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4 July 2024 | 3 replies
At any time during the 48 month lease the property can be purchased.
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2 July 2024 | 5 replies
They are very professional and take great care of their clients.
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5 July 2024 | 3 replies
This criteria is for 1-4 and 5-8 unit programs.I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).
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2 July 2024 | 3 replies
In our opinion, an investor should only work with agents that meet at least one of the following:1) Own rentals themselves for at least 3 years, at least one of them they bought below market.2) Have a 3-5 year track record of rental transactions, that they can document.3) Know how to calculate 1% Rule, ROI, NOI, etc. and demonstrate how to actually apply them to assist an investor client.4) Have access to tired investors selling their rentals.5) (what can you add here?)
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4 July 2024 | 10 replies
Terms negotiable.Why Shaker Heights Short answer: Purchased under 70% ARV-Reno, Duplex (two rents), desirable clean neighborhood, decent schools.
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2 July 2024 | 11 replies
Hi, I always tell my clients to do your own homework.
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1 July 2024 | 13 replies
I'm not a lawyer but I'm familiar with large-scale real estate investors purchasing properties in the state of New York using a Delaware LLC.
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2 July 2024 | 20 replies
You can easily locate a decent lot and include that into the primary manufactured home purchase.
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6 July 2024 | 8 replies
Starting with a cash purchase, renovate and refinance to potentially recover invested capital (as much as possible).I'm optimistic about this approach and eager to see how it unfolds!"
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6 July 2024 | 25 replies
Many investors make the mistake of assuming that a shorter PMA is better:( There's a reason purchase contracts have type so small you can barely read them, yet are 4-6+ pages.Reality is:1) Only if it's properly in writing, do they have to do it.2) If it's not in writing that they can't do it - they will and charge you for it.