All Forum Posts by: Wendy S.

@Christin Nguyen

First, congrats on getting under contract with your first property.

Your realtor while new, should try to negotiate as best as possible for you. With that said, instead of trying to type what she is to ask the seller's agent, ask her to simply have a conversation with the agent first to see if her client would be amiable to granting that buydown percentage that you need. Then have her formally make the request.

If you're still within your DD period, as others have suggested, if your agent feels strongly that the property will appraise, then have her go on on the sales price and request the buydown amount on the back end. This way you have a win-win for all parties.

You could also see if the Lender has any Lender credits they could offer. Are there any courses that you could complete that could offer you any kind of credits as well.

Forgo asking for help due to repairs if you already said you would not be asking for any. Besides, I'm pretty sure the buydown rate will be more beneficial to you.

You've got this. Happy closing.

@Adah N.

I'm in Conyers.

@Jane Kim

Another thing could be to do an energy audit. How good is the insulation, windows and doors. You could check if the house is losing heat via these areas.

It seems you also occupy the home so it might be fairly easy to assess electricity/heating in the general areas.

For example, I had an older tenant that would constantly open the kitchen window while cooking and the central heat was on. Had another that liked to open his window to let fresh air in his room (he was a smoker). Some people take excessively long hot showers, leave all the lights on, TV etc.

You might want to call a 'house meeting', get everyone on board to manage expectations then document after the meeting with addendum to your lease for increased utilities beyond an agreed wattage use.

Finally, see if there is a fixed payment plan offered by your provider or reduced rate for a agreed term or switch providers.

I once had a bill for over $550, I asked for consideration, turns out there was a one-time allotment. I paid almost half the bill, the company paid the rest and then I went on budget billing at $125 monthly.

Goodluck

@Bruce Woodruff

That was my thought too Bruce However, it took years to get on his schedule and the finished product was quite satisfactory.

@Bruce Woodruff

Bruce this would be good but what choices do we have when the client is buying the materials and the contractor still asks for $6,000 upfront before they start, 30% after framing is done and final upon completion or 40/30/20 and balance on completion or some other variation.

The client argues, why should I pay you on labor before you start. The contractor argues, in order to start I have to commit a team to your project and ensure I can make payroll.

Sorry, for the ops friend and piggy-backing on post.

@Ryan Thomson. I used to post with Cozy then Apt.com. However, they started flagging my posts for words such as roommates. I spoke to a rep who told me they no longer offer per room rentals. Has this changed?

@Atul Mohlajee

While I do not have an exact answer for you, here is what I know with Zelle.

You have the option of using your telephone number or your email along with your name.

For me, seeing that my I do not share my personal number with my tenants, my account for collecting rent uses my email which can be turned off at any time or changed.

@Chris Davidson

Thanks. Appraisal was done prior hence my presumptions. So if I buy today with X appraisal, I am thinking even if the Heloc lender orders another appraisal it shouldn't be too far off plus there is room for little upgrades with finishes.

I'm ok with doing the deal without the HELOC or HELOAN but it would be nice to know I can use up some of that equity to get back all or most of my initial money back.

@Suzie Remilien

Thank you, I'll double check if 90% Ltv is still being offered. Though it was quite recently with locals here.

I have seen other companies reaching out to me offering up to 100% on existing equity in other property but I haven't vetted them yet. "Figure" was pretty good too from their reviews but still researching.

@Suzie Remilien

Thanks for responding to my post, albeit in a general sense.

I am aware having equity to get a HELOC, based on my calculations my total loan would not exceed 90% of the value of the home. It would be an owner occupied loan hence a 90% Ltv vs 80 or 75 for an investment property.

Also aware of the total 45% DTI for conventional loan and perhaps a bit higher for FHA. I was asking given what I've shared is this viable or not or are there other factors I would need to consider.

Even just getting back initial investment could work as well, not necessary to get the additional $50,000.