All Forum Posts by: Josiah Guyer

 this is my estimated details sheet

 FICO is 767 not sure what my dti is. 

@Jaycee Greene True my personal residence isn't purely an investment but it also is a duplex that I'm house hacking. I'm going through a brokerage. I think it is through a bank. 

Hey all, I have not closed a conventional mortgage for investment purposes before. I currently have a deal under contract and am working with a lender. I used this lender before for my personal residence and was pleased with them but currently they are wanting to charge me 7K in fees on top of closing costs. I have a duplex under contract for 215K, 25% down (54k), closing is 7K, and lender points and fees are 7k for a total of $68,000. Interest rate is around 7.125%.

Do these fees seem unusually high or am I just out of touch with current lending costs? Any thoughts appreciated.

Thanks

@Nadir M. Call your insurance agent and ask if they would be okay with it. The insurance company that covers my rentals told me to avoid certain dog breeds and swimming pools even if they are the tenants' property. Even if I don't install it or own it I'm still liable.

I would recommend trying a local bank or credit union. They are typically more flexible with small purchases, although they may make you get a commercial loan which will raise your interest rate a little. Never purchased in Florida though. If your lender keeps lagging in communication, I would recommend you shop for a new lender. 

I purchased a duplex as my first investment property on July 30th. The property is already rented at $750 per month per unit, which is a little low for a 3 bedroom 1 bath in south central PA. Typically a 3 bed 1 bath should be renting $800-$900 a month for a standard apartment. However the house was not well maintained by the previous landlord and the lease makes the maintenance of the stove and refrigerator the tenants responsibility, with the stipulation that the appliances must be in working order at the end of the lease. Also, the tenants are responsible for purchasing their own washing machine and dryer. Should I change the lease at the end of the term to make the maintenance of the appliances my responsibility, at least for the stove and refrigerator and raise the rent? 

Okay thanks! 

Where can you find specific landlord/tenant laws in Pennsylvania? I have been doing some research and have found that much of the specific laws pertain to the borough rather than just state requirements. I'm new to the real-estate investing world and looking to invest in a duplex in the Mercersburg area.