28 June 2024 | 14 replies
Not sure the competition is any less and right now rents probably have not kept up with sales prices so are a bit out of balance.
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26 June 2024 | 22 replies
So correct me if I am wrong, the reason being that you cannot reconcile bank accounts, credit cards, cannot epay or print checks, track loans, fixed assets, view a Balance Sheet and more.Saying that in QuickBooks you can create automated invoices.
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26 June 2024 | 17 replies
Ok, now add in the first one, with 745 score, has a current aggregate balance on the laundry list of consumer credit accounts of about $38k.
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27 June 2024 | 8 replies
Send them notice of balance due, file collections, and sue them in small claims court.
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26 June 2024 | 2 replies
Option 1:Pros:Simplicity: You avoid the potential complications of alerting the lender.Maintains Low-Interest Rate: Since your loan is at 3%, you continue benefiting from this favorable rate.Avoids Immediate Full Payment: You won’t be forced to come up with $45k immediately.Cons:Risk of Detection: If the lender identifies the payments coming from an LLC, they might call the loan due.Potential Consequences: If the lender enforces the due on sale clause, you might be forced to pay the remaining loan balance quickly.Option 2:Pros:Transparency: Being upfront might build trust with the lender.Possible Flexibility: Given your solid payment history, the lender might agree to the arrangement.Legal Compliance: You avoid any potential issues with violating the terms of your mortgage agreement.Cons:Risk of Loan Acceleration: The lender could still decide to call the loan due, forcing you to pay the remaining balance.Potential for Higher Payments: If forced to refinance, you might end up with a higher interest rate.Given the pros and cons of each option, but a cautious approach might be best:Consult a Real Estate Attorney: This can give you a clear understanding of your legal standing and potential risks.Evaluate the Importance of the 3% Rate: Weigh the benefits of keeping your low-interest rate against the risks of potentially having to pay off the loan early.Consider a Gradual Transition: This method allows you to continue benefiting from the low-interest rate while reducing the risk of triggering the due on sale clause.
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27 June 2024 | 6 replies
Check in with @Joseph Chiofalo he's working on several high balance cash out transactions for clients and they can close very quickly.
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27 June 2024 | 28 replies
This will not be the case on some of the lower priced properties that are abundant in this area.DON’T FORGET ABOUT THE CURRENT YEAR’S PRORATED TAX BALANCE!!!
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26 June 2024 | 6 replies
Let's say my 1st mortgage balance is $600k and I want to take out a 2nd mortgage for $150k for home improvements which makes the interest on the 2nd deductible as well.
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25 June 2024 | 2 replies
The buyer must come up with the difference between the seller(s) current mortgage balance and agreed upon sales price, plus closings costs.
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27 June 2024 | 47 replies
Link below.Per the forum post, you only have to pay interest if you collect a greater security deposit than one month’s rent, and then only on the balance that is greater.