All Forum Posts by: Petya Toncheva

@Brittany Minocchi hi, thanks for bringing this up about origination. I am going to ask about that! Also I am going to see what’s negotiable, especially the 5 yr PPP, I really do not like that.

@Drago Stanimirovic hi, the rent will exceed the payment. I am concerned about the 5 yr PPP because I would like to refinance to a lower rate at least within 3 years. Is 5 yrs PPP typical for a DSCR loan or can I negotiate this?

Hello all, I am in the process of purchasing a 2 family home using a DSCR loan. This is my first time going non conventional. I am trying to figure out the numbers to see if it is profitable. Any advice from those who have done a DSCR before, would be helpful. There is a 10 yr interest only option. There is a 5 yr prepayment penalty. I am doing a cash out refi on an investment property I currently own. Heres the numbers:

Bank Origination Charges Estimated Title / County / State Charges

Origination Points % $ - Owner's Title Insurance $ 4,415.00

Discount Points % 1.500% $ 7,537.50 Lender's Title Insurance $ -

Total $ 8,254.50

Prepaid Interest / Items Potential Additional Costs

Per Diem Interest 15 Days $ 1,465.63 Rental 1007 $ 250.00

Home Insurance $ 1,800.00 New Survey (if applicable) $ -

Flood Insurance $ - 2nd Appraisal / Reinspection $ -

Total $ 3,265.63 Total $ 250.00

Escrow and/or Property Taxes Due Total Estimated Monthly Payments

Total Insurance(s) 3 Months $ 450.00 Principle and Interest $ 3,343.15

Property Taxes 4 Months $ 2,868.64 Total Property Taxes $ 717.16

Total $ 3,318.64 Total Insurance(s) $ 150.00 HOA / Maintenance $ -

Monthly PMI $ -

Total $ 4,210.31

Total Estimated Costs

Estimated Closing Costs $ 12,919.50 Estimated Escrow Prepaids $ 6,584.27

Estimated Funds To Closing $ 187,003.77

@Frank Patalano hi Frank, yes she has paid $1850 for April. Agreed to pay $2500 starting May 1st but never signed the lease and the time has since expired and I removed the docusign option. This is where I am right now. 🤦🏻‍♂️

@Bud Gaffney what if she decides to take me to court? This is what I want to avoid if I can

@Theresa Harris since he is moving in with a fairly big dog and his belongings this will increase wear and tear on the property. Reasonable don’t you think?

@Theresa Harris when I purchased tenant was paying 1850 I then gave her 45 day notice that I would raise the rent to $2500 for two adults and if her boyfriend decided to move in the increase would be 2650 plus a background check

@Nathan Gesner

Thanks for the feedback, I am strongly considering telling her to leave but I don’t want any legal action to tie me up. I am trying to nudge her in the right direction but……. How would you go about getting her to leave?

@Richard F. Yes, I did give her a new Month to Month lease for April at $1850 with her acknowledgment that another 12 month lease for May 1st would follow for $2500. She has not signed either and it’s been 3 weeks.

I recently purchased a duplex in Fairfield county. Each unit is 2 beds, 1 bath, 9 ft ceilings, parque floors, both apts are 1066 sq ft.

Cost: 600k

Down:25%

When I bought the property one unit was empty and the other unit had a tenant who was paying $1700 but agreed before the sale was final to start paying $1850. In this market these apts go for $2500 to $3200, so she was still waaaaay under market.

A few days after closing I spoke with her and explained the market to her and since she was living at the property for 6 yrs I would only raise it to $2500 and she agreed without even batting an eye.

Something was strange cause 2 weeks goes by and she didn’t sign the lease. So, I see her at the property and her boyfriends comes out and says he will be moving in, I say totally fine but you’ll need a credit check and background check at your cost and also the rent will go up to $2650.

Another week goes by and she says no her boyfriend is not moving in and she’ll sign the lease for $2500.

Again another week she doesn’t sign the lease . I see her on the property and her, her boyfriend and her daughter corner me and almost demand that I let the boyfriend move in but at the rate of $2500 not $2650.

So my dilemma is:

1. I am already just at the market rate at $2500 but should be higher. So I’m already bending for her, do I bend more and give in to her requests.

2. I don’t want them to become tenants from hell

3. Do I negotiate further or do I stand firm on the $2650?

I hope I didn’t bore you, anyone going through this or been through this. Please share your thoughts.

Would love to here from you all