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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 February 2025 | 22 replies
Debt service is way up, revenue is generally down, down payments are way up, financing terms and costs are much worse.The time of fast scaling has passed, unless you're very creative.
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11 January 2025 | 31 replies
are there services in NY that provide this info..
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17 January 2025 | 12 replies
Some of the materials we choose and asked him to pick up (such as flooring) he replaced with low quality materials, I assume to keep more of our money for himself.
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12 January 2025 | 2 replies
Since you are not doing super high end finishes as mentioned, doing high end flooring and all other stuff just above builder grade does not warrant tile or full wood flooring.
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29 January 2025 | 24 replies
Choose the one that offers the best deal and service, and you'll be set to move forward with the process.
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13 February 2025 | 35 replies
I am a long-term investor, but I also provide services to long-term investors, so my advice is biased toward that option.
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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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23 January 2025 | 3 replies
(We're from California as well) Everything has been extremely smooth so far and their staff has been excellent with their customer service.