All Forum Posts by: Eileen L.

Hello,

I have USAA for all of my insurance needs (primary residence, 2 rentals, car, umbrella) and they give a good discount, since I’ve had them for over 10 yrs and bundle. For lenders, I’ve used Navy Federal Credit Union for both of my investment properties and the process was really smooth. I would recommend looking into them for lending if you’re eligible for an account. Good luck!

@Michael Platte

There was an inspection report saying there may be damage for these things, but I was just told today I would need a licensed professsional in these areas to come out to complete an inspection/repair anything they specify. It seems like it's going to be really expensive and that's my concern with having to pay more upfront than I planned.

Hello,

I'm trying to decide what's the best route to take. I've listed the info below on property, but my lender needs all the below fixed in the next week to stay on track to closing. I was expecting to fix these in the next year, but not all at once. I've already invested $2k into purchase ($1500 for EMD, $500 for Roofstock fee). Should I pay to get estimates for everything and hope it's manageable or cancel? With interest rates rising, I checked with another lender and they're already in the 5's. Thank you in advance!

Loan Info:

$74500 Purchase Price (Down Payment $18,093)

Loan Amount: 59,600

Interest rate: 4.375% (Redfin estimate listed as $121k/Appraisal listed as $74,600)

Repairs Required:

- Roof certification confirming remaining economic life of no less than 2 years or proof of roof repair/replacement by a licensed roofing contractor

- Plumbing inspection and certification from a licensed professional; repairs as indicated

- Electrical inspection and certification from a licensed professional; repairs as indicated

- Structural Report to be completed by a licensed engineer; remediation/repairs as indicated

- Chimney must be inspected by a licensed professional and repairs completed.

Hello, 

I'm trying to decide what's the best route to take. I've listed the info below on property, but my lender needs all the below fixed in the next week to stay on track to closing. I was expecting to fix these in the next year, but not all at once. I've already invested $2k into purchase ($1500 for EMD, $500 for Roofstock fee). Should I pay to get estimates for everything and hope it's manageable or cancel? With interest rates rising, I checked with another lender and they're already in the 5's. Thank you in advance!

Loan Info:

$74500 Purchase Price (Down Payment $18,093) 

Loan Amount: 59,600

Interest rate: 4.375% (Redfin estimate listed as $121k/Appraisal listed as $74,600)

Repairs Required:

- Roof certification confirming remaining economic life of no less than 2 years or proof of roof repair/replacement by a licensed roofing contractor

- Plumbing inspection and certification from a licensed professional; repairs as indicated

- Electrical inspection and certification from a licensed professional; repairs as indicated

- Structural Report to be completed by a licensed engineer; remediation/repairs as indicated

- Chimney must be inspected by a licensed professional and repairs completed.

Hello, 

I'm currently in escrow and the current tenant's lease is expiring this month. I requested info from the seller's agent to see if they were going to stay and renew the lease, since their year is done at the end of March. They said the tenant is going to stay and will renew lease, but the current lease states the rent will go up 3.5% every year. The lease says it's valid for 5 years, if they stay and do not put in a notice.

I've just seen the rental transaction history for the tenant from last summer until now. It looks like they had an unpaid balance last summer for about $700 and haven't been able to catch back up.  There was a water bill for about $200 that put them even further behind, but they have been paying the rent every month from a Section 8 payment and supplementing the remaining payment themselves. However, due to the unpaid balance they have, they keep getting $50 late fees every month and are getting further in the hole. I'm assuming the debt will be with the current owner and I'll start with a zero balance with them, but now worried there may be future issues. I'm planning to use the PM that I already have for my other rental, so it will no longer be the current PM as well. I'm already in escrow and see this being a good deal long term, just looking for any advice/precautions to handle this current tenant. Thank you in advance!

@Esther Tama Hi Esther, I saw you’re from Chino, I’m in Ontario! I’m currently buying my second investment property out of state, but just started last year. If you’re interested in sharing any learned lessons so far, I’d be interested in discussing over a virtual meetup or coffee. -Eileen

@Andy Webb thank you!

Thank you Joe

I just refinanced my primary residence 2 months ago and my new lender has already sold my mortgage to another company. If I would like to rent out my residence and buy another house to live in, would I likely be able to at this time since I'm no longer with that company? I'm going to reach out to the new company, but just curious if it's even worth pursuing. Thank you!

Thank you for the reply!