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8 June 2024 | 24 replies
Just as a reminder in addition to the interest rate, amortization schedule and fixed period of the loan, inquire about: 1) Prepayment Penalties (In case you want to refinance in a few years), 2) Possibility of Rehab Funding, 3) Reserve Requirements, 4) Personal Guarantees, 4) Rate Adjustments (i.e. at the 5 year mark) to understand other variables in the loan product that works best for your project.
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6 June 2024 | 7 replies
This is in Allentown, PA I was reading about the rent increases and from what I saw it cannot be raised more than 10% in 12-month period.
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6 June 2024 | 1 reply
Standard contract contingencies may include an inspection period, financing contingency and appraisal contingency.4.
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6 June 2024 | 2 replies
They’ll pry want to know if it was a property tax sale where she gets a lien, if there’s a redemption period, a foreclosure auction, etc.
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6 June 2024 | 3 replies
just be cautious when it comes to using these. ensure you've got a plan to pay that balance back in a relatively quick fashion as most HELOC rates can fluctuate which could make the numbers suddenly not work. i've leveraged mine in instances where i'm doing a BRRR and i want the deposit for a private money loan. i'm not using it as my downpayment and leaving it out there for a long period of time.
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6 June 2024 | 5 replies
It's odd, how my remotes and lightbulbs need to be constantly replaced at my STRs but not at my house during the same time period.
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6 June 2024 | 19 replies
@Michael Plaks has a great post on this topic.2 - Assess the value of those tax deductions to you: The value of a deduction depends on (a) whether you're actually able to use it to reduce taxable income and (b) your marginal tax rate.As an STR, assuming the average rental period is 7 days or less, key items to consider are: (a) material participation and (b) avoidance of "excessive" personal use.
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6 June 2024 | 25 replies
This off season, mission beach was the most dead since the Great Recession (excluding COVID lockdown periods).
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6 June 2024 | 11 replies
The biggest advice I can give you is to figure out your own goals, and be specific, so I want to invest in multi family for cash flow for instance is too broad, is your goal to have an investment or a place you enjoy living, those are often in conflict as most multi family tends not to be in the most desirable parts of towns, are you willing to high cash flow in exchange for alot more effort, risk and limited appreciation, or do you want a more stable property with potentially less or even zero cash flow, if it’s a primary residence, are you going to live there long enough to make it more sense than renting, the breakeven period in a place like Baltimore might be 3-5 years.