All Forum Posts by: Ravi P.

@Freeman Schultz

If you have a loan that is reaching maturity, more than likely the lender will extend the loan.

So to be clear if you have a 5-year balloon with a 25-year amortization. Towards the end of the 5 years, the bank would extend it another 5 years with the same and 20 years left of the 25-year amortization. The rate would typically be the prevailing rate at that time.

Unless you are cashing out equity it would be most advantageous to stay with the bank since you would only have 20 years remaining. Refinancing with another bank would start the amortization period all over.

@Colleen A Levitt

You can always pay off or refinance the loan. The issue is cost. Most DSCR loans come with a prepayment penalty that is typically 5% for the first year, 4 points for the second, 3, 2, or 1 pts for each year. So the $108K loan will cost you 5 pts. or $5,400 to pay it off in the first 12 months.

You will also have to factor in the closing cost for the new loan.

You need to do a cost-benefit analysis to determine if it's worth it.

@Paul Z.

I would put both names on there.

Current Name (previously/also) known as Previous Name

@Kessy Similien

Just for reference, I was just quoted 7% for a 215K cash-out refi with a 75% LTV. A credit score in the high 700's. The lender and I both thought it was high, considering the rate for a Primary residence would be 5.375%.

@Juliet Palfi

They may not share this information until you are under contract.

Lenders will require a condo questionnaire to be completed as part of their DD prerequisite. One of the questions is the breakdown of OO to Non-OO units.

You can ask the listing agent seller to find out on your behalf.

@James Roux

Just call the utility companies yourself and inform them to terminate the service. This way they will not take the cancel date. then inform your tenants you canceled service and they need to transfer the services into their name, otherwise, the service will be cut-off. In my area, the gas company has to meet someone and enter the unit once the gas has been turned off. This sucks because they give you an appt. With a 4-hour window. Your tenant would not want to go through with this and this is why I remind my new tenants. It's in their best interest.

I have a tenant vacating a unit and have listed it for rent. I'm running g into an issue Io haven't run across yet. I am getting a lot of inquiries from section 8 and self-employed individuals. Ok m not sure how to screen them. I need some help to qualify these tenants.

If I have a rule requiring income to be 3x rent. This only applies to W-2 wage earners.

What if someone is on the Section 8 voucher program and they are only responsible for a portion of the rent. How do I qualify them? Based on their portion of the rent or the total rent?

Same issue with self-employed individuals. While they may have a high gross income, they may expense as much as possible to reduce their tax obligation.

I'd like to give everyone a fair shot, so any suggestions would be appreciated.

@Matt Slease

Your first contact should be prior to closing.

Have your attorney send an estoppel letter to the current tenants. That way you can confirm the terms of their lease( occupancy, term date, deposit, pets, etc.). In addition you can ask about any outstanding repairs the Seller may try to avoid. Or any verbal promises.

@Courtney Walker

If I'm not mistaken Apartments.com is owned by CoStar. CoStar is known to monetize everything. However, Costar main goal is to control data, so they may continue to offer free services, and sell it on the back end.

I'm acquiring a SFR which I will be renting out. The home has this vintage Italian theme, which can be charming, but I feel it may limit the potential candidates that would actually want to rent it. Once bought, I am trying to assess my scope of work, thus lining up tradesman, and minimize renovation time. Most of it is simple, but my biggest concern is the walls on half the walls have this thick, chunky texture. The texture is a random texture that is raised about a 1/4" off the wall and about another 1/4" in some spots.

Has anyone had to deal with this before or can provide any input. From my research if this is joint compound it will be much easier to deal with. However I believe this is plaster, which would make the removal much harder to remove.