Hello:

  I am a first time landlord and running into a issue with tenant refused to pay propane gas that came with the sale of the house.
I bought the house and it comes with 2 100 gallon propane gas for heating....

Any payments on the balance remaining from the original loan must be included in the debt-to-income ratio calculation for the refinance transaction.Note: Funds received as gifts and used to purchase the property may not be reimbursed with proceeds of the new mortgage loan.The new loan amount can be no more than the actual documented amount of the borrower's initial investment in purchasing the property plus the financing of closing costs, prepaid fees, and points on the new mortgage loan (subject to the maximum LTV, CLTV, and HCLTV ratios for the cash-out transaction based on the current appraised value).All other cash-out refinance eligibility requirements are met.

It's now rented to a highly qualified couple, they even pre-paid for next month.

It's now rented to a highly qualified couple, they even pre-paid for next month.

Hello DJ, our legal advisors suggest never accepting prepaid rent.

We gave each tenant $1,000 and refunded Dec rents to whoever prepaid already.  

.- Besides that, regarding your cost projections: closing costs may be a bit high (depending on whether you are including pre-paids and such in that number) but overall I think it is a nice conservative estimate; lawn/snow removal: I think that is actually a good estimate if you are having a company do it, doesn't look like a huge property so should be ok; Insurance - I think $2k is again a safe estimate, hopefully a little cheaper!

I obviously believe in Legal Shield (aka Pre-paid Legal), so I signed up to be an associate for them too.

But what we typically refer to as "closing costs" actually consists of actual settlement costs on the transaction as well as "prepaids" (for the buyer) and commissions (for the seller).As the buyer, in addition to paying the taxes and recording fees on your mortgage, processing fees to the title company or attorney, loan origination costs, lender's title insurance policy, etc.

Some banks may apply the extra payment to pre-paid interest if you do not specify.