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11 February 2025 | 15 replies
No problem.
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19 January 2025 | 47 replies
Again, it makes no sense.
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29 January 2025 | 68 replies
The answer is no.
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2 February 2025 | 0 replies
No I drew up my own contracts and filed the paperwork myself
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7 January 2025 | 16 replies
Suggested to do that earlier than later, so there is no liability on a tenant who is not on the lease paper.
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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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5 February 2025 | 3 replies
If you've gotten most of the work done already, no worries.
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31 January 2025 | 12 replies
Meeting the 100-hour material participation rule qualifies your STR income as active as long as no one else participates more than you, This will allow losses to offset W-2 or other active income.While there’s no official IRS form to track hours, maintaining a detailed log is essential in case of an audit.
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28 January 2025 | 10 replies
I would say get to no many neighborhoods.Also not much in 200K range any more.$300K is the new $200K.