How to Refinance your Property into an LLC w/ Matt Faircloth | Mentorship Monday 082 скачать в хорошем качестве

How to Refinance your Property into an LLC w/ Matt Faircloth | Mentorship Monday 082

Hey Youtube, Thanks for checking out today's Mentorship Monday. Today's question comes from Jonathan and he wants to know "How to Refinance a Property that he wants to move in an LLC? Thanks for your question Jonathan! As of right now the property that Jonathan has is a non secured loan so he's personally guaranteeing the loan. That's fine, the only problem is that the property is tied to his personal name and so when it shows up in his credit report, it shows up under his name. This is important for investors to understand. Although you might be personally responsible for securing the loan, you don't want it to show up on your credit report as you being the borrower. Instead you want it to show the LLC as the borrower. So how do you go about doing this? First you want to find a small local community bank. Like local, local. It should be a small bank with under 10 branches, not the big names like Bank of America or Chase, etc. When you get to the local branch meet with the business manager and from there you should be able to work something out. Once again, make sure that you guys are taking your properties and putting them into an LLC, especially if you plan on running this as a business. Putting properties in an LLC and having the LLC show up as the borrower will allow you to keep multiple mortgages out of your name and keep you from becoming "UnBankable". Hope this helps! As always, please email us any real estate questions to HelpMe@DeRosaGroup.com and we will answer them on an upcoming episode! Learn more about The DeRosa Group at http://www.DeRosaGroup.com or on BiggerPockets.com - https://www.biggerpockets.com/renewsb... Matt & Liz, founders of DeRosa Group, were recently second-time guests on the BiggerPockets Podcast. Check it out: https://www.biggerpockets.com/renewsb... Find us on Facebook   / thederosagroup   Learn More about The DeRosa Group by Checking out our suggested videos: How I bought a 18 Unit apartment with NO MONEY out of Pocket    • How I Bought A 18 Unit Apartment Building ...   How I turned a Duplex into 20 units    • How I Turned a DUPLEX into 20 Units!   How to Remove a Bad Tenant (without having to evict)    • How To Remove A BAD Tenant (Without Having...   Tips for Hosting a successful Open House    • TIPS For Hosting A Successful Open House   Best ways to Collect Rent From Tenants    • Best Ways to Collect Rent Payments from Te...