![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/524821/small_1643375370-avatar-coles5.jpg?twic=v1/output=image&v=2)
24 January 2025 | 8 replies
@Cole Starin What type of take out financing did you line up to payoff the private money and get into long term perm debt?
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/804483/small_1621497938-avatar-spencerc27.jpg?twic=v1/output=image&v=2)
19 January 2025 | 9 replies
Making the wrong hire, overlooking the risks, taking on too much debt.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/3115968/small_1725886378-avatar-agathas4.jpg?twic=v1/output=image&v=2)
28 January 2025 | 16 replies
I guarantee your life would be so much better if you removed her and replaced her with a good renter.Do yourself a favor: buy "Every Landlord's Legal Guide" by NOLO.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/3140773/small_1736783460-avatar-joyd73.jpg?twic=v1/output=image&v=2)
18 January 2025 | 15 replies
You can't legally deny a true service animal.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/1121360/small_1736470437-avatar-gregp110.jpg?twic=v1/output=image&v=2)
8 February 2025 | 49 replies
Buy the same amount(in regards to downpayment allocations) in debt notes.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/377495/small_1736355858-avatar-evanc4.jpg?twic=v1/output=image&v=2)
14 January 2025 | 19 replies
While I doubt I'll be investing here (terrified that property taxes and the pension debt will ultimately cripple property values), I'm always interested in meeting new people.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/1236944/small_1700592431-avatar-dj_vsflorida.jpg?twic=v1/output=image&v=2)
22 January 2025 | 56 replies
Debt is rarely a factor in their issue. the ultra wealthy I know with a few exceptions have very limited debt.. to no debt.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/3165263/small_1736115626-avatar-andyw197.jpg?twic=v1/output=image&v=2)
27 January 2025 | 7 replies
Here are some general guidelines: Lien Position1st Position LienEquityMinimum Down Payment of 20-25% (a 30% equity to sale price is preferred)Down Payment made in certified funds and not borrowedMaximum Funding of 70% ITV (Investment to Value)SeasoningMinimum of two monthly payments already made12 months or more preferredPayer CreditCredit Score of 650 or higherNo major derogatory trade lines (No 90-180+ days delinquent, foreclosure, repossession, bankruptcy, etc.)No decline in credit since purchase of businessTermsPrefer 60 months or lessMaximum of 72 monthsNo Balloon Payment preferredCash FlowBusiness has positive cash flow1.25 debt service coverage ratio preferred.DocumentationPersonal guarantee from a creditworthy individualStandard documents including Note, Security Agreement, and UCC-1 filing.Tax Returns on the business that substantiate profit and loss statements.OtherPayment history current and verifiablePayer Interview indicating buyer is satisfied with business and comfortable making paymentsMotivation for selling the note is not a result of a deteriorating businessConsideration of high risk businesses or geographic areasIn these situations, sometimes a partial is a better option.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/2787959/small_1689030368-avatar-gabrielf101.jpg?twic=v1/output=image&v=2)
5 January 2025 | 2 replies
For legal, we can provide you a list of attorneys out there who do this and my recommendation is to interview them to see which one you feel works best for you.
![](https://bpimg.biggerpockets.com/no_overlay/uploads/social_user/user_avatar/3166324/small_1736287582-avatar-desireeb52.jpg?twic=v1/output=image&v=2)
22 January 2025 | 3 replies
LLC's main benefit is from a legal perspective.