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4 June 2015 | 7 replies
Private/Hard Money Lenders may also make very Short Term Loans in the following situations: where an investor is Closing on a property and then Reselling, or where the property is Under Contract to sell and a “Simultaneous Closing” or “Assignment of Contract” is not feasible.These loans are generally made to experienced borrowers who have an established relationship with the lender.
15 June 2015 | 1 reply
I'm curious to see if anyone has any experience shopping for primary mortgages AND investment mortgages simultaneously?
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21 June 2015 | 2 replies
The monies should be simultaneous with the lease signing.
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25 June 2015 | 9 replies
Now, on a land deal, the seller is much much more likely to give you a larger window of time to line up a buyer so you can do your assignment or simultaneous closing.
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30 June 2015 | 1 reply
(footnote: they don't believe in email. so it wasn't an option.)THE SOLUTION:After spending the evening thinking it over, I figured I could offer a less "daunting" offer by presenting an "Option to Purchase" contract instead of a blatant "Purchase and Sale agreement with assignment clause", which would leave them locked in with me for 30 days.The difference in these two contracts (from my understanding), is that an "Option to purchase" contract would allow the seller to still sell the property to whomever they wanted, while I would also simultaneously be able to market the home at 0 cost to them for 30 days.If a buyer approached them with an offer that was higher than the one in my option contract, they would give me the opportunity to "match the offer", or I could simply walk away from the deal and they could go with the higher price.THE FAIL: As I was fighting traffic demons to get to their property by 3PM, I gave them a call to let the seller know I'll be there soon.
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13 October 2021 | 7 replies
Hello Friends,
I'm currently in the processes of evicting a tenant for non-payment of last months rent. I'm concerned that this might slow my investment goals down. I can show my loan officer that I have a lease for...
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13 October 2021 | 8 replies
As the other commentators have mentioned, you and your lender are going to need ample time to simultaneously review each transaction carefully.
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25 October 2021 | 13 replies
I have been doing that for 9 years now simultaneously while running the second B&B which I sold a year ago.
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14 September 2022 | 19 replies
Here are the numbers:Annual total gross rent received: $800,000Annual cost of property management (10%): -$80,000First month's rent goes to property manager as finder fee: -$66,666 / 2 year lease = -$33,333Total cost of property manager: -$113,333Current annual profit; $200,000Net profit after paying property manager: $86,667I like the idea of selling some properties to 1031 exchange to a larger self-managed property like an apartment complex but I don't know how feasible it is to try and sell enough properties simultaneously to time it correctly for a 1031 exchange.
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23 October 2021 | 3 replies
I was bidding on them at auction simultaneously and ended up winning both.