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HLS
ParticipantKPP,,
You want some help TONIGHT ??
email me your phone number to [email protected]How on earth can you even WANT to continue to work with someone like this??
She never told you rate or fees ??
She might have just done you a favor.ParticipantL-I-A-B-I-L-I-T-Y
LLC=Limited LiabilityAny income/losses from an LLC is generally “pass through” there is no double taxation.
Talk to a tax advisor & attorney.
You cannot use primary res financing or capital gain exclusion on rental properties whether it’s in LLC or not in LLC.
You need to ensure that the corporate veil cannot be pierced.
Yes you will need to qualify for loans and need insurance.
LLC is a legal entity that owns the property(ies)
With a lawsuit, only what is in the LLC is at risk.
Without an LLC, you and everything that you own is potentially at risk.You would normally buy property in your name, qualify for the loan, and then deed the property into the LLC.
ParticipantL-I-A-B-I-L-I-T-Y
LLC=Limited LiabilityAny income/losses from an LLC is generally “pass through” there is no double taxation.
Talk to a tax advisor & attorney.
You cannot use primary res financing or capital gain exclusion on rental properties whether it’s in LLC or not in LLC.
You need to ensure that the corporate veil cannot be pierced.
Yes you will need to qualify for loans and need insurance.
LLC is a legal entity that owns the property(ies)
With a lawsuit, only what is in the LLC is at risk.
Without an LLC, you and everything that you own is potentially at risk.You would normally buy property in your name, qualify for the loan, and then deed the property into the LLC.
ParticipantL-I-A-B-I-L-I-T-Y
LLC=Limited LiabilityAny income/losses from an LLC is generally “pass through” there is no double taxation.
Talk to a tax advisor & attorney.
You cannot use primary res financing or capital gain exclusion on rental properties whether it’s in LLC or not in LLC.
You need to ensure that the corporate veil cannot be pierced.
Yes you will need to qualify for loans and need insurance.
LLC is a legal entity that owns the property(ies)
With a lawsuit, only what is in the LLC is at risk.
Without an LLC, you and everything that you own is potentially at risk.You would normally buy property in your name, qualify for the loan, and then deed the property into the LLC.
ParticipantL-I-A-B-I-L-I-T-Y
LLC=Limited LiabilityAny income/losses from an LLC is generally “pass through” there is no double taxation.
Talk to a tax advisor & attorney.
You cannot use primary res financing or capital gain exclusion on rental properties whether it’s in LLC or not in LLC.
You need to ensure that the corporate veil cannot be pierced.
Yes you will need to qualify for loans and need insurance.
LLC is a legal entity that owns the property(ies)
With a lawsuit, only what is in the LLC is at risk.
Without an LLC, you and everything that you own is potentially at risk.You would normally buy property in your name, qualify for the loan, and then deed the property into the LLC.
ParticipantL-I-A-B-I-L-I-T-Y
LLC=Limited LiabilityAny income/losses from an LLC is generally “pass through” there is no double taxation.
Talk to a tax advisor & attorney.
You cannot use primary res financing or capital gain exclusion on rental properties whether it’s in LLC or not in LLC.
You need to ensure that the corporate veil cannot be pierced.
Yes you will need to qualify for loans and need insurance.
LLC is a legal entity that owns the property(ies)
With a lawsuit, only what is in the LLC is at risk.
Without an LLC, you and everything that you own is potentially at risk.You would normally buy property in your name, qualify for the loan, and then deed the property into the LLC.
ParticipantFSBO,
Obviously I don’t know your overall financial picture, but I would consider this loan since you are paying 7.50% now.Depends on your balance and ability to pay it off if necessary, you will be saving over 3% a year on your current loan. For every year that you save 2% or 3%, it would take an equal number of years that the rate would have to be 9.50%-10.50% for you to be averaging 7.50%
Prime would have to be 8%+ for you to be paying in the 7’s on the HELOC. The rate is attractive today, but about 9 months ago prime WAS 8%. It can move fast!
Talk to your tax advisor about the tax deductibility and possible limitations.
ParticipantFSBO,
Obviously I don’t know your overall financial picture, but I would consider this loan since you are paying 7.50% now.Depends on your balance and ability to pay it off if necessary, you will be saving over 3% a year on your current loan. For every year that you save 2% or 3%, it would take an equal number of years that the rate would have to be 9.50%-10.50% for you to be averaging 7.50%
Prime would have to be 8%+ for you to be paying in the 7’s on the HELOC. The rate is attractive today, but about 9 months ago prime WAS 8%. It can move fast!
Talk to your tax advisor about the tax deductibility and possible limitations.
ParticipantFSBO,
Obviously I don’t know your overall financial picture, but I would consider this loan since you are paying 7.50% now.Depends on your balance and ability to pay it off if necessary, you will be saving over 3% a year on your current loan. For every year that you save 2% or 3%, it would take an equal number of years that the rate would have to be 9.50%-10.50% for you to be averaging 7.50%
Prime would have to be 8%+ for you to be paying in the 7’s on the HELOC. The rate is attractive today, but about 9 months ago prime WAS 8%. It can move fast!
