No Season Refi Loan.

Great to read of your success -- now on to the next one !!

Nice job on getting things done .

Randy Sherman
Elkton Maryland

Hi Sheila. Thanks for the kind words. We hope you get your share of money from the banks in your area.

Did you ever get over to my brother's church in that area.

Hope you are doing well.

Steve

Thanks for the kind words. We do plan on moving on to the next one.

Good luck with your REI.

Steve

Some banks will only loan higher amounts, that may be why they want to do two homes. Some banks I have worked with will not do a loan under 100k. Thats why I like the small banks they do in house loans for smaller amounts.

Steve

Thanks for the Kind words. I hope thing are going good for you.

Take care

Steve.

I have another question for you. When it comes to good credit does the bank check whats on your credit history? Another investor I work with told me the bank will not just loan based on good credit they need to see that you have a good credit history or what you did to get good credit. I don't believe this 100%, so from your experience what did the bank look at in specifics when you got the personal loan and the refinance loan?

Did they just say, hey you have a good credit score so we will go ahead and approve your loan? I know the deal also plays a huge role in this but the main reason I'm stuck is because of what I was told by another investor.

On both loans the banks did not say anthing to us except we can get the loan. Now one year ago we tryed to get a 32k loan to buy two homes from the same seller. We had a boat loan payment of $310.00 a month and the banks we were working with at that time said our debt to income was to high. We sold the boat and here we are getting loans. I can not tell you Frederick what makes a bank say yes or no to a loan I wish I knew that one. For the refi loan we already had the house in our LLC name and we were taking out a loan less than than 80% of the appraised value. If the bank had to take back the house they know they can sell it for the money they have in it.

I hope this helps

Steve

We have not met your brother yet, but I was just thinking about that this last week. We literally drive by his church every day! We will be stopping in to say Hi and I will send you a pm and let you know! Congrats again

Thanks Sheila. We hope your investing is going well also.

Steve

Most every state makes any out of state Corporation or LLC execute what is called a DBA, or Doing Business As. Usually it is a paperwork type thing running from very inexpensive to about a $100 or more.(Depends on the state) Sometimes they require you to put an ad in the local paper for a certain time, and other things. This allows foreign, (out of state) companies to do business in their state. It also signs them up for sales tax and State income Taxes, if necessary. Not a big deal and well worth getting a no season loan.

Good luck.

Thanks Coach Rich for stopping by this post and the great information.

Steve.

Congrats Steve and Veronica. Continued success to you both.

God Bless
Sandra

Thank you for the kind words. It was a long time waiting but it is a done deal now. Never give up.

God Bless you as well.

Steve and Veronica

Congrats to you both Steve and Veronica, glad you stuck with it...Hope more and more deals come your way.

Ron

Awesome job and good luck on more deals

Thank you for the kind words.

Steve

Thank you for the kind words.

Steve

If your company is buying properties ina state outside the one it's registered in you have to register in that state as well, or else you have to buy the property using your personal name instead of your company name

To Steve and Veronica Congrats!

On the deal in Indiana we bought the house no problem in our LLC name, it was a cash deal. When we went to the bank to take out a refi loan it was the bank that wanted our LLC to be registerd in Indiana.

Thanks for the congrats.

Steve

The check came in and is in the bank now. We do need to pay off the personal loan we took out the buy this house in the first place and the repair bills. All of this will be done buy the rental income paying for the refi loan and we still have a positive cash flow on this deal. Was it easy no. Was it easier than other work I have done in the past yes.

If you want to make money in REI you have to take action.

Thanks Dean, PMI sucess academy and sucessful students on this site that have motivated us to do this.

Steve and Veronica.

Steve and Veronica,

may I ask what cause the refinance to take longer than anticipated? was it mainly because of the LLC not having been registered, or just bank delays?

thanks,

Valerie

New loan officer for one. Not having our LLC registered in Indiana and bank delays. Remember this was a small town bank not a Wells Fargo or some other big bank.

Steve.

Great story and information! I've been working on doing these types of deals myself. Keep up the good work. Look forward to hearing about more deals. Best success to you two!!

Thank you. We hope to do a lot more of these deals soon. We are looking foreward to hearing about all of our success stories.

Good luck with all of your REI.

Steve

Hi, Steve and Veronica! I also have a few properties in Indiana and want to have them cash-out refinanced since I own them free and clear just like you guys.

Is the bank in Covington?

If you cannot share that information, I certainly understand.

Matt Inomata

Yes the bank is in Covington. Where are your properties.

Steve.

Hi, Steve!!! Thank you so much for your reply.

Our properties are located in Indianapolis. I wonder if they would be ok with that. Our LLC is registered as a foreign LLC with the State of Indiana (our LLC is a WA LLC).

Are you properties in Indy, too?

Matt Inomata

Congratulations Steve & Veronica!!

I will send you a PM.

Steve

Thank you. I hope to hear about more of your success as well.

Steve.