All Forum Posts by: Joe Mulcahy

Wow thanks for all of the insite!  This is our first rental and the first person who called had 3 cats.  I told her no but now am rethinking.   Nice to have a community such as this with tons of nice people and great knowledge! 

Looking for opinions and policies for pets in your rental properties.  We are trying to decide whether to allow it and what to charge them/policies in lease.   Thanks for your advice. 

Sherry Mulcahy 

Yes i am looking to hold. Ok thanks for the tips guys! Joe

Thanks. Does it pay to shop around and can the closing costs fee vary enough from lender to lender? Thanks sherry

We are looking for advice for our first purchase. Details: Cost of 3 bedroom townhome. REO property. 1500 square feet usually rents for approximately $1,100. Rehab under $5,000. HOA $80 a month. Taxes 2,500 a year. Insurance $100 a month. 20% down. Question about financing. Closing costs are approximately $6,800.00. What route is better conventional mortgage at 4.99% or a home equity line of credit at 2.99%? Will we save alot of fees using our line of credit. I thought the going rate for closing was 4 to 5%? We are paying an extra 1% transfer tax since the bank does not pay that. What are the pros and cons of each way? Thanks for any advice or wisdom you may have! Sherry Did not add orignation fee is $845. Also, do these fees vary from lender to lender and can you save by shopping around on the closing costs?

Details: Cost of 3 bedroom townhome. REO property. 1500 square feet usually rents for approximately $1,100. Rehab under $5,000. HOA $80 a month. Taxes 2,500 a year. Insurance $100 a month. 20% down. Question about financing. Closing costs are approximately $6,800.00. What route is better conventional mortgage at 4.99% or a home equity line of credit at 2.99%? Will we save alot of fees using our line of credit. I thought the going rate for closing was 4 to 5%? We are paying an extra 1% transfer tax since the bank does not pay that. Origination fee is 845. Also, do these fees vary from lender to lender and can you save by shopping around on the closing costs? What are the pros and cons of each way? Thanks for any advice or wisdom you may Sherry

Details: Cost of 3 bedroom townhome. REO property. 1500 square feet usually rents for approximately $1,100. Rehab under $5,000. HOA $80 a month. Taxes 2,500 a year. Insurance $100 a month. 20% down. Question about financing. Closing costs are approximately $6,800.00. What route is better conventional mortgage at 4.99% or a home equity line of credit at 2.99%? Will we save alot of fees using our line of credit. I thought the going rate for closing was 4 to 5%? We are paying an extra 1% transfer tax since the bank does not pay that. Origination fee is 845. Also, do these fees vary from lender to lender and can you save by shopping around on the closing costs? What are the pros and cons of each way? Thanks for any advice or wisdom you may Sherry

Did not add orignation fee is $845.   Also, do these fees vary from lender to lender and can you save by shopping around on the closing costs?   Thanks Sherry

We are looking for advice for our first purchase.  

Details: Cost of 3 bedroom townhome. REO property. 1500 square feet usually rents for approximately $1,100. Rehab under $5,000. HOA $80 a month. Taxes 2,500 a year. Insurance $100 a month. 20% down. Question about financing. Closing costs are approximately $6,800.00. What route is better conventional mortgage at 4.99% or a home equity line of credit at 2.99%? Will we save alot of fees using our line of credit. I thought the going rate for closing was 4 to 5%? We are paying an extra 1% transfer tax since the bank does not pay that. What are the pros and cons of each way? Thanks for any advice or wisdom you may have! Sherry

Temple is a good area for student rentals.  But you have to know the neighbor hood. Blocks close to the university are great for student rentals.  As you go further into north philly, the areas get rough.  i would suggest a visit or have someone you know go and do a drive by.