Talk to your tax advisor about the tax deductibility and possible limitations.
ParticipantFSBO,
Obviously I don’t know your overall financial picture, but I would consider this loan since you are paying 7.50% now.Depends on your balance and ability to pay it off if necessary, you will be saving over 3% a year on your current loan. For every year that you save 2% or 3%, it would take an equal number of years that the rate would have to be 9.50%-10.50% for you to be averaging 7.50%
Prime would have to be 8%+ for you to be paying in the 7’s on the HELOC. The rate is attractive today, but about 9 months ago prime WAS 8%. It can move fast!
Talk to your tax advisor about the tax deductibility and possible limitations.
ParticipantFSBO,
Obviously I don’t know your overall financial picture, but I would consider this loan since you are paying 7.50% now.Depends on your balance and ability to pay it off if necessary, you will be saving over 3% a year on your current loan. For every year that you save 2% or 3%, it would take an equal number of years that the rate would have to be 9.50%-10.50% for you to be averaging 7.50%
Prime would have to be 8%+ for you to be paying in the 7’s on the HELOC. The rate is attractive today, but about 9 months ago prime WAS 8%. It can move fast!
Talk to your tax advisor about the tax deductibility and possible limitations.
ParticipantFSBO,
Not only is it “too good to be true”
IT ISN’T TRUE….The fine print isn’t confusing to me.. it’s just the FINE PRINT
Based upon the current Prime Rate, your rate may be as low as 4.25%. Rate is based upon credit criteria. Your rate may be higher. Although your fully-indexed rate is subject to change monthly, the Prime Rate may change at any time. The maximum APR is 15.00%. The minimum APR is 3.50%
IF YOU QUALIFY, it’s prime minus .75% with a floor rate of 3.50% and a max rate of 15.00%
10 YR interest only & draw period, followed by a 15 YR (P&I)repayment period.
Sorry to burst your bubble, it’s NOT a fixed 25 YR 2nd at 4.50%, (Unless prime stays below 5.25%!)
It is a standard decent rate for a HELOC. Prime could be 10% in a few years, who knows. Do ya feel lucky ?
I recommend large HELOCS to people who need the loan and could pay them off with liquid assets if they had to, if the rates get silly. Up to $250,000 they are easier to get than over $250K.
It’s a gamble to take a large amount for the long term, but could still work out. Hindsight will tell.
Adjustable rates are normally in the house’s favor, and the borrower isn’t the house.
ParticipantFSBO,
Not only is it “too good to be true”
IT ISN’T TRUE….The fine print isn’t confusing to me.. it’s just the FINE PRINT
Based upon the current Prime Rate, your rate may be as low as 4.25%. Rate is based upon credit criteria. Your rate may be higher. Although your fully-indexed rate is subject to change monthly, the Prime Rate may change at any time. The maximum APR is 15.00%. The minimum APR is 3.50%
IF YOU QUALIFY, it’s prime minus .75% with a floor rate of 3.50% and a max rate of 15.00%
10 YR interest only & draw period, followed by a 15 YR (P&I)repayment period.
Sorry to burst your bubble, it’s NOT a fixed 25 YR 2nd at 4.50%, (Unless prime stays below 5.25%!)
It is a standard decent rate for a HELOC. Prime could be 10% in a few years, who knows. Do ya feel lucky ?
I recommend large HELOCS to people who need the loan and could pay them off with liquid assets if they had to, if the rates get silly. Up to $250,000 they are easier to get than over $250K.
It’s a gamble to take a large amount for the long term, but could still work out. Hindsight will tell.
Adjustable rates are normally in the house’s favor, and the borrower isn’t the house.
ParticipantFSBO,
Not only is it “too good to be true”
IT ISN’T TRUE….The fine print isn’t confusing to me.. it’s just the FINE PRINT
Based upon the current Prime Rate, your rate may be as low as 4.25%. Rate is based upon credit criteria. Your rate may be higher. Although your fully-indexed rate is subject to change monthly, the Prime Rate may change at any time. The maximum APR is 15.00%. The minimum APR is 3.50%
IF YOU QUALIFY, it’s prime minus .75% with a floor rate of 3.50% and a max rate of 15.00%
10 YR interest only & draw period, followed by a 15 YR (P&I)repayment period.
Sorry to burst your bubble, it’s NOT a fixed 25 YR 2nd at 4.50%, (Unless prime stays below 5.25%!)
It is a standard decent rate for a HELOC. Prime could be 10% in a few years, who knows. Do ya feel lucky ?
I recommend large HELOCS to people who need the loan and could pay them off with liquid assets if they had to, if the rates get silly. Up to $250,000 they are easier to get than over $250K.
It’s a gamble to take a large amount for the long term, but could still work out. Hindsight will tell.
Adjustable rates are normally in the house’s favor, and the borrower isn’t the house.
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