All Forum Posts by: Steven Line

Hi All,

I need to add 2 small AC units to a house I'm trying to unload in Denver. It's a lending deal gone bad. My first quote was $12k which seems ridiculous. Can somebody recommend an HVAC company/guy that is reasonably priced? I'll only use him once, as I don't live in Denver and won't invest in Denver any more after this deal.

Thank you in advance,

Steve Line

Line Capital LLC (former Bikini Lending LLC)

I’ve heard it is good. I know somebody who has been twice. I’ll ask her for more info…

Just saw this post I made over a year ago. To follow up, I've been live with this property as a STR for over a year. It's been rented every single weekend since going live and I am a superhost based on reviews from this property. The answer to my original question is that a 4 bed 1.5 bath is just fine.

@Michael Baum there aren’t many str’s near this home, just one. My house is on a medium nice working class street surrounded by a not so nice working class town (Rossville GA)

I don’t want to spend the money to add a 3rd bath

@Lucas Carl thank you

Can you send me a link to that 0 bath STR? My wife loves glamping

@Michael Baum there is a half bath off the master bedroom and a full hall bath near the other 2 original bedrooms. There is a 4th bedroom that was added to the other end of the house. To get from that bedroom to the hall bath you have to go through the kitchen and down a hall.

Hi -

I'm evaluating whether to convert a long term rental to a short term rental (STR). One STR property manager with a lot of experince said a house with 4 beds 1.5 baths wouldn't work. She suggests I add a bathroom. I don't want to spend that money so my decision is go or no go with the 4 beds 1.5 baths? I haven't heard this advice anywhere else so would like some additional opinions.

Thank you,

Steve

Would you ever rent to a guy with no income, a > 700 credit score that is trying to start a woodworking business? He says he has plenty of savings but won’t trust me to say how much. The space is small — 750 sqft and in a rural area in tennessee. 2/3 of my tenant candidates want space to work on their hot rods / cars. Most of them are surprised that I want to do a background check at all.

If this was a residential rental I’d immediately reject him but I’m new to commercial.

Hi,

I'm a hard money lender. I previously lived near Denver and my deals were structured whereby I purchased each house outright and the flipper flipped it and got it sold and kept all the profit other than my interest rate. Now that I've moved to Tennessee I'm going to start using promissory notes and Deeds of Trust. I've used them before but not a ton so I wanted to ask: What custom clauses do you put in  your promissory note or deed of trust to make a safer loan than a standard promissory note, if any? 

For instance there may be a clause that the borrower cannot move into the house. Is there anything else you'd put in a note or deed to make the loan safer? 

Thank you,

Steve 

Hi - 

I'm a hard money lender. I've done about 60 deals and all went well instead for one back in 2013. On that deal I showed up for a draw inspection and they hadn't done much work. I had already forwarded the draw based on input from a partner. It's a long story about things that I did wrong and I learned a lot of lessons so lets avoid all that discussion and just focus on this specific question:

When you do a draw inspection and the borrower hasn't done the work they claimed or bought materials for the property from the initial draw, what are your options as a lender? 

If I refuse the draw and they don't have another money source to get back on track then the project stops and I'll never get my money out. 

Thoughts?

What have other lenders done when a borrower hasn't met the draw requirements?