All Forum Posts by: Trey Knight

Most water utilities in here in GA will cut the bill in half if you can show a plumber repair receipt. 

Buy the lot and clear it or build.  

Lawyer up

Podcast 357 talks about 203k and how difficult it is.  

Typically a bank will not extend credit to your business if it has only been open for 2 months. 1 year is typically their limit. If you sign on as a guarantor it is possible if you have amazing credit and income. If you already have credit lined up then go with the LLC.

Brandon Turner would.  In a trailer park typically you own the lot not the trailer.  Im sure the tenants wouldn't want to pay if their home was missing, but you wouldn't be losing your property to hurricanes.  

 We are currently living in it so no issues there.  

We have a property that is owner financed. We own the house, original owner owns the note. 3.5% on 15 yr no MIP. I would like to keep the existing loan and not refi. I've reached out to a couple of banks about doing a HELOC and they don't seem to think its possible on an Owner finance. Anyone have any experience here or can recommend a lender?

Principal and interest are paid together when you pay your monthly bill.  As your total debt or principal decreases, so does the interest.  Its very gradual. If you were to pay off the balance on your loan, the interest would stop.  The interest is only calculated on the balance.  Lets say you purchase a home for 100k and your total interest over 15 years was 30k.  You only pay that 30k if you pay the minimum payment for 15 years.  If you pay extra and payoff early, you will end up paying much less than the 30k.  

As long as it will still function without paying for servicing, I would keep it.   Give an option to remove at purchase.