All Forum Posts by: Gary Headrick

Vote with both of the other fellows. Not only are rehab costs more than you think, but we also tend to think the ARV is higher than what the market will pay.

I'm sure there are several opinions on this one. I use an S Corp which has worked well for me.

You will owe 1% of the original mortgage value to the HOA. Not familiar with "recreational lease"

Does anyone have experience with NV Capital? Think they splintered off from Capella but only my guess.

I use Spark Business from Capital One. 1.5% cash back, no international fees and they have gone to bat for me on erroneous charges (1K from Avis in Ireland alone).

I don't deal in seconds simply because I don't keep enough idle cash to take out the first if need be. Just the way I do it and sure others have a different opinion.

Not Disney but I had one in Winter Park near UCF. The biggest problem was finding a good property Manager (stay away from Central Property). Other than that, run the numbers. HOA of 300-600 is a nut. Insurance is expensive in Fl. and higher for companies if you operate as an LLC or S Corp like me. Taxes are fairly high too for what you are paying for so the combination says your monthly operating costs are high.

A lot of us private lenders have found a sweet spot at the $50K level. Usually done at a straight LTV of 65% or better. I suspect a local real estate group can suggest someone for you.

Looks like they sold to another business.

Not an attorney and you may want to consult one. I have a similar situation with a note in Florida. A good note will have an acceleration clause and, in my case it accelerates to the max. possible interest rate allowed which is 18% in Fl. I have also sent them (via registered mail) a demand for payment letter giving them time to cure the deficiency. Frankly, I gave them a lot of time because the 18% is good for a while and the LTV is good. So I will have space to payout and recoup foreclosure costs.

Other than the frustration, you may want to let a ride for a bit knowing you will get the late fees when the note is due.