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26 January 2025 | 48 replies
I will say that they hve been telling me for almost two weeks now the tech team is working on the category link.
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21 January 2025 | 1 reply
I am currently in the market to purchase a tri-plex with the plan to live in one unit, make upgrades, and rent the other two out.
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11 February 2025 | 16 replies
I would not want a private lender on the downpayment because you would be starting your first investment with two loans.
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27 January 2025 | 7 replies
Here are some general guidelines: Lien Position1st Position LienEquityMinimum Down Payment of 20-25% (a 30% equity to sale price is preferred)Down Payment made in certified funds and not borrowedMaximum Funding of 70% ITV (Investment to Value)SeasoningMinimum of two monthly payments already made12 months or more preferredPayer CreditCredit Score of 650 or higherNo major derogatory trade lines (No 90-180+ days delinquent, foreclosure, repossession, bankruptcy, etc.)No decline in credit since purchase of businessTermsPrefer 60 months or lessMaximum of 72 monthsNo Balloon Payment preferredCash FlowBusiness has positive cash flow1.25 debt service coverage ratio preferred.DocumentationPersonal guarantee from a creditworthy individualStandard documents including Note, Security Agreement, and UCC-1 filing.Tax Returns on the business that substantiate profit and loss statements.OtherPayment history current and verifiablePayer Interview indicating buyer is satisfied with business and comfortable making paymentsMotivation for selling the note is not a result of a deteriorating businessConsideration of high risk businesses or geographic areasIn these situations, sometimes a partial is a better option.
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21 January 2025 | 35 replies
Measure how long get two brackets.
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20 January 2025 | 3 replies
Maybe it's in my head but sometimes there are two LVP advertised online with the same thickness, but in real life one feels obviously thinner/thicker.
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23 January 2025 | 5 replies
There are two reasons this is a bad idea.Investing with an SDIRA (assuming it is not a Roth) will often result in paying significantly more taxes.
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21 January 2025 | 12 replies
You might find it useful to attend a meetup or two just to learn how other folks got their start into the industry :) I host a small/intimate meetup once a month in LIC, check it out here: https://www.biggerpockets.com/forums/521/topics/1214850-meet...
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29 January 2025 | 7 replies
Include a buyout clause allowing you to transition to sole ownership after two years, based on a pre-determined valuation formula or market value.Use an LLC to hold the property for liability protection and pass-through taxation, ensuring both partners benefit from depreciation to offset rental income.
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21 January 2025 | 59 replies
(A couple weeks for 1 property every year or two?