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14 January 2025 | 7 replies
@Brice Alef-Torrisi putting each property in its own LLC is usually overkill.Getting a bank account for each LLC is typically something you need to do to avoid "piercing of the LLC corporate veil" (actually depends on tax selection you made for LLC), but is also overkill.You haven't indicated how you are holding the deed for the latest property.If in your name or same LLC, you don't need a separate bank account.If in separate LLC, you can create a Master LLC, have each property LLC hire the Master LLC to manage their affairs, and just get a bank account for Master LLC.This is an opinion, not advice, so lookup CPA Frank Alcini in Troy for expert advice.
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7 January 2025 | 4 replies
@Serge Hounkponou Recommend you first figure out the property Class you want to invest in.Property Class will typically dictate the Class of tenant you get, which greatly IMPACTS rental income stability and property maintenance/damage by tenants.If you apply Class A assumptions to a Class B or C purchase, your expectations won’t be met and it may be a financial disaster.If you buy/renovate a property in Class D area to Class A standards, what quality of tenant will you get?
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11 January 2025 | 13 replies
One thing I am curious of - typically many of the hard money lenders will charge a 1-3 year pre-payment penalty in these types of scenarios unless your client paid points to not have that pre-payment penalty.
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16 January 2025 | 11 replies
What % is typically required these days?
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30 December 2024 | 7 replies
It doesn't sound like that has happened here because you keep saying you want to transfer it etc...essentially you want to give them the property, because right now today they do not own it and have not completed AP...you're doing their job for them.
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14 January 2025 | 18 replies
Those typically seeking $30-$50k are for down payments or second position liens. 2.
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13 January 2025 | 8 replies
Each jurisdiction is different, but typically include a substantial deposit due same day up to full price deposited that day.
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11 January 2025 | 14 replies
Those horror stories are typically from amateur landlords that don't know how to screen tenants.
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14 January 2025 | 15 replies
No - absolute max for DSCR is 85% LTV and that is extremely rare and typically not workable in this rate environment anyways.Standard/common max is 80% (acquisition and rate-term refinances) and 75% Cash-Out Refis
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13 January 2025 | 5 replies
Unlike conventional loans that typically require a 12 month seasoning period, DSCR loans have no such requirement, making it much easier for investors to scale their portfolios.I’ve included an article below that outlines how DSCR loans can be utilized in BRRRR strategies.Also, I noticed you’re based in Florida, I’m in Tampa.