All Forum Posts by: Chad C.

I have reviewed my mortgage and see the stipulation. Thanks for the help!

@Blake Garcia I can see why they would want it being that I’m still borrowing their money. But I have found another bank that is giving me much better deals so I don’t intend to use them in the future. But no sense in burning bridges because i never know when I might need them.

@Wayne Brooks they are commercial loans on single resident homes

@Frank Jiang It’s my loan officers secretary asking, and they are a pretty small bank.

A bank that I have 2 mortgages with from 17’ and 18’ has sent me an email requesting an updated personal financial statement and tax returns. I was a little surprised being unaware of my responsibilities to maintain that information with them. Is this the norm?

My tenant called to let me know that her husband, whom she has been separated from for about a month has been entering the home uninvited.

I told her that since he was on the lease that he has rights just like she does, and that I cannot change the locks because that is against the law.

I’m not sure if I should do anything at all really, it’s no benefit to me to get involved in the matter. But since they are on a month-to-month lease, I could just write a new one with her, and it would give me an opportunity to go up on the rent $50. Which I told her I was planning to do six months back, When I bought the place.

These civil matters can be tricky, and I don’t want to look like I’m favoring one tenant over the other. I know I have to make sure she can afford the rent alone, Is there any other things I should think about before proceeding? There is a chance that After I write a new lease agreement, they reconcile and both are on the property anyways.

I did mention to her that she could change the locks herself. Does anybody see an issue with that? I also might have to give a 30 day notice of lease termination?

@Steve Emling I don’t like cozy. It’s ledger system is hard to see with multiple tenants, and when they use their checking account it takes like 10 days to deposit. So if they pay late on the sixth maybe by the 16th you know if the check will bounce or not. The other thing I don’t like about it is that you have to be the IT person, you have to teach them how to use it, answer any questions when there’s a problem.

I prefer them going to the bank and deposit it into an account of mine.

Do some lenders let downpayment come from closing cost. Looking for creative low down financing. Looking at a low income housing at 45k, so DP will be around 8-9k. Could the 8k come from the seller during closing, i would offer 45 with 8k towards closing. I could even say it was for repairs. Or I could write a check, then just be reimbursed during closing.

Will lenders let me use closing cost for downpayment? Or I write a check for downpayment, and be reimbursed for it in closing, could say they were in the form of repairs. It would be pretty obvious what was going on. This is for a low income property, DP will be 8k

@Matthew Crawford How do you get to 44 units And not have some kind of software? I use Rentec direct