All Forum Posts by: Teekap Pate

Thank you Greg and Nathan. I appreciate the feedback.

Hello, I have my first tenant application for my investment property come in. This is a brand new construction. Class A. Applicants have a prior eviction years due to unfortunate circumstance but good household income and noted they are in a better place financially. They currently pay month to month at their current apartment. They noted debt is under debt consolidation and willing to put more money down to secure the lease and also open to doing a multi-year lease. Any guidance on weighing the risks? We are in winter so hate to have the property stay vacant. 

Thank you everyone!

Thank you @Owen Rosen!

Hello. I purchased a new construction property and will be renting it out.  I will be getting landlord insurance. Do I also need homeowners insurance? 

Hello, I signed a purchase agreement for a new construction home as an investment property. I'm hiring a real estate attorney to review the agreement. I'm also considering having them review the lender agreement forms before signing and securing the loan. Is reviewing lender loan agreements typically part of the attorney's scope?  

Thank you Zack and Matthew! Very helpful!

Hello, I'm looking at purchasing an investment property home and the lender indicated that they need to structure the loan with me renting out the property. Since I don’t own the home until after I close on it, I would need to pay for a rent schedule for appraiser to calculate the average rental being charged for the area in which I'm purchasing. This will help offset the townhomes new mortgage payment which will help me qualify for the loan.

I'm not sure what this means and if this is common for a lender to do for an investment property.

Has anyone experienced this? What are the pros/cons?

Appreciate any insight.IL

@Martin M. yes that's what I'm seeing as well in terms of HOA. I'm looking at this as a first rental investment outside of my primary home which we own. It would be replanting roots back in Chicago to hold for long term. Thank you for the detailed response- very helpful

Hi @Jonathan Klemm, I appreciate the response. I’m looking at a purchase price of $250k for 1 bedroom or $325k for 2 bedroom. Lakefront view.