All Forum Posts by: Santosh Prabakar

Title company notified me the property has liens and the seller need to bring in additional funds around 20k to close it. The liens were not disclosed in the disclosures.

Is there a way that I can recover the expense from the seller? I'm still very interested in the property if the seller can bring in additional funds to close.

Just looking for general recommendations from the BP community.

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Austin, Texas

Quote from @Eliott Elias:

Condos are lower a barrier to entry and typically in better locations. In terms of investments, no real benefit.

How about the maintenance?

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What are some of the advantages of buying a condo instead of SFH for LTR? I understand condos doesn't appreciate and might have high HOA.

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Quote from @Greg H.:

What were the circumstances of the buyer pulling out? How much was their earnest money? A seller can sue the buyer to perform. However that will cost you thousands if not more and the likelihood of success is low

Buyer is just nervous about the economy. My question is not about suing the buyer. Buyer is willing to reimburse the expense. How do I ensure that he follows through?

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I had my house under contract in TX but the buyer backed out during signing. I have spent around $6k to fix few things that the buyer wanted.

The buyer is willing to reimburse the expenses so that I dont take him to the court. What documents do I make him sign to make it official that he is agreeing to reimburse and not change his stand later?

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I'm Planning to attend the Oakland event.

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San Jose, California

Hi Akshar Puri..Happy to connect. I live in the east bay.

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San Jose, California

Is there any disadvantage of maintaining the same insurance company for all the rentals? I have Travellers for couple of my rentals since they have the best rates. I'm shopping for my third rental and both safeco/Travellers are providing the same quote. Which one should I go with?

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I'm exploring Orlando market and would like to understand the insurance situation. Is it hard to find companies that can insure even in Orlando market? What's the typical cost to cover a 3 bed 2 bath 1500 sq.ft home in Orlando?

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Orlando, Florida

Quote from @Jay Hurst:

Quote from @Santosh Prabakar:

I bought a fixer in Oct 2022 in leander TX and due to market conditions lm unable to sell it. I plan to make it a rental and would like to do a cash out refinance for $125k. What are the rates for interest only refi? Will there be any prepayment penalty? Any big disadvantage of doing interest only?

@Santosh Prabakar What do you think the value of the property is? What do you currently owe on the property? Those items and of course credit score will determine interest rate. If there is a pre-payment penalty depends on the program you go with. If you use a debt service coverage ratio program most in the market do have them although there are some without.

The obvious disadvantage of the interest only is of course not paying any principal, but as you likely understand there is very little principal paid in the first years of a 30 year amortization schedule so that is not always a big deal. The other is there is typically a rate adjuster for interest only meaning the rate is higher even if your payment is lower, but it still can raise your cost of interest.

The value of the property is around $360 to 380K and bought it with cash. Credit score is above 780.

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Austin, Texas

All Forum Posts by: Santosh Prabakar

Santosh Prabakar has started 16 posts and replied 27 times.

Post: Question regarding lien and expenses

Post: Condo vs SFH

Post: Condo vs SFH

Post: Buyer reimbursement for expenses

Post: Buyer reimbursement for expenses

Post: New Investor in the Bay Area

Post: New Investor in the Bay Area

Post: Insurance quotes for LTR

Post: Insurance situation in Orlando

Post: Interest only refi