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16 February 2025 | 17 replies
I would do between 50-100% or original deposit amount.
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16 February 2025 | 5 replies
@David Cherkowsky, the lender will take the full rental income reported on the tax return, for that property, subtract it from the total expenses, add back depreciation, property taxes, mortgage interest, home insurance, HOA(if applicable), sometimes repair expenses(must be documented), divide it by the total amount of months the property was in service for that year (THIS NUMBER IS ON YOUR TAX RETURNS, SO MAKE SURE YOUR ACCOUNTANT DOES NOT PUT 12 MONTHS), and subtracts it against your total monthly mortgage payment.
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10 February 2025 | 6 replies
This sounds like it could be a good deal for the partners, and perhaps the bank, but a terribly risky deal for you, with little upside.What exactly do you mean by, “There will be a promissory note drafted for the amount and the duration and interest rates”?
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15 February 2025 | 77 replies
You then take the reserve amount and pay off principal of your mortgage.
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19 February 2025 | 5 replies
You were not afforded a reasonable (in most states, 30 days) amount of notice to re-market your property.
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19 February 2025 | 32 replies
The reality is that the Gross S8 Rent amount on an S8 voucher includes all utilities.
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7 February 2025 | 0 replies
Assuming I also use the Airstream for lodging while traveling for personal reasons, would I just take a pro-rated amount of depreciation for the amount of use that is business vs. personal?
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13 February 2025 | 5 replies
Hey Allen,I can see that you have put good amount of thought into your plan.
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11 February 2025 | 11 replies
Hi Kristin, if you reached out to a lender about refinancing the property and they turned you away due to the loan amount, then it was most likely a DSCR loan product.
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19 February 2025 | 19 replies
I have learned that any property can cashflow but not when you are looking to put the least amount of money in the deal.