All Forum Posts by: Young C.

@Michael Plante @Mindy Jensen Thank you.  I just requested it as a seller credit. 

@Account Closed Thank you.  yes, I thought that was weird, too.

Hello BP members,  

I'm negotiating with a seller after an inspection to purchase a residential property.  The seller offered a casher's check of $X at closing, instead of crediting back the $X amount to the settlement statement.  My question is.. are there any differences between the two forms of getting the repair cost?  This is probably a dumb question, but I don't want to assume anything that I am not certain as a newbie.  I would think I just need to pay a full closing cost at closing and deposit the casher's check after closing.  Am I missing something here?  

Thank you!

Wow! Thank you all for the great advice.

@Isiah Ferguson I think they look at both. I don't know the specific requirements, but I am a W-2 wage earner and my DTI is low as of now.

@Angela Yan  Thank you.   My general strategy is a buy and hold while building equity.  But you're right I could sell this for the right opportunity.

Hi All,

After reading postings and blogs, and listening to Podcasts here for the last couple of months, I finally pulled the trigger. 

I have my first rental property under contract.  The purchase agreement is a 6-unit deal in three duplexes (three parcels) that are located next to each other.  It looks like I have a couple of financing options: (a) three conventional loans; or (b) a commercial loan.  Both require a 25% down payment. The total loan amount would be around 200k.

Here are the pros and cons for each of the options: 
<Three conventional loans> pros: 30 year fixed rate, cons: 3X closing costs and lending fees.

<A commercial loan> pros: lower closing and lending fees (perhaps), cons: a 20 year at a higher rate (the rate will be adjusted every 5 years without a balloon payment).

I asked the banks and the title company for a breakdown of the costs for each option to compare.

Since this will be my first deal, I would like to ask the BP members for advice.  Is there anything else that I should consider?  I would appreciate any insight from you!  I don't want to screw up my first deal. :)  Thank you!