All Forum Posts by: Ravi P.

@David Hedges

The previous owners may have an exemption that your attorney may not have caught. If you were aware of this you could have negotiated it during the attorney review.

Also there is a good chance that you will only be required to pay the amount due with the exemptions applied, assuming the Seller qualified for them.

@Rehaan Khan

Call your local township or Village they can't evict/remove them but they may be able to assist providing information regarding any senior programs the individual can qualify for.

@Ethan Smith

Price is hard to say without more info.

As for Down payment hotels in general require a reasonable down payment. However if you get an SBA loan, you could put down as little 10% from what I remember, it may have changed to 15%. This would be your best bet, as there is not really an appetite to lend for non flagged motels. SBA guarantees a portion of the loan against default so the risk is reduced for the lender.

Has anyone noticed that unsecured credit seems to be getting easier to get. Not only is it easier, but the customer service agent and banks are even pushing for you to sign up?

I received a call from a bank branch where I hold a credit card with no balance on. He was pushing for me to get a unsecured line of credit . No questions asked. Just come in and he can get me $25,000 no questions, no documentation needed. Anything above $25k would require documentation. This also applies to HELOCs. $25K no questions asked and a 3.49%rate.

In addition, I called the CS of my of a credit card I have because I did not receive a statement. After he conformed I had no balance. He was trying so hard to convince me to apply for a new cc. So I did, primarily to build another credit line, and It never hurts to have credit available to use in case of an emergency. What I found odd is that I was accepted for a 5 digit credit limit. In the past I would be approved for a solid 4 digit limit and would have to request an increase a few months of use.

Is anyone else noticing this? Is this a telling sign or am I overthinking this? unsecured lines are pretty risky and for them just to give it away seems reckless.

@Justina Dunavan

The safest bet is to start your own PM on the side to get started. You need to make sure you would not be violating any conflict of interest clause or stealing clients from your existing employer.

I will assume that you are licensed, and even though you like doing all the support work. The hardest part would be to build a client base.

Currently, you make $40,000 and have no risk. If you start your own PM company you will need to more than that, maybe $60,000 in business to cover operating cost, insurance and rent. This does not include any other employees.

There is a reason why many Realtor decide not to PM on their own. It's just not worth it. Consider how many companies you have to manage just to break even. Unless your managing large complexes. It may be a while before you begin earning a decent wage.

@Sean Moore

If your broker is funding this through a commercial bank. The loan will be based on Prime +1 or +2. Prime is currently 5.5%.

I'd this is a Fannie or Freddie back loan on a non owner occupied property. You could get a better rate. Unless like someone else posted your broker is trying to make a nice spread. Also if this is a small balance loan there may be an adjustment/hit on the rate.

@Cayce Baierski

I use to manage a commercial building and we had mice that were getting I to the units and traveling between unit through the attic and plumbing.

Based on my experiance I would recommend sealing off holes or cracks that can be a point of entry on the exterior. On the exterior I would put a bait station or trap. The bait station would have a blood thinner that eventually kills them. In the interior I would put the peanut butter scented sticky traps. I would avoid the bait trap that allow the mice to eat it and then eventually die I doors. When the mice die they hide and seclude themselves, so they will rot and smell in an area that you will have a hard time finding them. If you use the sticky trap indoors they will get stuck and you can check it periodically to see if it needs to be replaced.

@Patricia Berman

You can call the local police station. Most calls are public records. You can also request an incident report, if one was written using the FOIA form. Charges may apply.

@Mike M.

Got it. I'll have to let them know I'll be filing for an extension. I have some K-1's that I never get sooner than Sept.

I'm trying to figure out what is going on and looking to see if anyone experienced this.

I took out a mortgage in 2014 against a rental condo. It was a 5 yr, 20 year amortization. It came due in Feb. I reached out to the bank a few weeks before maturity to see if they will be extending it, or if I need to refinance with another institution. They agreed that they will be extending.

Today I got the paper work and they are extending the maturity 3 months and not another 5 years. Not sure what is going on, I am wondering why they would do this? The 2 things that come to mind are they were waiting to see if the Fed would be raising rates or they are waiting on my 2018 tax returns (which I will be filing for and extension). As of yet, No new appraisal was ordered or mentioned. LTV would be around 40%

I will be reaching out to my banker tomorrow. I am scratching my head trying to figure out what they are trying to accomplish.

The Fed did not raise rates and it looks like they will not be for the rest of the year. Perhaps they are hoping that rates go down and they will be able to keep my rate the same in a market where rates are lower, increasing the value of the mortgage.

Has this happened to anyone?

Fyi the mortgage is only $60,000 @ 6% not anything crazy and worth shopping around for. I would then have to go through the entire lending process and reamortize my loan for 25 years, rate wouldn't be much lower and possibly higher considering it is a small balance loan and originated in 2014