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15 November 2024 | 13 replies
So it's possible someone could, however, it seems unlikely from everyone I can find, including the title company's .
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16 November 2024 | 6 replies
Can you give us some context, including your monthly rental income and your loan payment?
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15 November 2024 | 1 reply
Is there something in this I should include especially with the delayed purchase?
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16 November 2024 | 3 replies
Utility Costs (Water, Gas, Electricity):- Paid monthly by the tenant unless included in rent.
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16 November 2024 | 7 replies
In your analysis, be sure to include those criteria the investor considers most important (cash on cash, cap rate, DSCR, etc).Also consider what you know about the private lender @Michael Dallas.
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14 November 2024 | 10 replies
If it's not included in the rent, many companies charge a flat fee to monitor & pay utilities.2) Assuming you're referring to resident benefit packages, renters insurance, and other charges for services the PMC offers to tenants.
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14 November 2024 | 1 reply
I understand that that a home in Jerome Village would already have property tax, that would include additional fees for the roads, infrastructure, etc. and that it's based upon "millage" and the home's assessed value.
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18 November 2024 | 16 replies
I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).
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19 November 2024 | 6 replies
I've included an example below to help illustrate this.So different lenders have different rates (which do vary even for DSCR loans) but these are factors they all consider.See example below:DSCR < 1Principal + Interest = $1,700Taxes = $350, Insurance = $100, Association Dues = $50Total PITIA = $2200Rent = $2000DSCR = Rent/PITIA = 2000/2200 = 0.91Since the DSCR is 0.91, we know the expenses are greater than the income of the property.DSCR >1Principal + Interest = $1,500Taxes = $250, Insurance = $100, Association Dues = $25Total PITIA = $1875 Rent = $2300DSCR = Rent/PITIA = 2300/1875 = 1.23If a purchase, you also generally need reserves / savings to show you have 3-6 month payments of PITIA (principal / interest (mortgage payment), property taxes and insurance and HOA (if applicable).
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18 November 2024 | 12 replies
Did you include a TI budget for the new tenant?