Hey,  this is my first post, and after many hours of listening to podcasts, and reading these forums i am looking for some feedback on my plan.The details:Single Door Property Purchased 2019: 325,000Property appraised at 345,000 at time of purchase.Renovated property into 2 doors.Longterm renter in one unit, second unit we used for Airbnb2 Partners invested in propertyPrivate lender at $200,000, at a 2% interest rate but set to a low amortization period so monthly payments are $2100The remaining amount is out of pocket by the two investorsThe Issue:Currently the property does not cashflow due to the high loan repayment plan, and the inconsistency/expense of the airbnb rentals (and COVID of course). 

Local distressed real estate agent called me and introduced me to the property, the property was being sold out of bankruptcy, so there were some unique factors.

May I pay him a premium and repay the credit line balance? 

Some of them require repayment after the period so it would probably make more sense to pay out of your pocket now and secure employment of some sort, in the near future.

Hello, I was told by a friend to post on here to get some advice. Here is my current scenario. I am one year out of college living in Atlanta with four friends. Our rent is $4800 per month for a 5bed 2 Bath House in a...

This form is filed in order to "perfect" a creditor's security interest by giving public notice that there is a right to take possession of and sell certain assets for repayment of a specific debt with a certain priority.

If the house you live in is a conventional loan, you can still obtain an FHA loan but you will need to live in the new home for 1 year.I would recommend that you use a HELOC only if you can refinance the money back after repairs (forced appreciation) to repay the HELOC off.

I definitely would not trust it for something as unique as a mobile home on land.

A HELOC will work like a low interest credit card that you can use, repay, use and repay as much as you like.   

This isn't such a big deal since all rental properties and business equipment should be insured.5) Must keep 5 years of rolling records for 3 years after the final repayment of the loan.  6) SBA reserves the right to inspect the business financial statements and require an audit of the statements by a CPA at the borrowers expense.7) Provide the business's financial statements within 3 years after the close of the fiscal year.It sounds like a great deal of record keeping, but if I simply hold the money in a separate checking account as a backstop and ideally not spend any of the dough, I could pay the loan back in a lump sum this time next year when times would hopefully be better.