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4 January 2025 | 1 reply
Here is some key information:Property recently hit the market and has 2 cash offers alreadyThe seller provided a pre-inspection report, which I shared with 2 different lenders, both think it may fail conventional financing due to potential structural and electrical issues (realtor thinks it could pass conventional)Seller has 100% equity but is behind on other payments (not sure of the urgency money is needed)This is my first attempt at an “investment” property so I’m new to thisI see 3 optionsMove forward with an offer using conventional loan pre-qualification-Not as attractive of an offer to the seller-Possibility that appraiser calls out structural/electrical issues that need to be fixed before closing, effectively causing financing to fail- Best terms and fewest loan fees for meUse a rehab style loan such as ChoiceRenovation-Even less attractive than a conventional offer to seller, but less risk of failed financing if appraiser calls out issues-Slightly worse fees and interest rates compared to conventional-Lenders tell me possibly up to 60-90 days closing in some cases, with red-tape for contractor requirements and draw schedules (sounds like the most hoops to jump through during rehab)Use a hard money lender-Most attractive loan option I can give to seller so I can compete-Much higher fees and interest rate for me-need to refinance into a conventional at the end of rehab (not familiar with seasoning periods but I think this is a factor as well)Which option would you do?
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7 January 2025 | 2 replies
Situation 2: You are paying for your brokers fee:In this situation the seller has declined to pay for a buyers broker fee.
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8 January 2025 | 10 replies
For my wife's account the total fees to do this was a one time $75 fee.
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7 January 2025 | 5 replies
If I add up all the lender fees and my holding costs—like points, origination fees, and interest —I can figure out how much profit I’ll make and what my maximum offer should be.
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27 January 2025 | 48 replies
Also there is a management fee to pay for all of the above.
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6 January 2025 | 11 replies
No fees, no pre-pay.
3 January 2025 | 8 replies
@Christopher Alley we use a lot of private money in the rehab business, and I have never paid any up front fees.
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6 January 2025 | 12 replies
Property manager (PM) 's lawyer continued the case to get the unpaid rent from the tenant.PMA between landlord and property manager(PM) has also expired so landlord got the property back , but when landlord requested to settle the account and the deposit( there is one month deposit from landlord also), PM refuses since the lawsuit is going on with the tenant, Additionally PM is still charging the monthly property management fees from landlord even though landlord is managing the property.Landlord is done dealing with PM and requested the PM to withdraw the lawsuit against the tenant ( landlord is aware that he will loose 2 months rent), PM came back saying they cannot withdraw the lawsuit since that will violate fair housing law.QUESTION:Does withdrawing unpaid rent case against the tenant violate fair housing law ?
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9 January 2025 | 46 replies
All fixed fee with out of scope offerings as well.
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7 January 2025 | 9 replies
So, the first question they usually ask a PMC is about fees - instead of asking about services and HOW those services are executed.EXAMPLE: PMC states they will handle tenant screening – what does that specifically mean?