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29 June 2024 | 12 replies
I started out flipping and then transitioned my business to wholesaling so I can easily close on any transaction if I have to.I don't like the bad reputation that wholesaling has because of people jumping into it with no idea or understanding of best practices, but hopefully, with regulations, we can clean out the bad ones.
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28 June 2024 | 12 replies
For example is there new construction, sidewalks, and other transit improvements happening.
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26 June 2024 | 2 replies
Option 1:Pros:Simplicity: You avoid the potential complications of alerting the lender.Maintains Low-Interest Rate: Since your loan is at 3%, you continue benefiting from this favorable rate.Avoids Immediate Full Payment: You won’t be forced to come up with $45k immediately.Cons:Risk of Detection: If the lender identifies the payments coming from an LLC, they might call the loan due.Potential Consequences: If the lender enforces the due on sale clause, you might be forced to pay the remaining loan balance quickly.Option 2:Pros:Transparency: Being upfront might build trust with the lender.Possible Flexibility: Given your solid payment history, the lender might agree to the arrangement.Legal Compliance: You avoid any potential issues with violating the terms of your mortgage agreement.Cons:Risk of Loan Acceleration: The lender could still decide to call the loan due, forcing you to pay the remaining balance.Potential for Higher Payments: If forced to refinance, you might end up with a higher interest rate.Given the pros and cons of each option, but a cautious approach might be best:Consult a Real Estate Attorney: This can give you a clear understanding of your legal standing and potential risks.Evaluate the Importance of the 3% Rate: Weigh the benefits of keeping your low-interest rate against the risks of potentially having to pay off the loan early.Consider a Gradual Transition: This method allows you to continue benefiting from the low-interest rate while reducing the risk of triggering the due on sale clause.
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26 June 2024 | 22 replies
I transitioned from single family after BP Con last year.
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27 June 2024 | 41 replies
They go out of their way not to assist in the transition to new management and simply hang up the phone each time they call.
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25 June 2024 | 11 replies
Hi Kaushik, I am a CPA based in Dallas and have transitioned into real estate.
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24 June 2024 | 9 replies
We've somewhat transitioned from a cashflow market to an appreciation market.
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24 June 2024 | 11 replies
There are many parts of Philly that have undergone incredible transitions.
23 June 2024 | 1 reply
Hello Bigger Pockets Community,I recently transitioned into specializing in multifamily real estate investments and have been immersed in learning about the complexities and nuances of this space.
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23 June 2024 | 6 replies
So I am not new to real estate, have purchased 9 properties oos, but I am looking to transition to BRRRR strategy.