All Forum Posts by: Rodney Wright

I have a new potential renter with 3 cats. I will charge a pet fee ($50) but I'm concerned if the cats are spayed or neutered.

If they are not do I request for them to be with proof? I'm not trying to run an animal shelter.

Does anyone has experience in acquiring properties through tax liens. Can you share your experience? The Good The Bad and The Ugly.

Abiding by the rules.

I had several tenants who decided to use their security deposit as their last month rent. What is frustrating about this if there are any damages to the apartment I have to come out of my pocket to fix it. My lease clearly states that this not allowed. I'm reaching out to the BP Community for suggestions.

Hello,

I believe that is to much.  I am a new owner also and I have a property manager.  Ten percent of the monthly rental is her fee.  She also gets the first month rent when a new tenant moves in.  Hopefully this will help you out but I believe those fees are excessive.

Hello BP Community,

I'm looking for a property management team in the Rutland Vermont area.  I have a couple of properties in the area which is need of rehab that could assist my realtor when they are not available.

CONGRATS JACOB

I just recently purchase my first property also. I spoke to my lawyer and he told me to keep it simple. Like you I'm planning to buy many more houses. Example - 123 Main St. LLC. This way I can keep precise records for that property. I'm buying the property next door down. 125 Main St. LLC. That's simple enough.

Congrats!!!

Thanks for all the information.  Finally I have my first property!!!

I'm purchasing my first property in a few days.  The process has been long and tedious.   It started in 2018 visiting a property out of state. Can I claim the mileage,  hotel stays and meals from 2018 eventhough the property will not be purchased until a few days from now?

@Michael Ealy

Thanks Michael

#1 The proposed loan amount shall be up to 130,000

#2 The proposed transaction will have a down payment of 41,250

#3 The proposed loan Loan-to-Value (LTV) shall not exceed 80%

#4 The proposed loan term shall be 5 years fixed

#5 The proposed interest rate shall be 7%

#6 The proposed amortization shall be 30 years.

#7 There shall be an orgination fee in the amount equal to 3% (3 points) of the gross financing amount payable to ABC company from escrow at loan closing for the subject property located at the 123 Main Street

Here are my questions.

The proposed loan term shall be 5 years fixed Does this mean after 5 years the rate will change? Then what is purpose of the stament that follows (#6 The proposed amortization shall be 30 years).

I understand the out of pocket cost of 41,250.

Next question is #7 the origination fee in the amount of 3% (3 points)

Does this mean the closing cost is 3% of the 130,000 loan which should be $3900.