All Forum Posts by: Account Closed

Ah great, thanks for pointing that out Barrett and Shawn. I see that I do indeed have "No Noise" and "Payment of Utilities" clauses under a section called "Tenants Responsibilities" which have similar wording. So it looks like I am already covered. Thanks!

An inherited tenant in one of my duplexes in PA had his electricity shut off by PECO for non-payment. Now he's using a generator for his electricity. He turns it on around 9 am and off at 10:30 pm. I can't imagine what a nuisance this is for the neighbors and other tenants in the house (let alone how stupidly expensive it is to run). It's been like this for a week already, but he anticipates having his power turned back on the beginning of this coming week.

For future reference, can I put a line item in the lease which prohibits a tenant from using a generator in non-emergency situations?

It is to be owner-occupied, so I don't think they consider that an investment property.

Yeah, perhaps it's a reality check for me. We'll see what happens! I may just have to suck it up use a private lender for the remainder.

Thanks @Joel Owens , yes it's going to be owner occupied, hence the higher LTV. Small local bank, portfolio loan. Still no PMI at 85% LTV though.

@Jon Holdman - Thanks for your response. I understand this. But I think it's a very unprofessional thing to do on their part. They basically said "Yes you qualify for XYZ", which is why I started investing all sorts of time and money into the deal. Then they said "No, you don't qualify XYZ". Had they told me from the start "No, you don't qualify for XYZ", I wouldn't have wasted my time and money in the deal.

I'm buying another duplex in PA. I was pre-approved for 5% down and $250,000 loan amount. The bank then said we could do 7.5% down in order to avoid mortgage insurance, which was great to hear. So I put it in an offer and it got accepted. So since the bank said we're good to go and our offer got accepted, I moved forward on the deal. I paid for inspections, an appraisal, and also put down $10,000 in deposits so far.

A couple weeks pass and the loan officer at the bank sent me a good faith estimate showing 15% down, instead of 7.5%, therefore requiring a larger down payment. I asked why this was, and they said it was just a clerical error. Ok, it happens.

I get a revised good faith estimate a few days later. Same 15% down. I ask why it STILL says 15% down. "It's just an estimate and nothing is set in stone; we'll get it figured out", they say. So I trust their word, and I don't worry.

We are now 2 weeks until closing, and underwriting won't budge. They want 15% down to make this deal work for them, or else no deal, even after I was already approved for 7.5%. And I don't have that extra 7.5% to put down. Luckily I'll be able to get my deposit monies back if the deal doesn't go through (since the AOS says 7.5% down), but not the ~$1300 I spent on the appraisal and inspections.

Somewhere down the line, I feel the loan officer and/or the underwriters at the bank made some sort of mistake. I know and understand fully that numbers from a good faith estimate can change, but only by a reasonable amount. Going from 92.5% LTV to 85% LTV is completely unreasonable.

Has anyone every been in a situation like this? Any recommendations? Do I have any recourse for getting that $1300 back if the deal doesn't go through? Sue the bank/loan officer?

Chris

P.S. I will be speaking with my lawyer about this to get his opinion, but I'd also like to see what opinions you all have.

Great info everyone, I really appreciate all the input and information :-)

Thanks for the insight Ron!

Hi everyone,

I'm pretty much a newbie when it comes to tenant screening. I have "book smarts" on the topic, but no "street smarts". In finding a new tenant for a unit in my duplex, I've come across a few questions. I follow the standard rule that a prospective tenant's gross income must equal 3 times the rent plus utilities. Now, say there are 3 applicants over 18. According to your standards, does each applicant have to earn 3x the monthly rent plus utilities? Or does the combined total of the 3 applicants have to be 3x the rent plus utilities?

Also, do you pick the first qualified applicant (is this PA state law?) or do you set a deadline, and review all applicants after that deadline and choose the best one?

Thanks!

I have a duplex and the basement is full of junk. I'd like to get organized down there by building some simple storage areas for the tenants (and one for me too :-) ). I think I've seen something like 2x3s and chicken wire or something before, so that seems to be the most simple and inexpensive, which is what I'm going for. Does anyone have any other ideas or suggestions? Any suggestions on size/area? I was thinking maybe 8x8, but perhaps that's too large?