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8 April 2019 | 2 replies
Just be prepared for loads and loads of paperworkSome things I remember that weren't bank specific were a projected pro-forma for the business, your resume and anyone else applying's resumes, bank statements, plenty of statements for your funding source for the down-payment, mortgage balances on property you own etc.I have one tip that worked in my favor purely by accident -- but a quick question and I can guide you and provide you the infromation - do you own your own residence or have any investment property?
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8 April 2019 | 12 replies
The rehabs I have done in the past were all do-it-yourself so the cost was much less but there is so much here, I won't be able to do it all.Even if they accepted a 30-40k offer, I would have alot of cash tied up in this and if the ARV does not come out, the refi may not work in my favor.
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7 April 2019 | 0 replies
Traditional bank financing, my wife worked at a bank at the time and was able to get favorable financing.
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9 April 2019 | 21 replies
You'd be doing him a favor.
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2 July 2020 | 11 replies
Unclear, why would you care about taxes from CapGains if it's funded out of a self-directed IRA.Also, remember that Depreciation Recapture (if you don't 1031 for tax deferral) is 25% on what you've taken when you close.Sometimes, doing cost segregation doesn't work in your favor, but I would consult with a tax professional if you're trying to figure out stuff.I appreciate the tribal lore on these forums, but I'm not a CPA and there are a few others that are not.
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9 April 2019 | 9 replies
Do yourself a favor and subcontract each thing you need by getting multiple quotes for each thing you need done or find a new contractor because that one is looking to make a killing.
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9 April 2019 | 7 replies
The time value of money will swing heavily in your favor if you don't lose focus, you're doing great.
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10 April 2019 | 23 replies
Mortgage the two you still have once your creditors report zero balances and you are looking at having 2.5 times your previous working capital as cash instead of loans for the next round of property acquisitions and more favorable rates than you're going to see under your current circumstance.
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9 April 2019 | 6 replies
The property must be owned in your name and not in a business entity (ie LLC).Portfolio loan: higher adjustable rate with less favorable terms (ie 5 or 10 years and includes a balloon payment).
9 April 2019 | 2 replies
Title companies there shy away from double closings and favor assignments instead.My suggestion is that you talk to some title companies and make sure you can do a double closing or assignment wholesaling transaction first with them and also how they require (timeline and regulations) for your earnest deposit.