All Forum Posts by: Bo S.

Yay! My offer was accepted on a condo in Seattle. Now comes the not so fun part of dealing with the loan, closing costs, and being in debt for most of my adult life. I'm doing 5% down conventional loan ($310k sales price) and so far my lender is telling me a 4.125 rate for both 30yr and 20yr fixed. We're doing a quick 3 week close and things are moving fast. Looking at all the fees and costs, I'm concerned if I should have shopped around for a lender. My total closing costs is ~9k and below is some of the breakdown. Please let me know your thoughts. Thanks in advance!

Section A.

Origination Charges $1,095.00

Section B. Services You Cannot Shop For

01 Appraisal Fee $750.00
02 Condo Questionnaire Fee $285.00
03 Credit Report Fee $14.00
04 Flood Certification $8.00
05 Tax Service Fee $92.00

Section C. Services You Can Shop For
01 Pre-Purchase Counseling Fee $75.00
02 Title - Closing/Settlement/Attorney Fee $814.74
03 Title - Courier fee $50.00
04 Title - Lender Title Insurance $1,959.78
05 Title - Mobile Notary Fee $125.00

Section E. Taxes and Other Government Fees
01 Recording Fees and Other Taxes $198.00

Section F. Prepaids 
01 Homeowner’s Insurance Premium (12 months) $240.00
02 Mortgage Insurance Premium ( months)
03 Prepaid Interest ($33.74 per day for 23 days @ 4.125%) $776.02

Looking for the best strategy on two mortgages in short time period. I'm helping my parents purchase a home in Austin, the home would be in my name and would be my 1st home. Parents would make the monthly payments. But I currently live in Seattle and would also like to buy a home here. Planning on conventional loans with less than 20% down for both properties. 

What's the best way to go about this? How long would I have to wait between the two mortgages to qualify for the 2nd home in Seattle? 

Thanks in advance,

Bo

 I know it is solely dependent on your situation and needs, but is 10% along with other fees worth it?

Obviously, It is a lot of trust to place on a PM, especially being out of state. After reading and researching, the common theme is if you pre-screen thoroughly and have great tenants, you may never need a PM.

After looking through craigslist and rentometer for East Nashville, I'm inclined to place my non-updated 1500sf 4bd/2bh home in the 1395-1600/month range.

Thoughts?

Thanks

 Hi Gerald,

Did Village charge the standard 10% plus half months rent for leasing a new tenant?

Thanks for the tips everyone and Happy Thanksgiving!

What are the fair to average fees should I expect for leasing and full management in Nashville?

Does anyone have experience with the other Nashville PM companies like Village Real Estate, Apex, or Browning-Gordon?

Bo

Hi y'all

I recently moved to Seattle for a job in tech and would like to rent out my East Nashville home. Its a 4bd/2bh SFR and the Zillow rent estimate figure would put me in the positive cash flow (~10%) after NOI and expenses. I have zero to little property management experience, which is why I'm contemplating outsourcing it.

Can anyone recommend a good property manager in the greater Nashville area?

Thanks!

Bo