All Forum Posts by: Daniel Humphries

I am looking for someone who can lend on a 21 unit MHP. All units owned by the park for $1,100,000. 

Like the title says I would like to know your thoughts on turning my primary residence into a rental and buying another place to live. There is an HOA and it is my turn on the rent list. If I decide to rent I could cash flow about $300/ month, if I decide to sell I could net about $60,000 which I could use to purchase a rental house or duplex. The only reason I am leaning away from renting my unit is because there may be expenses later down the road like exterior painting, roof replacement and other things that could be charged as an assessment. The condo is located in Atlanta and you can see the Beltline from the balcony.

Any thoughts, opinions or things for me to consider would be greatly appreciated. 

Thank you, I will check into that. I really something that also calculates commissions and keeps track of agents cap's with-in the office. 

As an update, he refinanced out of the hard money loan and is going to airbnb the property. Thanks to everyone for all your help!

Any Brokers on here that have any type of back office software for managing transactions, commissions, with e sign capabilities? I have been searching but can't seem to find any decent solutions.

Did you ever find an answer to this?

Thank you for all the responses! I am relaying this information to him, i'll be sure to let everyone know the outcome.

They have asked him to extend and want to charge a $20,000 extension fee. He may end up having to just sign the extension to avoid the foreclosure but just wants to get the facts so he can choose which route to take.

I tried google before coming here. Unfortunately it's a pretty specific situation. He's looking for an attorney to consult now but figured I would check here incase someone has dealt with this before.

I am looking for some advice for a close friend and client. He got into a deal with a hard money lender and was able to complete the house build and is waiting for the house to sell. The hard money lender is threatening to foreclose due to the length of time the project has taken. I know what everyone is going to say, just drop the price of the house and pay the lender back. He understands that, his question is, if the lender does foreclose, and the house is able to sell for enough to cover the debt plus some, will the foreclosure still show on his personal record because of the personal guarantee he signed or will it just be a foreclosure on the LLC's record? He's trying to save his credit at this point just in case.