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3 February 2025 | 37 replies
You will be providing other services if smart, things like great high speed wifi, cable isn't a bad idea as it's a good pacifier.
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28 January 2025 | 14 replies
Very good resource for getting set up with STR property managers, cleaning services, realtors, lenders, etc. https://www.getchalet.com/
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16 January 2025 | 7 replies
I was delighted with their service and be happy to do a introduction for you to my contact manager (I am not associated with the company nor do I receive a referral fee).No business cards but line of credit yes.Revolving LOC?
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22 January 2025 | 5 replies
No gas service but electric.
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29 January 2025 | 11 replies
Having a lease in place will help you as well - some lenders won't refi a vacant property.For your refi, you're usually looking at 75-80% max LTV with a debt service loan.
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23 January 2025 | 31 replies
However, the concept of a virtual office is a very useful tool that provides a professional fiscal and commercial address, as well as additional services such as mail handling, meeting rooms, and phone assistance.
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2 January 2025 | 29 replies
We know of a bunch of the servicers but curious of others have servicers they prefer.
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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.
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27 January 2025 | 18 replies
Under 100amp service - very difficult to insure.
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21 January 2025 | 1 reply
We don't allow any "deal-making" in the forums, which includes advertising your services or properties, looking for partners, etc.