All Forum Posts by: Alex Velez

@Jeff B. Thanks for the response. I am looking for my first property; therefore, I am not familiar with EMD. Can you explain, sir? Thanks.

@Stanley Parsley Per my agent, I was going to give earnest money after inspection. The listing agent did not request it. 

Hello BP,

OMG! I just received an email from my agent that the listing agent sent him an email stating that the owner of the property, which accepted our offer, has decided to remove the listing 12-hours before the home inspection due to a "situation." Is this legal? How should I approach this? Any advice?

Hello BP,

I just received word that an offer for a property was accepted. I now need a house inspection. The house is in Bridgeport, CT; therefore, I am looking for any recommendations for a house inspector in F airfield County?

The house is a three-family (multifamily) house. 

Just a quick update. The offer was not accepted at $275,000. I made a counter offer of $295,000 and adjusted the numbers. Crossing fingers here. 

@Hyacinth Dolor Wow, great information!

As far as tenants, do you ask for 1 or 2 months of deposit in that area? Also, is the $1,000 for eviction out of their deposit or vacancy fund?

I'm assuming if tenants break the contract you simply keep their deposit and give them a $1,000 or so.

Thanks again for all the information.

@Marshall Martinez Thanks for the response.

The purchase price for the house is $275,000. The seller will contribute $5,000 towards closing. Therefore, I can use the Closing Cost assistance for the VA Funding Fee and the remainder of the closing costs

In other words, I will roll the VA Funding Fee into the closing cost assistance from CHFA at 0% interest.

In the chart above, I highlighted the Closing/Down Payment Assistance at around $28 a month for 30 years as an expense.

@Hyacinth Dolor Thanks for the response. 

I will manage the one and only property I will have, however, as you can see, I have calculated the 10% PM fee when analyzing. 

The property is located a few walking blocks from St. Vincents. As you know, it is the better part of Bridgeport. 

I calculated $3,400 for monthly income because I assume that in that area rents can go for:

1st floor: 1,000sq,3 bedroom and 1 bath for $1250. 

2nd floor: 1,000sq, 3 bedroom and 1 bath for $1250.

3rd floor: 900-1000sq,1 bedroom and 1 bath for $900.

@Travis Lloyd Thank you for taking time to respond. Tenants will pay electricity and heat. As far as snow, I will do the labor but I guess I could add a number for supplies. 

As far as CapEx, thanks for advising me to "build up a 10-15K reserve, then you can take that line item out." Great info.

@Michael McKay It is a three-family house with a basement addition-one bedroom with one full bath. The house (not including basement) has 3 full baths and 7 bedrooms.