All Forum Posts by: Jonathan Kramer

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I'm starting the hunt for my first rental property and trying to figure out how to analyze a deal. The unit is rented out rent now its 5 units total is $3410. the home costs 110k. seller provided monthly gas and water/sewage (400 and 600). 

Will this have an impact on me buying the home? She took it out recently. I've been asking a million questions on here, sorry, im new to this.

I have the form from Pennsylvania association of realtors for buying a property, its 20 pages long. honestly, I don't understand a lot of it. Who can I go to explain these documents. An attorney? Also, how much do you think it will cost. Thank you

Yea it is a commercial loan

I got pre approved before looking for a place, found a great place, she wanted 32 I offered 25 and we settled on 26. Home inspection is done, repairs are estimated at 2,000. Is my next step to tell loan officer I'm ready to apply for the loan, then they will do their appraisal and all that jazz to determine if it's worth the amount being paid? Or is there something else I should be doing? Can someone can me a step by step please. I'm nervous lol

title insurance/ certificate of title on property being purchased that provides a first lien position on above mentioned property in favor of *banks name* .... this was one of their conditions, this is my first property loan can someone explain what exactly this means, thank you.

If I offered 25k with a mortgage do you think should would accept asking price owner financing??

So this is where I'm at right now. I went to the house three times first time general look around, second time with a home inspector and the place checked out. Third time with a contractor repairs are 500 max! Great deal she really wants to sell it because she already bought a house in another county. She wants 28k but I offered 25k and she accepted. What should my next steps be? I applied for pre approval for 40k loan but now I have got lucky with this property. Do you think owner financing would seem like a good deal to her? The only thing that needs down is new sewer lines (city is making everyone do it) but she can't sale until it's done, the process only takes a day though. Btw this is my first purchase. I really feel like I got lucky with this one. What should my next steps be?? All advice is appreciated. Thank you.

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