All Forum Posts by: Sarah Byun

We wanted small condo for our investment and couldn't get my FHA loan.

"Unfortunately we have confirmed that we have no investor that will approve a condo with a budget holding reserves of less than 10%. HOA does know that Fannie mae guidelines state a minimum of 10% in budget reserves. We will not be able to do the financing on this particular property because it is ineligible."

Does this mean any bank I go to, I will not get FHA loan? Any other ideas?

We purchased a 3 unit investment property less than a year ago.We are now running into some hurdles.Heater was not working beginning of spring so we decided to change to gas heating from oil heating. (It costed us $6k in oil the first 3 months of winter when we took over the property)The previous owner had the 1st tenant control the thermostat and had been spending over $10k in oil every year.Now, we installed NEST to control the temperature from our phone and have invested in changing the heat to gas.

The heater has been on since the temperature has dropped to 40degrees at night.We have set it to 73 degrees.This morning I get a call from my 1st floor tenant that the heater is not working that it is too cold.I contacted my 2nd and 3rd floor tenant and they say it seems cold but they use portable electrical heater in the room to keep them warm.

We are planning on renewing the lease and need to raise the rent. The 1st floor tenant has lived there for over 12 years and paying $800 for 1 bedroom APT.Previous owner never raised her rent.She was always on time with rent but since the time we took over, she asked for favor that she can pay her rent when her SS money gets deposited to her account.So it’s been late 5 days every month.

What is the best way to deal with this situation and what is the legal temperature that we need to keep during winter?

We have a 3 unit property in Montgomery County, PA.  It's been just less than one year since we purchase this property.  The previous owner had not taken care of the property well and had the first floor tenant control the thermometer for the all 3 units.  It was the oil heating system which was costing over $10K a year!  The heater got broken over the summer so we decided to replace (make an investment)  to replace the oil heater to gas heater.  We have the Nest thermometer installed so we can control the heat and we have set it to 73 degrees.  Then, I get a call from my 1st floor complaining that the heater is not working and that it is too cold.  My 2nd and 3rd floor tenants has no problem and they have additional portable heater running to keep themselves warm. 

We are ready to renew the lease and will be increasing our rent due to management cost, taxes etc.  1st floor tenant has been there for over 12 years and never got a increase in her rent and complains about almost everything.  (Want to color the front door for the holiday, the sink is keep getting clogged).  We don't want to lose a long term tenant but, what will be the best way to handle this situation.  Many experience landlords, please share your experiences.

I am looking at a property located in busy street.  It is a twin house but has no place to park.  There is a room for one car if curb can be made and little asphalt in the front of the twin (which is possible to do and still look okay).  The rest of other properties have created a driveway but this particular one didn't have enough space between property to create a driveway.  If I would like to make a way to park front of the front porch, do I need to contact the city for a permit to make a small one car fit drive way?  Is this even possible?  The property is located in PA and wasn't sure who to ask.

We just purchased our first multi-family property and couple of the tenants have been there for more than 10 years without a rent increase.  The rents near the area are about $75 to $125 more than what the tenants are paying (They've been paying the same since they moved in).  Top of that, the previous owner covered all the oil heating and the water bill expenses. There's just no way to cover all the expenses (especially with oil price during the winter).  We need to raise the rent. how much is a good amount?  The renters are in month to month.  What will be the best way  Send a letter for lease renew or vacate along with new lease agreement with increase of rent letter?  Where can we find the already made form for this situation?

It is June now, so if we send a agreement letter this week, when should we ask the form to be sent back by and if the tenant renews (starting August rent increase) and if the tenant vacate (by Sept. 1st) will be good?

There's principal balance left to Home Equity Loan on our primary home.  If we pay off the balance and reapply for another Home Equity Loan to use as our down payment, what are the chances of getting the mortgage for investment property?  Is this worth the way? 

We have trouble using our cash for our down payment so, we are thinking of this option to meet our closing deadline (perhaps extend few weeks) to get approved loan.  Is this not a good option to think about?

Our DTI, income, credit score all seem to be good to go. Its just the proof of the asset is at freeze...