Hey everyone! I recently purchased my first property which happened to be a commercial property that has, among other things, a 2 bay automotive repair shop/inspection station. The current tenant has been there for ma...

Look in the Judgment section and you can see what judgment is awarded for Legal Fees.

I was able to secure an introductory HELOC rate of 2.99% for the first 12 months in Jan 2023. 

I double check our listing and see that we do say pet friendly for 2 dogs, but I didn't list the pet fee in the description.

A lot of areas are cracking down on STR and/or charging fees (taxes) to run one.

Research comparable properties in the area to gauge pricing, rental rates, vacancy rates, and demand.Property Insurance: Obtain quotes for property insurance to understand the potential costs and coverage options.Survey: Consider getting a property survey to confirm boundaries, easements, and encroachments.Due Diligence Contingencies: Include due diligence contingencies in your purchase agreement to allow time for inspections, assessments, and resolution of any issues uncovered during the process.Risk Assessment: Identify and assess potential risks associated with the property, such as market volatility, tenant turnover, maintenance costs, or regulatory changes.Exit Strategy: Develop a contingency plan or exit strategy in case the investment doesn't meet your expectations or unforeseen circumstances arise.By thoroughly conducting due diligence, you can minimize risks and make an informed decision about purchasing the property.

I personally want to use this strategy to lock in a lower interest rate on a rental property (being 20 years old with a small amount of credit history). 

There is very strong appreciation over the last few years even with the high interest rates. 

Appreciation - Will Multi Fam appreciate at a similar rate to SFH in your area?

And my guru fee was just feeling proud of helping a nice BP member with a deal. !!