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10 September 2024 | 29 replies
You can use it for any business you can imagine, as long as you understand the accounting principals associated with that business and how it all works together.In QuickBooks, you can set up projects for each flip and keep track of them on the balance sheet - where they belong - up until the moment of sale.If you don't have a lot of accounting knowledge and are relying on QuickBooks to be intuitive, then you are going to be VERY disappointed.
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6 September 2024 | 7 replies
HUD loans sometimes have specific conditions related to repayment or subsidies that might affect how they are handled.Balance and Unpaid Amounts:The discrepancy you mentioned between the mortgage statement and the HUD loan amounts might indicate deferred principal or accumulated balance under specific conditions of the HUD program.
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4 September 2024 | 3 replies
Placing your primary residence under your REI LLC offers liability protection and potential tax deductions but comes with significant drawbacks.
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6 September 2024 | 8 replies
Furthermore, this method shields my owners from any potential fair housing violations since I am a principal in the contract and liability would end with me and not pass to the owner.You are correct that generally you will spend around 8%-10% of the monthly rent to hire a property manager.
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6 September 2024 | 9 replies
When compared to taking out a new loan, this move saved me about $1,200 per month in my monthly mortgage payment in addition to increasing my principal paydown each month from around $300 on a new loan to over $750 per month on the loan I assumed!
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5 September 2024 | 0 replies
The Deloitte survey revealed the average family office principal age at 68 and 4/10 will endure a succession process within the next ten years.
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5 September 2024 | 4 replies
Borrowers are not allowed to complete any of the work themselves as sweat equity.Loan to Value Calculations:The original principal amount of the mortgage may not exceed Fannie Mae’s maximum allowable mortgage amount for a conventional first mortgage.Purchase: For a purchase money transaction, the LTV is determined by dividing the loan amount by the lesser of the “as completed” appraised value of the property or the sum of the purchase price of the property and the total rehabilitation costs.Refinance Transactions: For a refinance transaction, the LTV is determined by dividing the original loan amount by the “as completed” appraised value of the property.Eligible Renovation:There are no required improvements or restrictions on the types of repairs allowed.
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9 September 2024 | 52 replies
When we stopped finding good deals about 5 or 6 years ago, we just started throwing every penny into paying down the principal across our fleet (paying off higher interest rates first, obviously).Looking back, we probably should have invested that money in the stock market because our interest payments were about 4 or 5%, and we could have doubled that with fairly safe stocks, but that's water under the bridge I guess.
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5 September 2024 | 11 replies
I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).
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4 September 2024 | 6 replies
Smith, RA - Principal Architect at Architect Owl PLLC (Licensed in NY & CT)