All Forum Posts by: Jiva Segaran

Does Buildium allow direct deposit or other tenant payments?

Most of the auctions are going for crazy money right now in MA. Be careful and try not to bid on any with people still living in the property, very tough to vacate and can kill you with holding costs. Check out a few live and get a feel for it! Good luck.

Do not be afraid of section 8, 90% of my tenants have a voucher and I was paid on 100% of my rents throughout the pandemic thankfully.  Usually they keep up with market rent and there is more paperwork and inspections involved but that keeps your property up to par and direct deposit is nice. Hit me up with any questions but its pretty straighforward. Good luck!

@Jack Knight Aloha , I usually offer to pay the security deposit on their new place and go from there. $2k seems like a common number people usually jump for. Good luck!

Thanks for the input, ok the consensus is that it is normal especially being my first with this bank so I plan on asking them to drop it but if they say no, maybe make up better terms on the next loan with them. 

Rate is very good 4% with half point and cash out so I'll def move forward either way. 

Aloha BP fam, Im doing my first cash out refi on a 6 unit residential property and one of the Bank's terms is a prepayment penalty starting at 5%. Is this common? I'm thinking of requesting they take that out but the rate is great. Also a half point commitment fee. Thoughts?

Aloha Guys, Im seeing rates for my investor clients putting 25% down about 3.75-4% on 30year fixed (with about a point) .  Im personally doing a cash out refi on one of my investment 3 unit property and looking at 3.625 with 1.5 points. Non cash out would be 3.5 with .625 points both 30 year fixed. Im told lenders dont really like cash out refis right now and especially not self employed. 

My title is a humorous hint as to which way I am leaning. LOL

Ive been debating this as my goal is to buy a larger multifamily property but thought Id get some feedback from the BP Fam. 

I have a 3 unit multi that is cash flowing and stabilized nicely with paying sect 8 tenants. Net $1500/mo. I have $250k in equity and currently under a loan that has PMI.

I can cash out $100k refi , get rid of the pmi and a lower rate thereby keeping the monthly payment about the same (might have to pay a point due to investment property and Im  self employed.) I would not be able to go as large of a multi on the new purchase. 

OR

Sell to get the full $250k (minus closing and commissions etc costs) and do a 1031 exchange - but I lose the $18k/ year in income. 

My plan c would be to sell to an investor as a "turnkey" investment property and continue to manage it thereby retaining some of the income as a property manager.  

Thoughts?

Tax Assessed values are mostly outdated values since the towns usually only reassess after a purchase or permit is pulled on the property.  So it only goes up 1 or 2 % every year which is WAY below the recent raise in property values thereby creating the difference.  Banks will do their appraisal so you should be fine. Dorchester is an interesting market to watch as we are seeing a decrease in rental rates in Boston due to decrease in demand.  The rates are so dang low, the numbers still seem to work! Good luck!