All Forum Posts by: Jorge J Gonzalez

Just bought a new rental but the previous owner smoked a pack a day.  The whole place smells like cigarette smoke.  Painted the whole place but didn't even change the smell.  The carpeting is only about one year old and I don't want to replace it if I don't have to, any suggestions?

I'm buying a condo in Raleigh, NC to rent and I've been wondering if I can still use landlord insurance and if so, what is the best insurance broker in Wake or Durham county.  

Thanks for the help!

Mike and Roy, 

My property manager recommended Brent Lowell at Community Choice Credit Union.  BP doesn't let me post email addresses or telephone numbers so you will have to look it up.

I'll love to know as well.

Anyone have any good strategies for shortening the eviction process in Puerto Rico.  My Moms has two income properties but one needed an eviction.  The tenant didn't pay for three months and the court granted the eviction but tenant had six months to move out.  Total of 9 months of no rental income.  My Mom new a landlord that got his tenants evicted in one month but didn't want to say how.  If anyone has any advise please reply.

FYI, this was before the two hurricanes that devastated the island.  Also my mother's properties are fine.

Thanks,

Jorge

Josh, Phillip is correct on the property.  While I don't know if the property is section 8, it is definitely a low income rental area.  I drove by the property and the area has about 10 duplex buildings across a low income apartment complex.  If it's not your type of flavor of income property then I would move on.  

All, 

I think I jumped the gun.  WF explained that the document given to me was a loan estimate that reflected conservative number.  The numbers didn't take into account my real insurance or prorated taxes.  I'm cautiously proceeding, since this is my income property I'm guarding my down payment and closing cost to make sure I can cover it.  

Thank you BP family for all of your explanations.  It was very helpful.

Hi BP family

I'm getting ready to close on my first income property with Wells Fargo.  Closing cost are $2792.  Wells Fargo is also adding another $3709 in "other closing" cost for a total of $6501.  The other cost includes an estimated cost of 14 months of insurance and six months of homeowner insurance they want me to prepay.  

I was expecting the closing costs of $2792 but not the $3709.  Which if I pay will not leave me with any cushion for safety.  One of the charges is "Title-Lender's Policy" for $417.  Not sure if this is a reasonable charge either.

I have a competing loan that is not charging as much as Wells Fargo.  About $1000 less at closing and the interest rate is .5% cheaper than wells fargo.

This normal?  Anyone have any advise or insight on pre-payig 14 months of insurance and taxes?

Thank you in advance,

Jorge G.

I'm working on closing my first deal in Grand Rapids, MI and looking for a property manager.  My realtor recommended the companies below.  Looking for opinions on the property management companies below or chime in with the one you have experience on and if the company works for you. (or not)

Recommended to me Urban Pharm & Rent Blu

My income property is a 3bdrm, 1 bath single family home about 1400 Sqft, in a good locations.  Average rents are $1300.00

Thanks in advance BP family