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All Forum Posts by: Daniel McCain

Daniel McCain has started 1 posts and replied 3 times.

To encourage our tenants to pay on time, we go the other way.  Instead of incentivizing paying on time, we penalize paying late.  We charge a $50 late fee that escalates by $5 every day after it's late.  I've learned the key is to hold them to the terms of the lease and enforce the late fee - no exceptions.  Once they've had to pay $50 extra for being one day late, they're a lot less likely to be late again.  

Originally posted by @Theo Hicks:

Bridge loans are short-term (6 months to 3 years with extension options). Typically they are interest-only, have higher interest rates, and are recourse to the borrower. They typically include funding for capex projects and are secured on assets that don't qualify for conventional financing.

 This sounds like it may be what we're looking for.  Thanks Theo for the response and useful information.

We purchased a property with cash and were implementing the BRRRR strategy. After a couple months of rehabbing the property we got a tenant in place. We talked to several different lenders about a cash out refinance loan (30 year, fixed) and were told we wouldn't be able to refi until the property had been "seasoned" for 6 months. It seems a "seasoning" period is a pretty common requirement for traditional lenders. In researching avenues to get past this speed bump toward our next project I discovered bridge loans. So, I wanted to see if anyone could provide some insight on how bridge loans work and if this would be an appropriate loan for our situation. Thanks.