All Forum Posts by: Daniel H.

Sorry, 3-family non owner-occupied property. Have until May 17 to sign P&S. offer was accepted May 4. I am doing inspection on the 8th. Is this typically done before purchase and sale contract or after?

I have an accepted offer for a property being sold by an agent. She is the owner of the property. I requested financial documents, income/expense reports, etc. She says she doesn't have since she owns free and clear. No mortgage. Is this something that I should insist on? Even though no mortgage, there is still rental income and monthly expenses.

Wondering if other people do inspection and request financials in the time between accepted offer and signing the P&S? That is how I usually do it but I just checked a book and it says to do all of that in due dilligence period after p&s but before closing.

I agree but probably will go with 2 mo. notice. What do you do if they don't respond in one month? How do you deliver your notices?

What is the best way to raise rent on a tenant with a month to month rental agreement? I was thinking make sure I get current month's rent on the first, then deliver notice that rent will be raised one month from then if that is enough time. If they are not out by first of next month and don't pay the new rent, start eviction.

Should I get them to send back a signed new rental agreement?
Should I have a constable deliver the notice so that I have record they received it?
Any other tips?

Makes sense.. So on my personal mortgage on which my principal portion increases slightly EVERY month, how is that calculated differently?

You're right, that is strange..

Why do they calculate it this way based on the 360 day calendar?

"Computation of interest and fees- interest and all fees payable hereunder shallbe computed daily on the basis of a year containing 360 days and paid for the actual number of days for which due. Interest on the loan shall accrue on each day or part thereof that any principal is outstanding thereunder"

Is this standard? Is this why my principal portion does not increase each month?

It is a commercial loan, 6% interest, 5 years with 20 year amortization.

I am going to look at everything more closely.

Noticed that the principal portion of my mortgage payment went DOWN from Feb to Mar. Looked back over the last year and it kind of jumps around, not always continuously increasing. Called the bank, they said it was due to the days in the month. I believe they calculate 19th to 19th.

I checked my personal mortgage and the principal amount increases by a couple dollars every month like clockwork.

Does something seem funny about the first mortgage or do different banks calculate this differently?