All Forum Posts by: Jack Halldin

I am selling a condo in Florida, of course part of an HOA, actually multiple HOA's seem to be in the overall community. Looking at my closing documents, conveniently provided 24 hours before closing I see an estoppel fee of $1,098 coming out of my proceeds. I am told this is for the various HOA's to provide a certificate that I am current with all the HOA dues. Just doing a check here does this seem reasonable by any means? I feel like they could look up in the system and know I am current in 2 minutes. I have sold other condos in Florida and looking at my closing docs don't even see this fee (also HOA communities). Curious what other people think, of course at this point what can I do.

Some quick facts. This is my current residence, I have a VA loan, looking to refinance. Current servicer has been sending me notes that I can refinance at lower rate (3.875 now, current offer 2.25). Fantastic, huge savings, servicer indicates it is a streamlined refi, no income verification, which doesn't matter I'm employed and current on mortgage. Included in the documents provided by the lender is form 1003 Unifom Residential Loan Application, the form is to provide borowers assets and liabilities. There is no information on the form and I am being asked to sign it, (Doc sign it) lender is like, it is a streamlined refi no need for that information, but there is nothing in the form that says information isn't needed for streamlined refi. On the contrary there are stern fraud warnings repeated several times in the acknowledgment section. The lender got frustrated that i was asking to have this information included, he was like it isn't needed. I just don't feel comfortable. Is the lender off base here or is there some relief to providing this information for a streamlined VA refi? The form certainly doesn't reference anything like that. Any thoughts on this would be appreciated, would love to refi but wondering if I am in a 2006 rerun and this will come back to bite me somehow.

My management company merged with several other property management firms and all of a sudden they tell me they won't be depositing my tenants rent until the 15th of the month, previously i received on the 1st. This seems way out of line to me but wanted to see what others have experienced or thought of this. Worse yet as far as I can tell they never notified me of this change.

@Mark De sagun

$80 HOA fee seems real low, don't know how many units there are but reserves may be under funded or they hit you with specials for things they should be reserving

Have a property management company, I thought agreement was pretty straightforward now I’m thinking I’m crazy. Fee is first months rent for new tenant + 10% per month. Fine, tenant renews lease and property manager wants to charge me another months rent. Agreement seems solid that they are not entitled to that but just curious how outside the norm that would be. I can see if they had to find new tenant but a renewal? Thoughts? Opinions?

Would also check with tax pro, profits on sale of home as I understand it would be tax free now as owner/occupied, longer term rental those benefits on cap gains would go away, although other benefits as investor may apply based on income.

Try jay berube just google him he is founder of encompass property management.

Paying cash is always easier for sure, and I have done it both ways, but paying cash, closing costs and other state and local charges then turning around and paying them again when you refi? You need quite a cash discount to justify that. And somehow getting that cash out is always longer, more complicated and time consuming than you anticipate. Cash in hand is worth more to me that an equity loan that is in process. Just my 2 cents.

Everyone is different, but I would get the loan not pay cash. I paid cash on one of my properties and have regretted it. Lots of reasons, biggest being when I borrowed against property 100% of the loan has to be used for additional REI or the amount used for other purposes won't be eligible for tax benefits. I'd get lots of tax advice but they don't say cash is king for nothing, when push came to shove I wished I had my cash and a mortgage.

Agree, but not sure what population of BP that would qualify as real estate professional, might be higher than I think but seems like if you have an unrelated to real estate W2 job that would be an unlikely designation. And a CPA or tax attorney would be a good start before putting that tag on yourself for tax purposes as an old friend of mine found out in IRS vs. Hannah