How Underwriters Evaluate Loans to LLCs or Land Trusts - Interview with Andrew Duane, Esq.

  Рет қаралды 7,042

Clint Coons Esq. | Real Estate Asset Protection

3 жыл бұрын

How do underwriters evaluate loans to LLCs and land trusts?
There's so much that comes into getting loans and putting deals together the right way. When you're under contract with someone you don't want to mess anything up to ask for an extension. We'll go over evaluating loans with my guest Andrew Duane, associate attorney at Polunsky Beitel Green.
We'll cover the lending process when it comes to working with entities especially putting deals together in a land trust.
Discover more about Andrew Duane 👇
www.mortgagelaw.com/
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Clint Coons, Esq. is one of the founding partners of Anderson Law Group, Clint has grown his legal and tax firm to over 400 employees by assisting real estate investors with creating and implementing solid entity structuring plans. His success in these regards is in large part due to his personal investing experience. A successful attorney, real estate investor, and speaker, Clint has used his innovative and dynamic strategies coupled with knowledge borne from experience to help thousands of people save millions of dollars and build real wealth.
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The information provided in this video should not be construed or relied on as legal advice for any specific fact or circumstance. Its content was prepared by Anderson Business Advisors with its main office at 3225 McLeod Drive Suite 100 Las Vegas, Nevada 89121. This video is designed for entertainment and information purposes only. Viewing this video does not create an attorney-client relationship with Anderson Business Advisors or any of its lawyers. You should not act or rely on any of the information contained herein without seeking professional legal advice.
#Underwriters #realestatedeals

Пікірлер: 26
@zacha157
@zacha157 3 жыл бұрын
Clint, very informative and helpful video. I'd love to see you do a video on comparing/contrasting a land trust, living trust and personal property trust. Are there specific powers or provisions that make a trust one type vs another? Since they are all revocable grantor trusts, I'm not sure what makes them different. Thanks.
@ClintCoons
@ClintCoons 3 жыл бұрын
Great suggestion!
@phillipalder9045
@phillipalder9045 Жыл бұрын
Clint, while FNMA and FHLMC are generally okay with the property being closed in the name of a Living Trust (if statutorily authorized), the beneficiary needs to be in the name if the borrower, not the LLC. This is my understanding. If I'm incorrect, please explain why. Thanks!
@ClintCoons
@ClintCoons Жыл бұрын
Correct
@FlowtnWitWalden
@FlowtnWitWalden 3 жыл бұрын
Needs: List of ALL states that recognize land trusts during refinancing.. or is it only the two, IL and FL ?
@ClintCoons
@ClintCoons 3 жыл бұрын
Just IL and FL.
@seyi8206
@seyi8206 3 жыл бұрын
Clint, very informative as usual. Regarding the 180-day FHA hurdle; if you need to move the property within that 180-day period, could offering the buyer a short term lease option be a solution?
@ClintCoons
@ClintCoons 3 жыл бұрын
Lease with an option to purchase - correct.
@Greghh1960
@Greghh1960 2 жыл бұрын
Wow... this was really good.
@ClintCoons
@ClintCoons 2 жыл бұрын
Thanks
@donmega305
@donmega305 3 жыл бұрын
Great content
@ClintCoons
@ClintCoons 3 жыл бұрын
Appreciate your watching.
@raulvargas352
@raulvargas352 3 жыл бұрын
In Indianapolis Indiana, Anonymity is not possible in my opinion because Chapter 851 Indianapolis Landlord Registration program (act No 1403) forces you to list first and last name of the owner of the property and list the property management as well. Is there a work around on this?
@ClintCoons
@ClintCoons 3 жыл бұрын
You list the LLC entity as the owner. Listing your name as a manager does not imply you own the property, just manage it. Also, is this information publicly available?
@raulvargas352
@raulvargas352 3 жыл бұрын
@@ClintCoons Unfortunately the Chapter 851 Act No 1403 supposedly was made for dead beat landlords that leave tenants in bad condition houses, and tenants unable to know who the landlord was, are able to acquire, far as address and phone number. I have not fully investigated this but I pay a $5 registration fee in Indianapolis Indiana to register, and they ask first name and last name with no way of listing LLC
@aquagem2525
@aquagem2525 3 жыл бұрын
Clint, thank you for this video. I am selling my property that is under a Land Trust and an LLC trustee. I just accepted an offer from a buyer who has a pre-approved VA loan. Do you see any issues that may come up that can delay the closing of escrow? If so, what can I do to ensure a timely closing without taking my property out of the trust? Thanks in advance for your advice.
@ClintCoons
@ClintCoons 3 жыл бұрын
A lot would depend on how your trust was set up. Have you watched by video on selling property in a land trust? The typical issues surrounding who is the trustee (nominee) and do you have an EIN and bank account set up for the trust.
@joshuarichardson6339
@joshuarichardson6339 3 жыл бұрын
Will Fanny and Freddy allow for an LLC to be the trustee and you signing all the documentation as the manager
@ClintCoons
@ClintCoons 3 жыл бұрын
50/50 depending on the underwriter. Best case when selling would be to remove the LLC and appoint yourself as the trustee.
@ashleythomas4977
@ashleythomas4977 2 жыл бұрын
Any recommendations of lenders that will close on a land trust?
@ClintCoons
@ClintCoons 2 жыл бұрын
No I do not know of any.
@rightright6582
@rightright6582 Жыл бұрын
20:00 What????? 12 months waiting period , when selling to a first time home buyer FHA financing, I do not beleive it..
@phillipalder9045
@phillipalder9045 Жыл бұрын
A 1st time home buyer, as defined by FHA, is an individual who has had no ownership interest in a principal residence within the last 3 years. So, it a 36-month waiting period.
@markforest7163
@markforest7163 3 жыл бұрын
Wow! Why do we have to jump through all these hoops? It's all paper technicalities! I just want to make money with real estate.
@zzospreyzz55
@zzospreyzz55 3 жыл бұрын
That’s America/lawyers
@AberrantArt
@AberrantArt 3 жыл бұрын
Lol! @Mark Forest that's a good thing. Without all these technicalities, the real estate industry would be even more saturated and competitive.
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