All Forum Posts by: Evan Franco

I am very new to being a landlord (less than a year) and my tenant just informed me they will not be able to pay the full rent on the 1st of next month.  They said they'd be able to pay only ~1/4 of the amount ($2,000/mo) on the 1st and they are looking to get assistance via friends/family as well as the state's Rental Assistance Program.  I have worked with the Rental Assistance program before when the tenant first moved in and when I reached out to the contacts there, they mentioned it would take minimum 2 weeks to get any sort of checks issued.

I have been reading a bit on several different websites/forums that have information specific to my state (MA) and they basically all said to issue a notice to quit (either 14 or 30 day) on the 2nd of the month.  I am unsure if this is necessary but would like to hear opinions of more experienced landlords.

Any advice for a new landlord in this semi-tricky situation would be greatly appreciated!

Yeah I do send the info to a lender to get accurate monthly payment estimations but I was looking for a way for it to be automatically generated in the rental property calculator like the conventional loan payments are now so I could analyze properties quick and easy that way.  I find currently it only supports conventional loan estimations which is unfortunate.

Again, someone please let me know if I am missing a piece of functionality here.

Yeah so generally (at least where I am in the country and I am not sure if it changes depending on state, city, etc) there is a 1.05% PMI rate that I am unable to add and maybe that is due to my inexperience with the new layout of th calculator. There is also an additional 1.75% of purchase price upfront cost on top of the closing costs and that is specific to FHA. I may have gotten those numbers mixed up but to my knowledge they are potentially nation-wide standards for FHA loans so I would think it would be relatively easy to add them to the calculator. Again, maybe I am missing a functionality

Hello All,

I am enjoying some of the new features of the new Rental Property calculator tool but I find it kind of limiting with the strategies I'd like to pursue. Is there a way to have the calculator estimate what a monthly payment would be for FHA loans instead of only conventional? Currently, I have to use other online FHA calculators just to get the monthly PITI for FHA loans and then manually add the difference to the calculator's numbers. It's a bit of a pain.

If not, is it possible for me to access the old calculator tool in the meantime?

Thanks,

Evan