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15 October 2024 | 26 replies
For instance, if three of my properties are generating significant cash flow and performing well, they can offset any issues that may arise with another property, such as a heating system failure.
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9 October 2024 | 8 replies
For instance, we have a line of credit against another profitable business that we are the sole owners of.
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10 October 2024 | 28 replies
For instance, a beachfront condo with a spectacular, beach view from the living room and balcony, priced around $600K, only generates a gross income of about $50K.
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8 October 2024 | 3 replies
For instance, if you are letting Zillow plug in your property taxes for you versus using actually values per county.
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12 October 2024 | 25 replies
For instance, I think any place that's flood or hurricane prone (coastal places, Florida, etc.) will have sky high insurance so I'd avoid.
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14 October 2024 | 420 replies
Seems if they spent more to get a better guru, giving good advice, it would pay off in spades.Did you know that if you are a gator lender lending in second position (after a sub to mortgage for instance), and you don't have a title report run, 1. you may not even be lending against the property you are thinking you're lending aginst2. the person you are giving money to may not be the owner 3. there may be other loans ahead of you on the property which makes your risk much higher4. you may be lending more than the property is worth and not now it5. if the guy stops making payments on the first and it goes into foreclosure, you lose your moneyThat's some pretty serious stuff I don't have anything to do with the "gator" program so I can't really speak to that one!
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7 October 2024 | 6 replies
Know the lenders requirements for the loan types you will need.For instance you may find you need to have liquid cash of 9 Months P&I and 100% of the loan amount as your personal net worth in order to avoid personal guarantees on the loan, and your retirement accounts may not count towards your liquidity.Know the requirements of the loan products for the apartments you want to buy.There are no books for that, that I know of--just lenders info.Because without that all else is just scholastic exercise.Good Luck!
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9 October 2024 | 21 replies
It may make you feel better that you have it, but many instances its useless because its not the right situation or was done properly.
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7 October 2024 | 24 replies
For instance I had a special case where I billed the tenant an extra expense monthly on top of the automated rent collection, so I add it as an expense and it would automatically email them and notify me when it was late of course.
15 October 2024 | 69 replies
This is a place for people to gain knowledge and education and ask questions to get guidance.I have seen sites where GP’s are not allowed to comment on posts (or even see posts in some instances) that were from a ticked off investor and personally not a fan as if someone can throw shade at another person / company without any consequence and / or allow the other party to respond - I feel like it’s just another form of censorship which I oppose