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16 April 2021 | 10 replies
I ask this because I have several Business expenses that are not directly tied to any one property or tools/assets that are used for numerous properties (i.e. table saw, Utility Trailer, Simplisafe Unit, etc).
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10 April 2020 | 6 replies
All the government and fed is doing is trying to throw quick band aids everywhere but every "band aid" they put on causes numerous other problems because things are being done so quickly without thinking through all the ramifications.
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13 April 2020 | 10 replies
@Steve Burt -If an MLO was involved, as @Chris Seveney mentioned there will be a loan origination application and supporting paperwork to review.
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9 April 2020 | 4 replies
Personally I NEVER touch my cashflow and it has saved me numerous times when the tenant has moved out or when someone left their lease early.
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15 May 2020 | 30 replies
I’m going to go do that, and without guidance and support, they get into bad deals, just to do a deal, and it sets them back weeks, months, or even years(yes I’m talking to you @JD Martin).
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11 April 2020 | 6 replies
I’m an adventurer, a little unconventional, and I’d like to live a bunch of different places throughout my life, so setting up systems and processes to support virtual work is super appealing to me.
13 April 2020 | 1 reply
Hi Jonas,Sorry to hear that, please send a screenshot of the error to support@biggerpockets.com so we can check.
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13 April 2020 | 39 replies
What you just described supports my idea of hopefully working with property managers as an intermediary between me and any out of state investors.
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12 April 2020 | 8 replies
Depends on the State Regulations. 6.Seller SecondsThis is a mortgage issued by the seller to the buyer that is placed in a subordinate or second position to an existing first mortgage from a conventional lender; seller second can be a great incentive to buyers; can help them purchase by putting down less cash-leveraging their assets; second mortgages typically carry a higher interest rate than first mortgages, an advantage for the seller over other investment options; a seller second can open new opportunities for buyers in markets where conventional lenders are tightening their loan to value guidelines and buyers need a way to close the resulting financing gap; lenders who want to limit their exposure may agree to a "Combined Loan to Value" guideline that supports a seller second; seller seconds may help buyers reduce their conventional loan needs below the PMI (private mortgage insurance) level, saving significant dollars per month; seller seconds can also help in larger purchases, reducing the amount buyers would need to borrow conventionally, bringing their remaining loan requirement within reduced rate "jumbo" loan territory; some conventional loans prohibit secondary financing; second loans not disclosed to conventional lenders are illegal.sellers granting a second loan must file a lien on the property. 7.Lease with Option and Lease PurchaseA lease with option to purchase is an agreement that the leasing party can buy (or not buy) the property at lease end for an agreed price; a lease purchase agreement, the leasing party commits to purchasing the property immediately at lease end; the owner agrees to apply a portion of the monthly rent payment toward either the buyer's down payment or closing costs at time of purchase.
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11 April 2020 | 6 replies
You can really only go to a local bank or credit union if your income and DTI supports the loan requests as they calculate global borrower financials (I know this because this is what I do for a living).