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3 March 2024 | 9 replies
This is how bank originated debt works in the apartment scenario you describe: The lender collects their origination fees and debt service payments are then collected priorty every month until the loan is paid off.
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4 March 2024 | 6 replies
This is something you will encounter if you sell your current property; that you will get some of that equity back but there is a lot of money that will be lost in closing costs, taxes, agent fees and the like.
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4 March 2024 | 4 replies
.- open a business checking under the LLC- open a savings to hold the deposits- open a CC under the LLC (Amex blue business 2% cashback on all purchases up to 50k, then 1% cashback on the rest, Very unlikely I'll be spending over 50k a year on just the one property)After further research it looks like everbank actually does offer 5.1% HYSA and business checking accounts with no monthly fees.
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4 March 2024 | 8 replies
@Jake Baker right, if you have clean accurate books this is it, but may also lower you CPA fees.
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4 March 2024 | 8 replies
Hey @Mario Richardson, To help you in your search: be sure to find an accountant who is willing to grow with you, and is not too high priced fee-wise.
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4 March 2024 | 10 replies
If you find a great local manager, you can keep the money above the management fee.
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4 March 2024 | 0 replies
Purchase price: $19,000 Cash invested: $42,000 Sale price: $120,000 This property was originally a SFH with a detached garage.
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5 March 2024 | 11 replies
Also there is a management fee to pay for all of the above.
5 March 2024 | 7 replies
If the assignee doesn't close, the original buyer is still on the hook.
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4 March 2024 | 8 replies
It’s called the 10k club where he’s willing to buy the deals you find and pay a 10k assignment fee per contract/deal.