All Forum Posts by: Edison Reis

Hi Mike

Yes indeed. I also joined biggerpockets 5 months ago and it helped it to learn and avoid some basic (newbie) mistakes as we are new investors.

We are close to lock our first deal.

Welcome

Edison 

I am putting 20% down @Alice K. hence the Mortgage insurance isn't a must.

Adding it represents increasing the monthly payment by approx 10% which is a big expense that I can't back. (From 912 to 1000 per month) 

As mentioned by Roy ... My answer will be "no thank you" (well I will keep it for the first two months because is free for 60 days and is helping to get a better mortgage rate from the start) 

Thanks for your feedback 

Edison 

Thanks Joel !

I just a quote and I can get a 10 year 900 K life insurance for 100 dollars (same amount the back wants to charge me) which pays not only any outstanding mortgage balance but can leave a nice savings for me family.

Cheers

Thanks @Roy N. ! This feedback pretty much close the loop.

You guys rock ! 

As I become more experience I will pay it forward and help others too.

Cheers

Dear all. 

Yes, just to clarify it is a rental property that I am giving 20% down (290 K mortgage with translates into approx a 900 per month mortuary payment) hence the insurance is not a must.

What the bank is offering is  an additional 100 per month for as policy in case I die to pay out the mortgage balance.

This is my first round as an investor and I have a good full time job hence the intent (in case I get "promoted to time he land above" ) is to avoid a financial burden to my family. 

I believe would be better to invest that money in a separate life insurance which would cover the 290 K and possibly more. 

I am only contemplating the 100 dollars monthly insurance if I could write it off as part of the rental property expenses. (Because in a separate life insurance I won't be able to)

Thanks so much once again 

Edison

Dear all

I am close to secure my first property (Canada) and currently  discussing the mortgage details my banker. He  strongly reccomends (for logical reasons) a mortgage insurance.

1) What's your take about about it ?

2) Is the mortgage insurance tax deductible? 

Thanks in advance

Edison 

@Joel Sherlock Hi there

Yes I close to finalize a deal as we speak ! I hope it goes well

Excellent reply aa always Roy ! 

Thanks 

As far as performing our due diligence can we perform criminal checks or should we keep as far as credit checks ?

I believe is USA is legal to perform both but in Canada looks like is illegal to perform criminal checks on tenants.

Any suggestions to avoid issues with potential tenants from hell?

Thanks I'm advance 

Edison 

Way to go Melinda !

I am also a newbie and found BP and some other books I went through very beneficial. 

I am expecting to buy my first property within the next 30 days (lots of viewings and  number crunching so far) but I am close and getting excited.

All the best as always

Edison