All Forum Posts by: Joshua Iachini

@Julia Chin The Fed just took rate increases off the table until 2017 because of Brexit, which means that mortgage rates should stay in the neighborhood of where they currently are until then. I actually came onto the forum to see what rates people are currently seeing out there. I just got quoted a 5% rate for a $205K loan, 85% LTV, 25-year amortization, and a 6-year term. This was with a small community bank in the Pittsburgh area that I've done prior business with. I'm thinking I'll try to negotiate with them to get it down towards 4.75%.

What kind of rates are other investors out there seeing?

Lessss gooooo

Hey BP--

I own a duplex in Pittsburgh, PA with an off-street parking pad in an area where off-street parking is at a premium. Prior to purchasing the duplex I signed a parking easement that granted the neighboring SFR to the use of 1-parking spot on my property. It was basically a word doc that states "the residents at [property addresss] are granted use of 1 parking spot between the retaining walls at [address 1] and [address 2]". No survey was drawn and the "easement" wasn't recorded with the county. Fast-forward 18 months and I now want to terminate this easement agreement. I can make my own tenants much happier by allowing them access to another spot. I've already had the "is this ethical" internal discussion and I'm completely OK with my decision. I'm wondering, from a legal standpoint, do I even need to do anything besides provide them with a letter stating the easement is now null & void? In hindsight, I don't think it was ever a legally binding agreement to begin with.

Thanks for your comments & help!

Josh

I have a Chinese foreign exchange student interested in renting my property. How can I properly screen her??? Her dad is paying for her rent, so I'm worried about her as a tenant & his financial backing. Help!

@Ian Hoover Monday sounds like it worked last time & I think it would work this time too. I think you could schedule it for just about any day & people will come :). Keep us posted!!

check out www.thumbtack.com. you can put in the specs for the job & contractors will email you quotes. i use it quite frequently & it's a free service.

@Matt Cramer

 I have not. I'm going to check them out now. Thanks for the advice!

I am negotiating for a duplex in the Southside neighborhood of Pittsburgh which was originally listed at $325K. I own a comparable property 9 blocks away from this one which I closed on for $240.5K in Nov of '14. The duplex brings in $2400/month in gross rent (please, don't bring up the 2% rule) in a neighborhood that has an average vacancy rate in the mid-to-low single digits. There is ALWAYS demand.

I am asking for the BP Community help me make my next counter-offer.

FACTS:

Originally listed at $325K.

My original "low-ball" offer: $230K

Seller's counter: $299K

My Counter: $240.5K (what I paid for my duplex)

Seller's counter: $285K.

My Counter: TBD. Help me! I think the absolute most I would pay for this property is around $255-$260K. How can I get them to continue coming down into this range??

@James L.

 Are you going through a "main stream" lender? 25% down is insane in my opinion. I think you can do much, much better by finding a local savings & loan bank or credit union. Should be able to get your down payment down to 10 or 15% with equity pledged from other assets (if you have that available). LIke some have mentioned, that's a LOT to go out-of-pocket to cash flow $400 a month.

I wouldn't move forward with the purchase without seeing the lease. It's common courtesy to provide it. I also ask for the seller's Schedule E from the prior tax year to see actual costs incurred. If they don't provide, at minimum, those two documents I won't move forward. The bank is going to want copies of those documents anyways--so you could always use that angle. "The bank needs to see these documents to finalize financing & finish this deal". 

Your real estate agent doesn't have your best interest in mind & I would dump them & find a new one.