All Forum Posts by: Ryan B.

Frank,

The bank I would use is a small local bank. I have a pretty good relationship with them already.

I have a checking account, savings account, CD, both kids savings accounts, rental business checking account, our home loan, and a portfolio loan on a rental property all with them.

Low income housing is a completely different ballgame. The cashflow can be nice but you have to be willing to deal with some huge headaches. I know the low income housing I have is very management intensive.

Forgive my ignorance, but I just want to make sure I am thinking correctly.

I have a home equity line of credit that is open and I can draw cash from whenever I want, is a business line of credit along the same theory (except my house is not the collateral) where I draw cash from it as needed for my rental property business?

Also, is your main purpose for having the business line of credit so that you can make cash offers on properties with it and then after purchasing the property set up a loan with the bank to clear the line of credit again? Thus hopefully being able to close a deal quicker and maybe get a better price since you were able to offer cash.

If they tell you they need to move ASAP, then there is usually a reason, and not a good one.

Good lord, look out Rich I'm headed north. :D

Right now I can pull right around 2.2% and stay out of the war zones with my $27k rental that is strictly for cashflow. I also play devil's advocate by having a rental at 1% but it is an appreciation play in an upscale town.

William,

Obviously disregard my prior comment on how to shorten the wording, I had it in my mind that it was a residential lease.

Sorry Andy B., but I had to laugh, kinda ironic it took an attorney to figure it out. :D

I stopped reading the paragraph after the first couple of sentences. You should shorten up all the mumbo jumbo and have your lease state tenant is responsible for rent until expiration of lease or until you find another suitable tenant whichever comes first. Short, sweet, and easy to understand.

Also, not picking at you, but where did you get your lease? Kinda frightening you don't even know what your own lease says.

Sorry to be blunt, but tell "Joe" to grow up, take responsibility for his mistakes and quit trying to find a sleazy way out.