All Forum Posts by: Jonathan Soto

Never waive the inspection, you can put in contract you are buying as is and your attorney can help you add language during attorney review which allows you to pull out if the inspection report finds major issues. I suggest to find a new agent as he is not looking for your best interest.

How long have they been your tenants? do they always pay on time and you have no issues with them? giving credit my go into a bad road depending on the type of people your tenants are as they might expect it again down the road. if they are great tenants, never bother for the small stuff and you want to keep them, I would give them a small reduction on rent to help them off set the electricity bill. Living with no A.C in the summer is brutal but think of all the outcomes before you provide a credit.

I agree with Josiah, it all depends on your long term goals. Is your plan to retire with portfolio that will sustain your lifestyle by a certain age, then your answer will be to reinvest and purchase more properties. if you like your job and not in a rush to leave, then you can pay down principal. I try to pay at least an extra 100 bucks a month on principal to pay off my properties faster.

What is the average credit score in the town? which are field are the tenants not qualifying? Is the asking rent price at or above market levels, check other rentals in the area and see if your price is around the same range with same quality of the home. try posting it on Facebook Marketplace and make sure you post quality pictures. I found many tenants via Fb marketplace.

ask your agent to run comps in your area and see if you see homes with the same criteria's selling above the 112k mark. If you are seeing majority of homes selling over the 112k mark then I will speak to your bank and see what is going on. most likely you will need to find a new bank. the properties they used fit the same criteria's as yours? trying to figure out why they are so far apart.

continue to call lenders until you find one closer to your requirements. they are out there.

Numbers are close, I will do more investigation as to see why it is on the market for 85k and they are saying the ARV is 105k but no repairs are needed. something is up. don't get to attached to a property. best of luck.

Buyer in Essex county focusing in Newark.

I like 2, it will depend what type of services you are providing. if it is well rounded I would select 1. please check these names are already taken as this happened to me last year and I needed to remain my business.

I've had a similar issue with a lender I was using, I continued to lose properties as they were appraising properties will below market. I shifted over to new lender and finally closed on my first property at the end of last year.  Try to get another appraisal from another bank. if not the deal is dead if the seller won't negotiate.