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4 March 2024 | 59 replies
Sure, some is cut and dry, comingling funds, clear breach of contract etc., but far as strategy, how-to, it's almost never a "this is the 1 way to do it".
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2 March 2024 | 10 replies
Nope, not in tertiary markets where you normally can find multifamily in excess of the 1% rule.
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1 March 2024 | 4 replies
Mike,You may need to check on Excess/Surplus Lines (aka Lloyds of London, etc.).
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1 March 2024 | 3 replies
Yes but, It's not like the foreclosure happens, senior lien holder gets paid off, and excess funds automatically go to HOA or whoever else.
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1 March 2024 | 15 replies
Details below...We need a FAST cash-out loan product that requires only the personal guarantee of my business partner (60% ownership) to be used for: completing the remaining rehab and getting the 1st house rent ready, paying off revolving credit accounts to get her credit score up, and funding the other projects we have in the works.To help bring you up to speed on what's transpired over the 11 weeks we've been in business...We started our business on Dec 1, 2023, leveraged our "then" good credit/high w2 incomes to bootstrap the startup, assembled a rehab team, and are now about 2 weeks out from the completion of our 1st rehabbed property.We've closed on 3 properties, all owned free/clear, and have paid for renovations with personal funds/credit.My credit score was 810, but is now 592, due to excessive debt but 100% on-time payments, therefore can't personally guarantee a loan.My business partner's score is currently in the 700s, but likely wont be for long, due to her revolving credit % continuously increasing, as we push towards the completion of the first rehab utilizing her remaining credit on her CCs.Recently, I started researching the underwriting timeline for DSCR loans.
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29 February 2024 | 0 replies
This was a cut and dry buy and hold.
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1 March 2024 | 97 replies
In that sense, the forced appreciation is way in excess of the fee.
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1 March 2024 | 6 replies
Yes, cold winters (and also all the rain) in Pittsburgh will degrade a building MUCH quicker than in a warm, dry climate.
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1 March 2024 | 8 replies
California charges a minimum tax of $800 a year per LLC, and more if you have gross receipts in excess of $250k.
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29 February 2024 | 8 replies
It's never been excessive.