All Forum Posts by: Tim Miller

@Douglas Gratz Everyone is be honest and nice. I'll just put it straight out there. Go ahead and keep the commission. Then the agent and must likely the firm he works for will sue you. Once that happens and it doesn't manner if you win or lose. No agent in a 100 miles is going to for and/or with you ever again. You'll only get the newbie's that don't know what you did. Good luck.

@Jon Cave  As Scott asked "You seem to have no choice with this (???)" +
"Plus the buyer had me pay 100% of closing costs so its been a nightmare."

Welcome to the school of hard knocks! Yes you do have a choice! You can simple say "NO" and find another buyer. 100% of closing cost?! Never! It's time to walk away from this deal and regroup.

Remove the old AC unit, that way the next person isn't going to see it and demand that it be replaced with a new one. Next, closing cost. Figure out how much profit you want to have and must have. Then tell your agent that you will either not provide any seller credit or you will only provide $X,XXX.XX in seller credit and that's it. Plus tell your agent to put into the listing cash only or conventional loans only. 

Just another reason among many others to not deal with section 8. 

@Adam Wayne Our house is a split foyer 1047 sqft 3 bd 1 full bath and 1 1/2 bath. We finished off the basement with a bedroom and full bath, added a galley kitchen. We rent that for $2k a mo and only rent 1 of our bdrms on the main floor for $800.

Living with others in the same space (year after year) wears on you and if you get a roommate that you can't stand after the 2nd or 3rd month. It can be painful.

I would stick with the current setup you have. If you have a basement, look to see if you can turn it into another living space and rent out. 

We have a 2 pet max rule, not 2 dogs and 2 cats, 2 pets period! We charge $300 per pet nonrefundable fee and $50 per pet a month rent. We would reject this applicant and you have a furnished home, reject them. I wouldn't roll the dice on this one.

Pest and rodent clause! We ensure that the unit is pest and rodent free before anyone moves in. The tenant is responsible for paying for an exterminator if any issue arise. We've had 3 tenants bring in bedbugs! One tenant got the city involved but she initialed by the paragraph stating she read it. This saved us thousand of dollars. 

@Account Closed It sounds like these are exiting tenants and they are not signing a new lease. Not a problem, here's what you need to do.

1. Send them notice that you withdraw the new lease, it's now null and void.

2. Find out what Fl legal requirements are and send them a Non-renewal notice.

If this is a lease that's about to end, that's when they must be out. If it's M2M you may be looking at end of Aug or Sept, all depending on FL law.

Don't ever allow any tenants to walk all over you. Always set hard deadlines for when anything is to be done and don't back track on them. Good luck.

Montgomery County Council did pass rent control. The max you can increase rent is going to be 6% as long as CPI is at 3% or higher. There could even be a year where the max will be 3% as it happen in 2015. I wish all the Landlords/investors in Montgomery county luck, you're going to need it.

https://www.bls.gov/regions/mi...

We bought our house in the middle of the 2008 crash. We turned the basement into a 1 bdrm apt, this was just in case 1 of us lost our job. We would still have income to pay the mortgage. Fast forward to today, rent increases and now we rent out one of our extra bedrooms. Our mortgage is completely paid for, with an extra $350 each month. Plus the tax write offs are great.

Retirement is looking a lot brighter!

Quote from @Joe Felix:

Quote from @Tim Miller:

I'm with Scott and Ash, $20k for closing is a rip off! We did FHA on our home for $250k We had $7.5K sellers credit and $8k for down payment and closing. You need to shop around because FHA sets a lot of the cost for the loan and closing. We went through 8 different banks before we landed with an honest loan officer.

 This is pretty mucht the estimates 

let me know what you guys think 

Right off the bat, you need to shop around to other lenders.
Origination Fee - $4,743 get rid of it! You can find a bank or a mortgage company that will not have this charge. If you have to pay it, get it as low as possible.
Appraisal Fee seem high but that cost has been going up and Yes you can shop for a better Appraisal Fee.
Title - Lenders Title Policy - $1,798 you need to shop for a better price
Title - Travel Fee? WTH is this?

Some other problems to look out for, Property Tax - Their not taking anything into account for this. School Tax they are. Property tax will come back to bite you if you don't take care of this now.

Good news is, they show a $10K sellers credit. Is this correct? Because that brings your estimated cash to $11k

Find another lender hit 3 or 4 at the same time. It's a lot to joggle but it will pay off in the end. Good Luck!