Today’s first caller is looking into getting a HELOC on his rental property. In order to approve the line of credit, the bank wants him to transfer the title out of his LLC and into his own name. Is this a good idea? That’s the first question I’m answering on today’s show!
This Q&A Monday episode features three great listener questions on transferring titles, the best way to raise capital, and how to go about getting insurance policies on your rental properties. As always, I appreciate your questions and I hope you enjoy this episode of Investing in Real Estate!
On this episode you’ll learn:
- What you should know about transferring a title.
- How to raise capital for investing.
- The best way to set up insurance on your rental properties.
What You Should Know About Transferring a Title
If you’re planning on leveraging your rental properties, you can almost bet on running into this issue. Most banks want you to be personally liable for your loan, so they’ll ask you to sign the paperwork with the property in your own name. I’m not a lawyer, but Garrett Sutton from Corporate Direct writes in the Loopholes of Real Estate that there’s rarely a problem with transferring your title with a quit claim deed. For specific legal advice, I’d recommend reaching out to Corporate Direct here.
How to Raise Capital for Investing
There is capital out there, it just depends which avenue you want to take! My friends at Fund&Grow offer business credit cards with introductory interest rates at 0%. This is a great strategy for someone who wants to buy an asset upfront and then refinance later. You can save $500 off your signup fee by using my link, morrisinvest.com/funding.
Private money is also a great way to go. You can search for private lenders on LinkedIn or network locally by attending a REIA meeting through meetup.com.
The Best Way to Set Up Insurance On Your Rental Properties
In most cases, bundling your insurance is going to be the best option for saving money. That has been my experience, and it seems that most insurance companies will offer you a discount for doing so. My favorite insurance company is NREIG.
Ask Me a Question at morrisinvest.com/clayton
Book a Call with Our Team
JoinCrowdHealth.com ← Use promo code Investing to get your first 6 months for just $99/month!
Loopholes of Real Estate by Garrett Sutton
morrisinvest.com/bootcamp ← Download your FREE 90-Day Bootcamp!
Subscribe to Investing in Real Estate on iTunes
Find Your Financial Freedom Number
Subscribe to the Morris Invest YouTube channel
Like Morris Invest on Facebook
DISCLAIMER: I am not a financial adviser. I only express my opinion based on my experience. Your experience may be different. These videos are for educational and inspirational purposes only. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. It is imperative that you conduct your own research. There is no guarantee of gains or losses on investments.
AFFILIATE DISCLOSURE: Some of the links on this channel are affiliate links, meaning, at NO additional cost to you, I may earn a commission if you click through and make a purchase and/or subscribe. However, this does not impact my opinion. We recommend them because they are helpful and useful, not because of the small commissions we make if you decide to use their services. Please do not spend any money on these products unless you feel you need them or that they will help you achieve your goals.
Ready To Build Passive Income Through Rental Real Estate?
Ready to talk about your goals? We're here to show you the tools and teach you the process to begin earning legacy wealth for you and your family.