All Forum Posts by: Rino I.

When I asked how much the tenant would get from Sec 8, the DCA response was 

"I don’t know anything about who pays what, until it comes back and gets put in the system"

So I have no experience with painting exteriors.  

I purchased a pretty decent paint spray gun, to paint the whole inside of my house. 

How hard is it to paint the exterior of this home with the paint spray gun>?? 
 

Hello BP.. my first post... im in the process of purchasing a rental property.. waiting for my counter offer to be accepted. I had to take out a non owner occupied loan.. the property was 250k putting down 25% with a 7.99% rate... i asked my mortage lender for a sheet so i had an idea for closing costs and it was over 12k!! Thats about a year of my net cashflow

anyway i have a few questions to ask him.. i see a $3750  charge for points which him and i never spoke about... let me know if i have something i can negotiate or should i find a different mortage lender

PURCHASE PRICE: $250,000
LOAN AMOUNT: $187,500
INTEREST RATE: 7.990%
APR: *8.370%
TERM (MOS):360
PAYMENT :**$1,895.50
CASH TO CLOSE: $75,447.42

250K PRICE 2 UNIT HOME INVESTMENTDOWN PMT/EQUITY: $62,500.00
LOAN TO VALUE: 75.000%
APR COSTS: $2,819.67
NON-APR COSTS: $2,647.75
POINTS: $3,750.00
UFMIP/FF/GF/SP: $0.00
PREPAIDS: $3,730.00
CONTRIBUTIONS: $0.00
EARNEST MONEY :$0.00
CASH TO CLOSE: $75,447.42

FEE DETAIL

Hazard Insurance Reserves: $250
Hazard Insurance Premium: $1,500
Taxes Reserves: $1,980
Application Fee: $1,280
Points: $0
Appraisal Fee: $675
Credit Report: $37
Flood Certification Fee: $8
Tax Service Fee: $68
Title-Courier/Exp Mail Fee: $80
Closing Protection Letter: $75
Electronic Document Delivery: $25
Title Endorsement: $100
Title Examination: $100
Title-Lender Title Insurance: $843.75
Title-Settlement/Closing Fee: $625
Recording Fees: $470
Buyer's Attorney: $1
Title - NJ Tideland: $20
Title - NJ Upper Court: $13
Title - Notary Fee: $25
Title - Notice of Settlement: $40
Title - Recording Service: $10
Title - Search : $13
Title - Tax Search: $35
Title - Transaction Management: $35
Title Abstract : $175
Title Bankruptcies: $13
Title Municipal Search: $55
Title Wire Transfer: $30

What about if the property is an older property.. that needs work? such as new roof , plumbing ?

Is all positive net cash flow good?

 But arent you just throwing money away on interest?

I'm looking to purchase my first multi family home.. I keep seeing different things about money down towards a investment.  I see more videos about putting down  as little as possible... What's the better strategy..  putting the 25% and just pay the mortgage balance with the rental money.  

Or larger down payment and pay the property off as fast as possible with the net cash flow towards the principal leaving nothing for myself at the end of the month.?

Hello all, I am new to the site. I've been doing a lot of homework and asking questions about purchasing my first rental property.  Ill be posting more questions shortly :)

I found a property which is a Triplex. The issue is, I'm purchasing the property fully rented and taking a mortgage out as non owner occupied loan. This comes with a bigger down payment (25% down) and a higher interest rate.  I'm ok with that.. my problem is now getting homeowner insurance. 

I was trying to get a home owners quote from my current auto insurance company, which I used for my home insurance when I had my home last year.

The problem I'm having is, I sold my home last year and have been living back with my family.. so I no longer have a personal home with home owner insurance and the insurance company wont give me home owner insurance for a non owner occupied home.  They will only give insurance if its owner occupied 

I don't think I can tell my mortgage company that I will be living there, and then getting the insurance as owner occupied,  when I wont be.. I believe that could cause fraud?

I'm from New Jersey, is this just a rule from my insurance company?? I use NJ M

 Any suggestion?

Thank you