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All Forum Posts by: Chinmay J.

Chinmay J. has started 51 posts and replied 1181 times.

Post: Who paints their entire inside of their house the same color?

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,220
  • Votes 904
Originally posted by @Joe S.:

Who paints their entire inside of their house the same color?  We have been painting most of the inside of our houses two color coordination. I am considering doing a light cream of some kind for ceilings walls baseboards etc. The thought is once we mask it off we can make some serious headway with a paint sprayer. These are not flips these are properties we are going to keep in our rental for folio. Who all uses one color and what is the color you recommend?

Boring people who order Broccoli and Chicken when they go to Chinese restaurant. LOL 

Post: Publix service announcement:Grocery chain is coming to Louisville

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,220
  • Votes 904
Originally posted by @Kevin Hart:

@Rob Bergeron not a fan of the news. Its going to take away from the mystique of going to Publix while on vacation 

Funny you say that.. I had to stop by Publix on my recent trip to Fort Lauderdale. 

Post: Wife doesn't want to increase rents

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,220
  • Votes 904
Originally posted by @Zachary Jensen:

I'm just about to close on my first rental property (house-hacking a duplex in a small town outside of San Diego, CA).  The previous Landlord raised rents 3-5% every year on this property, so it is currently rented for market rent to some great tenants who have taken good care of the place.  My wife is a wonderful person and very generous.  As a result, she doesn't want to continue increasing the rents on a yearly basis.  I could really use some help making the case for the importance of yearly rent increases.  I understand that property taxes increase on a yearly basis and that any maintenance costs also go up on a yearly basis.  What are some of the other reasons for maintaining regular annual rent increases?

You definitely married a smarter woman. Always good to marry up !  That's why I am still single.. LMAO..

I don't raise rents either.. I have so far raised rents only once in last 5 yrs on 1 tenant who is Section 8 tenant. Most of the rent increase was absorbed by  the county. So essentially the tax payers footed the bill.. I footed the bill. 

Post: The end of the mom-and-pop investor?

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,220
  • Votes 904
Originally posted by @Paul Smythe:

The title is dramatic, but I do wonder if your typical mom-and-pop that's just starting out is going to be able to build a legitimate (cashflowing) rental portfolio in the current market with large institutional buyers snapping up everything in sight with cash at higher prices than ever.

The 1% rule is all but gone where I'm looking. The only real way to find deals is off-market leads, but there's a lot of competition there too, especially if you're not carrying out a massive marketing campaign.

$150k for a house is cheap but $1500/month in rent is on the expensive side (in my market).

I'm curious where we go from here. It's hard to compete with cash buyers with lower return requirements. If you've been in the game for a bit, I'm sure this is great because your portfolio is looking very healthy. Not so much if you're starting out.

Yes, the mom and pop investor is dead if you are expecting instant gratification, and going by 2% rule.. 

However, if you have time to wait, and patience, you should have a greater chance of doing well in the longer run - especially in a buy and hold business model. 

Post: Is my refi in trouble.. ?

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,220
  • Votes 904
Originally posted by @Jesse Rivera:

Awesome. Just make sure you check the final CD to make sure the fee didn't "accidentally" appear.

Thanks Jessee.. I definitely will. 

Quick Question though..  My closing is scheduled to be Wednesday (11/9), and I haven't still received the file closing disclosures (CD).  Per TRID rules I should have received them 3 days ago, right?  Now Monday was a holiday, so I should have really received them on Friday. 

Am I right, or am I m missing something?  Again this is a refi not a purchase, but from TRID perspective, I don't think it makes a difference.  In the past I remember receiving the disclosures correctly. 

Post: Is my refi in trouble.. ?

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,220
  • Votes 904

It seems that my issue was resolved yesterday shortly after I made the post. The lender extended the lock by a week and we are closing on 9/8 on both the properties. He did not say anything that I had to pay for the extension, and I didn't bring it up. 

Post: Is my refi in trouble.. ?

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,220
  • Votes 904
Originally posted by @Jesse Rivera:

Your lender should be able to extend the lock and keep your rate. If it was his fault, see if you can get him to pay for it. If your lender won't pay for it, it's up to you to decide if it's worth it to pay to extend, or start over. Cheers!

Yes, definitely was his slow response that resulted in the delays..My turnaround time for the documents was 24 hrs or less.. I am very diligent person when it comes to my finances and record keeping.

Thanks that insight helps. 

Post: Is my refi in trouble.. ?

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,220
  • Votes 904
Originally posted by @Timothy Hero:

This is why I'm in the commercial sector. Conventional is a drag and headache.

We, collectively as BP community, are very happy you have found your sweet spot, but that doesn't answer my question..  But thanks for chiming in.. Anything else we need to know? LOL.. 

Post: Is my refi in trouble.. ?

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,220
  • Votes 904

I have been on my lender's a$$ to close on refi for about a week now.. I have email from the admin lady (the lady who work's for the lender) that the lock expires on 9/2. Last night I got email saying that he is working on last condition w/ the underwriting department. Today is 9/1.  Is this too late already ? Does he need to lock again.. I got really good rate the first time around at 3% or 30 yrs fixed rate with very reasonable lender fees for investment property.  I couldn't have gotten lower rate, but I couldn't have gotten more slower service from this guy either..  The sh1t keeps dragging on and on and on.... 

Post: What's your non-real estate side hustle these days?

Chinmay J.Posted
  • Investor
  • Northern, VA
  • Posts 1,220
  • Votes 904

Stocks.  More lucrative than real estate at the moment..  No longer work as realtor. Ain't got patience for it no more..