All Forum Posts by: Joshua Taffe
Joshua Taffe has started 14 posts and replied 31 times.
Post: Can't paint unit tenant
- Rental Property Investor
- Queens, NY
- Posts 33
- Votes 9
Quote from @Nathan Gesner:
Why would you paint while the same person lives there?
She's trying to dictate how you manage your property. I would be dollars to donuts she's more than 10% below market rate. Is that right?
I would give her notice that you won't renew her lease. Give her flexibility to finish the term or move out early, whatever works best for her. Then paint the place and rent it to someone else at market rate.
I have had the property since hurricane Sandy. You don't paint for long term tenants?
Post: Can't paint unit tenant
- Rental Property Investor
- Queens, NY
- Posts 33
- Votes 9
So I have a long term tenant who has been there since 10 years plus longer than I've had the property but complains that I haven't painted the place since she's been there but the lease is up and I am raising the rents. I've offered to paint the unit but she claims she can't take the paint fumes and I said ok give me a a day she says will I put here up in a hotel or a weekend she says she won't leave her apartment and have people in the unit around her belongings. Any thoughts?
Post: Section 8 Tenant LLC
- Rental Property Investor
- Queens, NY
- Posts 33
- Votes 9
I have a tenant that recently got approved for the section 8 voucher, I am filling out the owners' application. I wanted to know should I fill out the W-9 to be accepted in my name as the individual or in my LLC, even though my LLC doesn't own the property. I am asking because of tax implications. Also, I wanted to have a little more income flow through the LLC to possibly be able to purchase a rental property with the LLC. TIA
Post: Am I getting taken advantage of.
- Rental Property Investor
- Queens, NY
- Posts 33
- Votes 9
Quote from @Aaron Pfeffer:
$36,000 in closing costs for that loan size? That seems...relatively insane.
2% of loan amount (Points) $8,800.00, app fee $595.00, discount $2,200, origination fee $4,400, processing fee $595.00, underwriting fee $895.00. Then the title company's charges are roughly $3700.00.
Post: Am I getting taken advantage of refinance closing costs
- Rental Property Investor
- Queens, NY
- Posts 33
- Votes 9
Quote from @Marcos Gonzalez:
Seems a little high. That could be due to to a couple variables like FICO score, LTV, and the rate. With the loans I am originating those cost can get you a rate in the 3s with points. Another reason they are high it could be that it is an FHA loan.
Not an FHA, conventional loan on an investment property. After the cash-out refinance the LTV is going to be 67%.
Points $8,800.00, app fee $595.00, discount $2,200, origination fee $4,400, processing fee $595.00, underwriting fee $895.00. Then the title company's charges are roughly $3700.00.
Post: Am I getting taken advantage of refinance closing costs
- Rental Property Investor
- Queens, NY
- Posts 33
- Votes 9
Quote from @Mohammed Rahman:
Hey @Joshua Taffe - 8% closing costs does seem pretty steep. In my experience closing costs are roughly 2-4%; unless your bank has any reason for the higher closing costs that they've disclosed to you? Fees, processing, etc.
You should also pushback to your bank and encourage them to lower closing costs amount, banks are able to do that. The volume of refinance loans in the market has dropped significantly since last year and banks are more willing to have a discussion about making concessions if needed to get a deal done.
Points $8,800.00, app fee $595.00, discount $2,200, origination fee $4,400, processing fee $595.00, underwriting fee $895.00. Then the title company's charges are roughly $3700.00.
Post: Am I getting taken advantage of refinance closing costs
- Rental Property Investor
- Queens, NY
- Posts 33
- Votes 9
Quote from @Gianny Niebla:
Quote from @Joshua Taffe:
I have 400,000 in equity in a deal... I am trying to do a cash out refinance for 160,000 the mortgage bank I am working with is giving me the 160,000 but out of that I am walking out with 75k... 40k towards debt... And closing costs are 36k... My rate is going from 4.62% to 5.375%. This is the problem I'm having with deals the closing costs I feel are out of this world. Roughly 8% of my loan amount. I owe roughly 280,000 but my appraisal came back 650,000. Any advice with what I have going on here.
Post: Am I getting taken advantage of refinance closing costs
- Rental Property Investor
- Queens, NY
- Posts 33
- Votes 9
Post: Am I getting taken advantage of refinance closing costs
- Rental Property Investor
- Queens, NY
- Posts 33
- Votes 9
I have 400,000 in equity in a deal... I am trying to do a cash out refinance for 160,000 the mortgage bank I am working with is giving me the 160,000 but out of that I am walking out with 75k... 40k towards debt... And closing costs are 36k... My rate is going from 4.62% to 5.375%. This is the problem I'm having with deals the closing costs I feel are out of this world. Roughly 8% of my loan amount. I owe roughly 280,000 but my appraisal came back 650,000. Any advice with what I have going on here.
Post: Am I getting taken advantage of.
- Rental Property Investor
- Queens, NY
- Posts 33
- Votes 9
I have 400,000 in equity in a deal... I am trying to do a cash out refinance for 160,000 the mortgage bank I am working with is giving me the 160,000 but out of that I am walking out with 75k... 40k towards debt... And closing costs are 36k... My rate is going from 4.62% to 5.375%. This is the problem I'm having with deals the closing costs I feel are out of this world. Roughly 8% of my loan amount. I owe roughly 280,000 but my appraisal came back 650,000. Any advice with what I have going on here.