All Forum Posts by: Gabriel L.

Thank you all for your responses and advice given. It is much appreciated and will be looking into an experienced CPA versed into what I am looking to do.

1 Vote

Newark, New Jersey

I finished closing on a 2 family house in Newark, NJ on Dec. 08, 2022. First payment isn't due until Feb 1st, 2023.

What is my best strategy for doing my taxes now that I own a property? Should I consider a CPA or is it not worth it since the house was bought just recently in December. Thank you.

1 Vote

Newark, New Jersey

Quote from @Caroline Gerardo:

Funds don't go to the lender, they just are not taken from seller proceeds. Get your agent's broker involved, agent should have seen this a thousand times.

Things seller can pay: 2 years hazard insurance, 2 years warranty, inspections, interest buy down points or origination, processing fees, and appraisal. Your attorney or escrow depending on the state can adjust the costs. Lender has to okay what is paid before you close. Ask loan officer which one the Underwriter is easiest to okay, get the settlement statement adjusted, do an addendum if needed specific to paying x y z, get broker on conference call with loan officer, bypass agent and skip this agent next time.

Loan officer should have plenty time on their hands to help and take your calls or jump up to their manager.

My lawyer is just going to up his fees and write me a check for it after closing.

0 Votes

Newark, New Jersey

Quote from @Russell Brazil:

Quote from @Dominick Johnson:

Quote from @Gabriel L.:

Quote from @Dominick Johnson:

You get a check for the difference at closing.

That's what I was hoping for but apparently that's not the case. The difference is just lost, is what my lender tells me.

The money is definitely not lost, it’s going somewhere. Ask your lender to explain. Maybe you elected for it to go towards the purchase, and your loan is $1k less.

If it is not used, then it goes to the lender and disappears for the buyer.

Is there an HOA? You can prepay HOA fees. You can purchase a home warranty as well.

Wouldn't be surprised if the lender keeps it. No HOA. Asked my agent and he's not knowledgeable on this part of the transaction.

0 Votes

Newark, New Jersey

Quote from @Dominick Johnson:

You get a check for the difference at closing.

That's what I was hoping for but apparently that's not the case. The difference is just lost, is what my lender tells me.

0 Votes

Newark, New Jersey

Hey all,

Seller agreed on $15k for seller concessions, but my closing costs are $14k, losing out on a little less than a thousand dollars. Still money that can be used for repairs.

What can I do if my seller credit exceeds my closing costs & prepaids?

0 Votes

Newark, New Jersey

Quote from @Eric Mcginn:

it’s up to you!

if you want them gone than get it going and start the process.
otherwise, have them sign the new lease!

If they are paying tenants than I don’t see the harm in keeping them.

Quote from @Gabriel L.:

Quote from @Nate Sanow:

The lease is attached to the property.
whatever the terms were. Are now your terms.

I agree I probably would require the tenants gone as a condition of purchase but you are likely past your inspection period.

If that is the case. I would say, make sure you have a well defined plan to get them out after acquisition

So yeah I got inspection done a while ago, came back mostly in good condition. Got 15k sellers confession and appraisal came back actually better than we anticipated.

That's where I'm confused. Because the leases they currently have with the seller are month to month. So since they were given notice to vacate by Feb. 1st, am I still supposed to give them another month to month lease beginning of January?

I want the basement tenant gone. Which is why I had the seller give them the notice to quit. I have an owner occupied loan, and was looking to have the basement for myself and rent out the other 2 units.

All I really want to know is since they have already been served "NOTICE TO QUIT" by Feb 1st, do I still get them to sign another month to month lease until they have to leave?

0 Votes

Newark, New Jersey

Quote from @Nate Sanow:

The lease is attached to the property.
whatever the terms were. Are now your terms.

I agree I probably would require the tenants gone as a condition of purchase but you are likely past your inspection period.

If that is the case. I would say, make sure you have a well defined plan to get them out after acquisition

So yeah I got inspection done a while ago, came back mostly in good condition. Got 15k sellers confession and appraisal came back actually better than we anticipated.

1 Vote

Newark, New Jersey

I'm supposed to be closing by next Friday, don't think it's possible to delay a closing, or is it? They're rent paying tenants.

0 Votes

Newark, New Jersey

Hello all,

Need some assistance here. I'm close to closing on what is going to be an owner occupied 2 family property with a basement.

the 1st floor unit is vacant, the 2nd floor and basement have tenants which are mont to month and were given 60 day notice to quit by the seller in the ending of November.

My question is, am I still supposed to give them updated month to month lease since they were given notice to quit or what should I do?

0 Votes

Newark, New Jersey

All Forum Posts by: Gabriel L.

Gabriel L. has started 7 posts and replied 26 times.

Post: Suggested tax strategy for just bought property

Post: Suggested tax strategy for just bought property

Post: My Seller Credit Exceeds My Closing Costs & Prepaids

Post: My Seller Credit Exceeds My Closing Costs & Prepaids

Post: My Seller Credit Exceeds My Closing Costs & Prepaids

Post: My Seller Credit Exceeds My Closing Costs & Prepaids

Post: Notice to quit given by seller

Post: Notice to quit given by seller

Post: Notice to quit given by seller

Post: Notice to quit given by seller