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22 March 2024 | 8 replies
I'm considering going to the bank and being completely transparent to ask for an increase in the rehab loan, but they have a much more conservative ARV in their appraisal based on much lower projected rents ($1,400 avg vs the $2,000 avg we're actually getting on the finished units), so I'd have to convince them of the higher ARV.
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22 March 2024 | 5 replies
This will lead to buyers with less representation, and irresponsible offers without the guidance of a buyer agent I can see agreed-upon prices exceeding the compatible sales and deals that have appraisal issues, and/or buyers who agree to terms they would not agree to if they had representation.Other buyers will shop for representation based on price.
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22 March 2024 | 9 replies
On a DSCR loan, everything is based on the cash flow on paper.
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21 March 2024 | 1 reply
They told me no tax returns and its financial statement based lending on commercial side, curious if they need to be done by CPA?
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21 March 2024 | 7 replies
Hi Amanda, DSCR loans are becoming a popular financing option for investors since there are no restrictions on the number of loans you can have, and you can qualify based on the rents covering the full mortgage payment, no personal DTI needed.
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21 March 2024 | 3 replies
The rate and terms you received on your loan are based on how the lender underwrote your occupancy.
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22 March 2024 | 7 replies
I also raised my prices to a base of 150 from a 120 and my minimum is now 120 a night.I cash flow a great amount but should I try and get more?
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20 March 2024 | 0 replies
Here are some steps to get started:Market Research: Identify areas with strong growth potential, low vacancy rates, and high rental demand.Financial Analysis: Evaluate the cost of construction, potential returns, and your financing options.Legal Considerations: Understand the zoning laws, building codes, and permits required for new construction in your chosen area.Sustainability: Consider incorporating green building practices to increase the property's appeal and long-term value.The Bottom LineWarren Buffett's investment in new construction underscores a broader trend in seeking alternative avenues for growth and diversification.
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21 March 2024 | 8 replies
Pricing - most bookkeepers I know are transitioning to flat rate pricing that includes software costs, based on the complication/volume of your business(es).