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15 December 2024 | 4 replies
Apply the 70% rule to determine your maximum allowable offer, then negotiate and get the property under contract, ensuring your agreement includes inspection and financing contingencies.Arrange professional inspections to uncover any unforeseen issues, using these findings to negotiate concessions or confirm your repair budget.
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22 December 2024 | 23 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 December 2024 | 22 replies
In the spring you can list it for market rate and have better marketing/screening strategies in place.HOW TO SCREEN APPLICANTSI recommend you include some of your key qualification criteria in the advertisement.
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15 December 2024 | 13 replies
Again, not unless its actually that your gross income (including cleaning fees) is 100k a year and your gross rents are actually only 75k.
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12 December 2024 | 8 replies
My business partner and I mainly just work with investors here and we work with first time investors all the time.
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12 December 2024 | 2 replies
This sewer line runs under 2 of the other subdivided lots that were intended to have houses on them about 400' away and ties into a city main 1 block away from the houseOct 2008 - I purchase the home and everything is great, assuming all is per plan.2010 - Developer sells one of the lots that my sewer runs under to the water district for a future clean water well site.
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16 December 2024 | 3 replies
Contractually, I'm sure I'll be on the hook for something based on their PM favored literature, but can I contest that they have done absolutely nothing for me, including not paying me as my defense?
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10 December 2024 | 10 replies
With the help of JURNY I am able to instant book guests all day as I collect IDs, selfies, credit card holds and rental agreements on every stay (yes Airbnb and VRBO included)Whatsapp: I use this to communicate with my cleaners.
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18 December 2024 | 6 replies
I need advice for creating the lease to include guidelines and wording on sharing responsibilities in the common areas.
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14 December 2024 | 5 replies
My aspirations include becoming a real estate developer, so I want to learn as much as I can.