All Forum Posts by: Ann Tavsanli

I bought a multifamily building and have run into a capital expense that was not on my radar and it was not on the inspection report. I had planned for things like the roof and painting, etc 

Apparently the electrical system on this property is under powered. Each unit has a 30 amp system which is not enough to handle AC units, appliances and today's resident usage. During the summer we are frequently dealing with popped circuit breakers and outlets going out, which is the result of an overdrawn system.

An electrician was called out and he wants to demo and install a completely new electrical system (2) new 20 amp gfi circuits in the kitchens, and (1) new 20 amp. gfi circuit in the bathrooms, of each unit and gave a proposal.

Have any of you had a similar experience. Did you install a new electrical system or do you know of another way to resolve this kind of problem? Looking for advice as this is very expensive. 

@Nick Belsky.

Thanks. I have used Bankrate but this is Interest Calculation Method: 365/360 basis and they don't have it. I have tried other calculators but they all seem to be off from what the bank is calculating.

Hello,

I just got a mortgage and am trying to generate an amortization schedule but have been unable to match the banks first payment information. Does anyone know of a good program or have an excel sheet that will match. I get close but it bugs me that I can't get it to match. This is what info I have from the promissory note:

Principal: $750,000

Beg Date: 09/14/2021

Interest Calculation Method: 365/360 basis

Interest rate: 3.650%

Final Payment due on September 14, 2051

When I plug info into the online amortization schedule, the payment comes out to be $3,453.28, $2,2281.25 (interest), and  $1,172.03(principal)

However the email I have from the bank has the information below:
Summary of Account
Current Balance: $750,000.00
Interest Rate: 3.6500%
YTD Interest Paid: 0
Maturity Date: 9/14/51
Payment Information
Current Principal Due: $1,627.26
Current Interest Due: $1,825.00
TOTAL DUE: $3,452.26
Payment Due Date: 10/14/21


Thanks,