in 2011! All the best...Joseph

Thanks I hope we doo too

That was a long time coming.

That registration of the LLC is NOT just in RE and NOT just in a few states. You can play tourist all you want but business/work not the case. Resident Agents exist for that reason.

You are right. Thanks for the congrats.

Steve

Here is where I'm confused. If your located California why did you call a bank in Indiana? Was it a bank someone recommended for you to use? Or was this just you thinking outside the box?

By the way congrats I have a bank right now that is willing to do a refi but requires a good credit score.

The house we bought is in the same small town as the bank in Indiana and I am from that small town. I would like to think it was me thinking outside the box but I got the informaion on using small town banks from Dean G. and Matt Larson. I just happen to be from a small town that I still have family living in that area.

Thanks for the congrats. Keep working on getting your credit score up at one time we had bad credit but time moves on and things get better.

Steve.

Frederick if you would like to know more about this deal watch the video I sent in to Dean. The link is at the bottom of this post.

Steve.

great job on making things happen, looking foward to hearing about your next deal. I know there will be more.

Thank you Anthony. Yes there will be more deals to come. We just have to take action and deals will happen.

Steve.

Awesome job, Steve and Veronica! These small midwestern towns might be a hidden goldmine for real estate right now. Less competition and these small banks WILL work with you. We've been in contact with over a dozen in the last few weeks, trying to set up a deal, and a few are itching to loan money NOW! One said they are sitting on a ton of $$ just waiting to lend it out. Good news for us investors, that's for sure! And also congrats on your "superstar" status! I pray for many more prosperous deals to come your way