All Forum Posts by: Maureen Campbell

I am definitely facing the same problem. I have looked at several properties recently, but 70% of the duplexes I have been to, I can either only see one unit or none at all. It seems to put you at a real negotiating disadvantage since you have to wait until you have made your initial offer to get a sense of the condition of the property. 

I know I can get out of the deal with inspection clauses, but it seems like a lot of hassel for the seller to accept my offer, take the property off the market, and then put it right back on if I find something I don't like that could have been avoided by letting me see the other unit.  

Thanks for all of the clarifications! 

@Charlie Fitzgerald Thanks for all your answers, this has definitely been helpful. Just to clarify your last comment, is there any significant advantage to being over 780? Once the Experian issue is resolved all of the scores should be in the 790-800 range. I just want to avoid any  mis-steps if I am on the verge of another break-line in the credit scores. 

@Charlie Fitzgerald Thanks for the tip. I didn't realize that I wouldn't be able to get conventional financing with an active dispute. If I cancel the dispute and go with my scores as is, do you think that the 754 score on Experian will impact the rates that I receive. Or is anything above 750 going to get me a good rate regardless?

Hello BP. I am actively looking to purchase my first property in the next few months. I started monitoring my scores closely to try and bring them up. In the process I found one inaccuracy that is only coming up on my Experian report which is lowering my score by 30+ points, although the Experian score is still above 750. I filed a dispute, but it can take up to 30 days to resolve. Meanwhile, my other scores are 795 for Equifax, 798 for TransUnion, and 783 for FICO. While I am obvisoulsy going to continue to pursue the dispute to fix my Experian, is it worth waiting a month until the dispute is resolved to shop for loans? Or would all of my other scores be high enough already that it won't impact the rate I would receive?

@Kurt Kwart Thanks. I am interested in a duplex with a long term renter in the bottom and summer rental in the top unit. I figured that way I have some stability of income during the winter months and I could potentially use the top unit in the shoulder season when it is not booked (although I am sure I will regret it when tax season comes around). I travel a lot, so I don't think I will be able to commit to being at the unit every weekend during the summer to do a turnover and manage any maintenance issues that come up during the week, which is why I am seeking a PM.

While I will be using a loan for the first purchase, I am hoping to do all cash for any others going forward. Have you looked into Lloyds of London or any of the other alternate flood insurance options that are starting to pop up?

https://www.thefloodinsuranceagency.com/

I am working with an agent now on this purchase, but would definitely be interested in a recommendation for next time. My current agent isn't as familiar with the market as I would prefer.

@Mike Zipf Thanks. Yes, higher elevation/raised homes is one of my major criterion for properties in the area and I have been looking at a lot of the flood insurance variables. It definitely eats away at cash flow.

I am considering purchasing a property in South Jersey for mixed vacation rental/personal use and was wondering if anyone has recommendations for property managers and/or cleaning services that serve the Brigantine area.

Thanks!

I was wondering if anyone has ballpark figures on how much it costs to tear down a property? I have seen several vacant lots going for substantially higher prices than similar sized lots with homes on them in some areas. Just curious what the costs would range (assuming no asbestos or other major environmental hazard)?

Welcome! I am a fellow newbie splitting my time between DC and Philly. I'll let you know if I find any Philly specific resources that are helpful.