All Forum Posts by: Gurjot Grewal

 @Joe Villeneuve thanks for the reply Joe. Iv read alot of your older replies on here they're always very insightful.

Would any of the following change your stance on this?
-3bed 1.5bath duplexs’ are not common in my market and bring in higher rents. The homes here are alot older early 1900s and usually not updated. 

-This one should have little to no maintenance since it was completely redone in 2021 with all new everything 

-Property manager confirmed its a good location as well. Not too many rentals listed online in this one area. Seems to be in demand. 

Is it a bad idea to take low cash flow for one year? Assuming I can raise that side once the lease is up? 

-duplex 228k purchase price rented at 950/side. 3b 1.5bath a side. Market rents 1250-1350. Leases set to expire feb 2023. 

-seller renews one lease while under contract a full year at 950

-First year cashflow goes from 5000-7000 range down to 1400-2600

-Lender needs more time to close, now seller wants me to put 1000 more EMD and make it non-refundable

This property has me stressed. I like it because all mechanicals, roof, interior was all redone from the studs in 2021. It should make a good long term hold. Not sure what to do. I'm thinking about countering saying that the other lease cannot be renewed, waiving my financing contingency but keeping my appraisal contingency. Would appreciate any insight thank you BP. 

@Caroline Gerardo I was pre-approved with the first lender. But they are now requiring a 35% down payment. The new lender is 25% down which is why I switched. Would this change your stance at all? 

I am also past my inspection period which may make it harder to get my emd back. Although I have financing and appraisal contingency as well.  

This is my first investment property. I switched lenders after going under contract and they require 40-45 days to close vs 30 days with previous lenders. I ask for an extension, seller says okay but put another 1000 emd and its non refundable. So all in 2000 on emd. But at this point I have no idea if im getting approved. 

Is this a bad idea for an inexperienced investor ? I do like the property it seems to fit my numbers. 

I reached out to 3 brokers for quotes. This is one that I recieved for a rental duplex that was completely renovated in 2021. 

-building/dwelling coverage 250k 

-other structures 25k

-loss of use 50k

-liability 300k

-wind/hail included

-building/dwelling replacement cost included 

-deductible 1000, 2500, or 5000 (changes cost)

cost for 5000 deductible is 121.17/month or 1454.04 annually 

-Is this any good, is there something I should be looking out for? 

-any add ons I should be getting? 

-Is this enough coverage? 

In the process of closing on a duplex in Columbus Ohio. I'm looking to work with a broker who can shop around for the best quotes. Would appreciate any referrals thanks!

In the process of closing on a duplex in Columbus Ohio. I'm looking to work with a broker who can shop around for the best quotes. Would appreciate any referrals thanks!

Would defaulting/not making payments be the only scenario where it would put his property at risk? Is it common for landlords to get sued in the US? @Chris Seveney

 Income is not an issue. I have enough for the down payment, with plenty in reserves. My monthly income is also pretty good.

The mortgage wont be a problem. I just dont want my dads home to be at risk. As long as payments are made, is that something I would need to worry about?  @Theresa Harris

I graduated college a bit over a year ago. My credit score is 800+. But my credit lines aren't enough for this lender. So they are requiring I get my dad to co-sign and since its an investment he has to be on title as well. 

Im in Canada the property is in the US. The terms this lender is offering are substantially better than other lenders. I have to buy in my personal name as well with this lender. 

What kind of risk does this expose my dad to? 

My worry is if something happens is my dads primary residence at risk ?