All Forum Posts by: Alexie Franck

Thanks for the advice everyone. Last tenant is leaving the property this week. I will try to find a discounted broker. Idk if listing myself is the best move since Im an out of state investor. Any leads on a broker/agent, licensed in Nj? 

Long story short, current property has been a headache sure I have some fault in it but bottomline tenants stopped paying, zero cash flow and now looking to sell. I would like to at least have enough to pay off debt accumulated and some cash in hand for the headaches! If I hire a broker the fee will be 5-6%, wholesaler will give me 20% less than house is worth. I see it as the same deal. Is there a middle ground? Would a broker accept less than the 6% or buyer take up some of the cost?  The house has built a bit of equity since purchasing almost two yrs ago. Any advice will be appreciated! Thanks! 

Hi all, I signed a “rider to listing agreement” with a realtor to get my rental property rented. 2 newly renovated unit's. He put them on the mls with the crummiest of pictures and not even with the new landscaped backyard. Almost two weeks and no hits. Also, I will be paying his commission because I want these units rented asap. 
Bottomline, is there a way I can get out of this agreement without a penalty? How do I go about this? Im very frustrated. Thanks for any advice

Hi BP fam! I have a new rental property and the tenants have complained about packages potentially being stolen if theyre not home. I just installed keyless entry. Would it be wise for the UPS courier to have their own code to bring packages into the main entrance of the house (not inside the actual apts)? Are the Amazon workers vetted the same as UPS workers?  Any alternative strategies? 

Thanks!

 Thank you Dave! When you say decent...are people getting rates lower nowadays? And how? 

Quote from @Russell Brazil:

Quote from @Alexie Franck:

Hi All, I need another opinion/clarity about my closing costs. Home is a multifamily for $380k, conventional loan, bought 1 point and interest is 6.125. Initial closing cost estimate was $13.5k. Just received disclosure and it jumped up to o$17k. My closing costs are as much as my down payment. I thought it was to be up to 3% of home purchase price. Then the extras, ie: points. This is over. Please help. Thanks!

 The point is extra. Application fee is abnormal to have, and obviously high. Credit report fee high, should be more like $25-30. Section C a little high, but not outrageous. 

Section F is just funding your escrow. Amount set by law there. Can be forgone if you have a high enough down payment, then you pay your own taxes and insurance. 

Section H line 1, no idea what that is. Line 2 Survey...is that needed in this instance? Surveys are optional in most cases now. 

 Straight to the point! And I've gone back to ask. Thank you! 

 You're awesome for this, thanks! Thanks for confirming thhat my LO is the bees knees! The H2MISC @1400 and the prepaids had me reeling. Closing is in a few few days and hoping everything will be itemized correctly. I've gone back asking about removing the survey cost and the MISC (which Im thinking may be the lawyer fee but that's less than quoted) my lender questioned it too. 

Thank you for this! The fees are higher than the first quoted fee. I will need to ask them to adjust. I'm feeling more confident in understanding these costs and tweeking here and there wouldnt make a huge dent in the costs it seems. 

Bill, you are the first person who I've asked to put it in lament terms. Thank you! Your explanation helped. 

Hi All, I need another opinion/clarity about my closing costs. Home is a multifamily for $380k, conventional loan, bought 1 point and interest is 6.125. Initial closing cost estimate was $13.5k. Just received disclosure and it jumped up to o$17k. My closing costs are as much as my down payment. I thought it was to be up to 3% of home purchase price. Then the extras, ie: points. This is over. Please help. Thanks!