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4 December 2024 | 6 replies
You will need down payment money, You will need cash reserves Money, you'll need closing costs money, and you will need to get a bank loan.
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5 December 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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11 December 2024 | 68 replies
Without cash reserves and solid credit, that is difficult.
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4 December 2024 | 2 replies
Also confirm that county maintenance liens are added to the tax debt.Fourth, you can contact your county ordinance department, usually those who handle house condemnations and mowing liens, and provide them with the property tax number, photos of the violation with a complaint from the named neighbor about the risk.
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6 December 2024 | 17 replies
Make sure you have enough saved up not only for the down payment but also closing cost, plus some reserve in bank accounts or in other investment accounts!
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1 December 2024 | 7 replies
.: @Jonathan GreeneDo you know how Auction.com set the reserve price if property owned by FreddieMac ?
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4 December 2024 | 7 replies
For the minor stain, I would probably get in touch with the cleaner to confirm whether it was there before and/or to correct the issue but again your property manager should probably be doing that.
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9 December 2024 | 23 replies
I have read many times that if you notify someone and they don't do anything then they own the blame because they knew of the risk and chose not to correct it.Your correct if a healthy tree or limb falls on your property then you have to fix the damage yourself.Consult an attorney and your insurance company to confirm.
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3 December 2024 | 6 replies
It would be worth paying a third party to go and check the work for you to confirm it's completed before sending the funds.