Posted by steph in tex on December 28, 2000 at 18:14:10:
And one of the hardest things in the biz is developing tough skin. Sometimes it’s not our nature…
but it does have it’s place.
Don’t be discouraged. We all know who the good guys are and which ones are the **s.
Keep your chin up.
steph in tex
7-plex - questioning rude responses - Posted by Dawn
Posted by Dawn on December 28, 2000 at 10:04:14:
Hello everyone,
I’m new to this board. I want to thank those of you who took the time to answer my post. I have, however, received a response that was downright rude. For what reason does someone feel the need to put down someone who is asking a question?
Dusty, I was not trying to teach anyone anything by suggesting that I close at the beginning of the month. For your information, I have never even read Carlton Sheets’ books. My reason for posting was to see if I was overlooking something as a semi-newbie that an experienced investor would know. And that’s what happened! A gentleman responded that even though I would be collecting the rents, I would still be paying for a month of interest upfront, therefore not really gaining.
Perhaps the old adage, “If you don’t have something nice to say, don’t say anything,” should be implemented on this discussion board. Then again Dusty sent his response directly to me, so it should be expected when sending personal responses as well.
Dawn
Re: 7-plex - questioning rude responses - Posted by JPiper
Posted by JPiper on December 28, 2000 at 14:41:19:
Dawn:
Without the benefit of seeing the response you received I would say that it’s possible you received poor information.
Interest is ALWAYS charged in arrears. When you close on the 2nd of the month, I could see a lender handling this one of two ways. One way is that they might charge you prepaid interest for the period from the 2nd to the 30th of the month. HOWEVER if they did this, you NEXT payment would not be made UNTIL the first of the following month. In other words, if you were charged prepaid interest at closing on the 2nd of January, your NEXT payment would not be until March 1…because the March interest would cover the month of February. The point is that where you would gain by this would be in February, rather than at your closing.
However, the lender might also handle a closing on the 2nd by not charging any prepaid interest, with your first payment due on the first of February (if we’re talking about a Jan 2 closing). This payment due on the first of February would not be for a full month of interest.
I have seen lenders handle this either way. Just ask them how they intend to handle it. To avoid this situation you could close on the first of the month rather than the second. But either way, you will benefit either in the first month or the second because rent is charged in advance, interest charged in arrears.
JPiper
Don’t Let It Get To You - Posted by phil fernandez
Posted by phil fernandez on December 28, 2000 at 10:10:19:
Dawn,
The benefits of this board far far outweigh the few rude responses that you receive. And Jeanne does an extremely excellent job in deleting those types of responses. Don’t get discouraged as often the rude responses are from children.
Stay focused on learning all you can from this board. I’ve been coming here for 4 years and learn something new every day.