All Forum Posts by: Kevin Nichols

I asked them...yes.  But they are not "officially" calling in the loan.  

I could go ahead with the sale, but I would imagine that my buyer may have more concern.

My bank, BB&T, is calling in a loan on our office condo because we're selling it and owner financing it. 

Is there any way to convince BB&T to continue the mortgage? They said it because of the deed change.

@William Donaldson I am in the process of selling my office condo in SC and had my attorney draft a sales contract for that. I'm owner financing it to my buyer.

You are welcome a copy of that, if it helps?

Thanks,

Kevin

@Steve Garner We're going through the same issue with our 1st rental property. Tenant moved out at the end of November and the carpet smelled of pet urine.

Home Depot had a nice deal this week on $0.49 trafficmaster laminate and we got enough to do this unit.

Today, I ripped up all the carpet and padding. Plus all the carpet tack strips from the concrete slab.

Tomorrow, I will sweep, vacuum and seal the space with Kilz. 

I also ripped up the linoleum tiles in the kitchen and found another layer of vinyl floor with a horrible smelling adhesive residue. The residue smelled like ammonia and made the unit smell even worse.

I removed as much as I could, but the backing remained on the floor. I poured a gallon of bleach cleaner in the kitchen and scrubbed it in a little...hopefully that will kill the smell. I'll have to wait until next week to Kilz that area after it's dried out.

Kevin

Ask for the last 2 years of tax returns. It may not give you the complete "picture."

Renting it out...it could get $1750-$1900/month.  The amortization on the terms above is $1743/month for the buyer.

But there are 3 other condos in our 20 condo unit that are for sale or lease. So I don't want to look a gift horse in the mouth. 

I hate to use the term, but...I don't need the capital immediately...and the interest income on this deal would be nice.

We're a web design firm and truly don't need Class A office space....no client foot traffic, etc.

I own an office condo that I've had since 2006. A few months ago, my neighbor approached me about buying it so they can expand.  1200 sq/ft, 4 offices, conf. room.

I offered owner financing and gave them 4 different financing scenarios...with one of them be 6.85%, no money down, 25 years, no pre-payment penalty, $250,000. 

Perhaps...I was a little too zealous on that scenario?

Perhaps you should look into software similar to what hotels use, where users must sign off on a disclaimer in order to access internet. I never read the disclaimer, but I'm sure that it covers the hotel legal requirements for users who use their internet access for illegal activities.

@Aaron Montague I think that's the goal for the wealth management dept of the bank is to tie up that money in their bank. I'm not moving my brokerage account to them.

Also, the possible issue with that is it ties up money for the time it takes me to pay off the LOC.

I met with a bank today who presented a securities-based LOC that can be used for real estate purchase.

Scenario
Currently this bank has none of my business. I gave them a financial snapshot and they came back with a deal.

The bank will provide a LOC that is prime - 0.25% (currently 3%) for as much money as I move from my current Schwab brokerage into their wealth management division and invest with them. I'm open to mutual funds I currently own, but must keep the money with them for the length of the LOC.

As soon as I move the money, they'll provide the same amount in the LOC. Move $50K, get $50K LOC. Move $200K, get $200K LOC.

The LOC has no associated extra fees, beyond the 3%. But I'm waiting for the strings to be attached...in terms of broker fees or something. I have another meeting next week to discuss details.

Has anybody else used an instrument like this?

Thanks,

Kevin