All Forum Posts by: Gurjot Grewal

@Alex Larcheveque I had tried to add a credit to lower my interest rate before going under contract. The seller fully denied this and asked the contact to be updated to show the price cannot be negotiated with the inspection. And that its strictly fyi. I was okay with this still as the numbers still seem to work.  

 @Allan Smith I think you’re right. I keep thinking about all the possible things that could be wrong. Feel I should prepare as much as possible, but like you said I will never truly prepare for everything. Thank you for the reply. 

I don't know what more info to request the seller while Im still in this period. 

My numbers are. Duplex fully remodelled to studs, all new mechanicals in 2021. 228k purchase, 10k repairs, 1250-1350 rent a side. (1250 is a good number according to property manager but I feel I can get more)

-inspection done 

-Termite inspection (past damage corrected, Not a concern) 

-leases acquired for current tenants 

-Contractors estimate for minor repairs 

I asked for a Schedule E, or past expenses and the seller denied this. Anything else I should request? 

 @Caroline Gerardo

Both lenders work primarily with Canadians investing in the US. 

Would it hurt my chances of being approved if I disclosed from the beginning that im also apply with another lender ? 

I maybe going into contract soon on a duplex. The lender I was planning on using now is requiring 35% down payment since I am Canadian investing in USA. I have another lender who can do 20% but I need to personally qualify (which I dont think will be an issue). I dont want the future deal to fall thru because of financing. 

Is it possible to start an application with both once under contract incase 1 backs out? 

Is this frowned upon? 

I should mention they are both tenanted. Even the one needing repairs. Meaning I cant repair until turn over. So my money will be locked up in this property for a while. 

Hello BP

Im seeking some advice on this situation. I have two investment properties im considering 

-1: duplex built 1923 3/1 a side under contract. Im a long distance investor and most homes in my market are of this age. Its been inspected and Contractors quote is about 40k (conservative number) worth of work combined both sides. Plumbing and electrical a bit outdated but in good shape. Some signs of previous leaking with the plumbing. Slight cracking in basement/foundation but no signs of shifting. Mostly deferred maintenance, and cosmetic work that needs to be done.

(Under contract for 195k, ARV 215k) Id need this under 170k for this to make sense.

-2: Duplex built 1923 a few streets down. Fully remodeled all new mechanicals. And its a 3/1.5 a side. 
(counter offered me at 228k been on market for over 120 days) 

What are some tips to go back to the seller of the first one a request such a large discount. They listed at 210 so have already come down 15k. Or would you just go for the one that work has all been done ? 

Hello BP,

I have a PM I’m planning on working with. Im willing to pay more to work with this person as my experience so far has been very positive. I would really appreciate the opinions of local investors, as to the fees being charged. 

-75$/ unit flat fee 

-first months rent for a new lease 

-200$ lease renewal 

-any rehabs are cost plus 15% 

-one half of all late fees 

-60$ for each eviction delivered

-100$ pet fee goes to pm, any additional fees go to owner 

Is this all pretty typical for Columbus? 

Also I am thinking about requesting a term along the lines of, If the unit turns over within the first 9months of a new tenant, the new lease fee is to be waived. Is this fair ? 

@Daniel Gibson @Bruce Woodruff

there is an active leak, which is the most concerning item. Ill message my inspector about a sewer scope thank you! 

 Its a Duplex. Okay thank you will do!