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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 | 9 replies
However, it's best to have a long list of issues that need fixing rather than one or two, as that would pull more weight in the courtroom.
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26 June 2024 | 4 replies
I think the charm of an historic home out weights these issues...
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25 June 2024 | 15 replies
It would depend on laws in your municipality, but if you are going to allow pets in your unit, here are a few thoughts: are you going to have a size/weight restriction, and possibly a restriction on breed type?
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23 June 2024 | 12 replies
The weightings and note rates will matter a lot here.
23 June 2024 | 25 replies
.- I get what you mean about knowing your market, but we are all nerds here at bp while the average person is just trying to get into real estate or make some moves to help their financial situation so when they see an "expert" say something it carries weight.
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20 June 2024 | 9 replies
Start your real estate investment journey with Brandon Turner's "The Stack" method, starting with small multifamily properties and gradually moving to larger ones.
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21 June 2024 | 21 replies
.- Scale Gradually: Instead of jumping into larger, riskier investments, consider scaling by adding a few more single-family homes each year.
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25 June 2024 | 125 replies
If you need steady income to cover expenses and grow gradually, go for cash flow.
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20 June 2024 | 11 replies
Take the time to learn and start gradually.