All Forum Posts by: Upen Mody

@Jay Hinrichs great insights on the HML qualification...thanks for sharing your wisdom!

I do have a question about one of your comments "Single purpose commercial one should be careful on..." just curious to get your perspective on the reasons to be careful. Is it that you may end up owning the location and what an investor will do with it or there are other issues?

Thanks,

Hi -- I made a hard money loan that ballooned in 12 months.  We are 5 months past the 12 month mark and have  not signed any paperwork. The borrower has been making monthly payments on time. 

My lawyer is saying that the title insurance is not valid anymore and if there are any issues I'm not covered any more. Her perspective is the extension needs to be singed and title work needs to be redone. 

I get signing the extension paperwork but I don't understand what title work has to be redone. Why is the title policy not valid any more? The original title policy was not bought for 12 month period and why is it not valid anymore when the note balloons?

Would really appreciate insight from experienced investors.

Thanks,

Upen

Hi -- I'm evaluating a potential vacation rental in Lantana, Lake Worth area in Florida. Can you share any companies/individuals that will manage the vacation rental for the property? I personally don't have the expertise to do it.

Thanks,

Upendra

 Would I not need to assign a trustee?

Thanks for all the responses so far. I want make clear the question is not for any tax purposes, just minimizing the public exposure. 

Any recommendations on a financial institution where I can convert my first mortgage to HELOC?

Trying to compare costs of modular homes vs. stick homes in Florida....any insight?

Thanks,

Hi - I am looking to understand what would be construction costs/sq ft for a duplex in Jupiter, FL. anybody has insight from previous construction in Florida? Looking for a basic duplex, nothing fancy. I understand that there will be permitting and other county costs that will not be factored in these numbers.

Thanks,

@Kyle H. - Appreciate the insight...very helpful!!