All Forum Posts by: Alex Get

@John Teachout, so far no other options that  i know of

secondly,yes, it has closing cost about 5k plus 2.00 points.

Thank for your opinion.

@Account Closed, even though i live in east coast,fortunately,  my primary house mortgage is US Bank,but I am afraid that I can qualify for conventional or commercial loan, here is my situation a year ago I purchased 3 houses with two conventional loan ,1 equity loan, and already 1 primary house mortgage.So at this point even though my rental income is more than enough to cover the new loan, unless I get loan with no income verification documents like personal loan  my income debt ratio wouldn't allow me for other loan option.

Thank you for your opinion.

Your answer might be, it depends on so many factors.Before you give me your opinion,  here are some details of the deal, I have few debt free rental houses that i want to cash out to purchase another rental house.in my lender search I found an investment lender (hard money),which doesn't require either W2,or income debt ratio. What their requirement is  just bank statement,  good credit,rental income,not less than a year purchase property.I also want to you know that my income debt ratio wouldn't qualify me any traditional lending. and also what other product they have is 6.75% for 30 years fixed rate.

so I have good rental flow of money to pay off with in 5 years and also want continue to cash out from other houses. I feel its a good deal but if you have a recent hard money lending experience,please share me your opinion out there?

 Question, When you said " my late fee is $30",are you charging a flat late fee regardless of the amount of the rent,meaning if you have houses that rented either $1k or  $2k? 

@Joe Splitrock & Jermell Shavers, in my lease I only have a flat late fee which is good but not best as your suggestion. I wish if I get this education before my lease agreement was given to them,still its not too late, I have several other properties  that I can modify in the renewal of the lease.


Thank you for your advice,

@Steve Vaughan, Lesson is coming,,I got a lot points that I need to consider to add to my lease agreement when the time come to revise it.

Thank you for your advise

@Angelo Mart,and all others who shared me your suggestions, I want to give you another tip,based on my screening I required them to pay 2 months security deposit and they did pay. which is if i need to file eviction I can do it at any time and  i am safe interns of money.

@Lorie Thomas, The  late fee charge is 5%,which is about $92,but I want to go with the lease agreement and no one like  the hassle neither.

@Agelo Mart, yes I did the screening.but some times you go with the best out of the beast.
@Brenda R Sullivan, soon or later, The road is towards to your suggestion.

Thank you all,your suggestions mean to me a lot

@Caleb Heimsoth , I guess, I wrote and post it around 4 am , i hope you will not whisper it to my tenant(ha,ha) Thank you for your eagle eyes.

Its an EDUCATION! 
all of you thank you for sharing me expertise, it helps a lot