Q. Any loan officers out there who can help me with this? I want to buy residential rental properties in the Phoenix, AZ area with 40% down. I would prefer to do so without a PG if possible. If impossible, or significantly better terms are available with a PG, I'm open to it. Would like 30 year fixed loans (conforming loan amounts). Any feedback is appreciated.
A. You probably won't find anyone who will do the loan without it being guaranteed personally unless it is a portfolio program and those are usually ARM's and then the LLC would have to have established credit and income to be able to qualify for the loan by itself. World Savings used to do these loans. I don't know if Wachovia is continuing with that program or not. They used to do it, but usually it required a personal guarantee.
You might check with WAMU, too.
I don't believe that freddie and fannie will allow a property to be vested in an LLC. They certainly won't allow the LLC to be the borrower.
What about putting the properties in a trust? That could work with agency programs although you are still the borrower and the trust would have to be approved. Just a thought.
Good luck.
You might check with WAMU, too.
I don't believe that freddie and fannie will allow a property to be vested in an LLC. They certainly won't allow the LLC to be the borrower.
What about putting the properties in a trust? That could work with agency programs although you are still the borrower and the trust would have to be approved. Just a thought.
Good luck.
What is the best city in Florida to own rental property in?
Q. I wanted to know what is the best city to own residential rental property in Florida?
A. I would definitely say Orlando that is the biggest toruist area in the US
How can I find a rental in Rosarito, Mexico?
Q. I am looking for a residential rental in a decent part of Rosarito. I have three kids so it needs to be safe. I look on Craigslist and mostly find vacation rentals. Is there a website that you know of that would help me? Thanks.
A. Best way is to go to a local real estate agent or to drive through areas you like and look for signs...may landlords use the real estate agencies, and many just put a sign on the house.
Can I deduct Rental Property Expenses in my personal return if the property I own is Commercial?
Q. I own a commercial office suite, which I rent.
Are expenses such as Mortgage interest, Taxes, Insurance, Repairs, deductable in my personal return, as they would be in the case of a Residential Rental Property?
I can't find reference to decuting expenses for a COMMERCIAL rental property in personal income, anywhere in the IRS website.
Are expenses such as Mortgage interest, Taxes, Insurance, Repairs, deductable in my personal return, as they would be in the case of a Residential Rental Property?
I can't find reference to decuting expenses for a COMMERCIAL rental property in personal income, anywhere in the IRS website.
A. Yes, as well as declaring the income.
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