All Forum Posts by: Lakshay G.

@Edita D. @Bruce M. 

Thanks for sharing. You know stuff like this scares me. I'm about to close on my very first rental property (in Maryland). Yes this a great path to achieve financial freedom but boy oh boy. 

The type of insurance that's being discussed here, is this coverage on top of the home insurance policy? Or does this insurance part of the mortgage and escrow and stuff. Thanks and sorry to ask a silly question. 

Thanks @Tom Gimer  yes I'm going ahead with the deal. I'll be buying ground as well. 

@Cody L. I am just securing my first deal. It's not "cheap" in Maryland to form and maintain LLC as compared to other states. Should I create 2 LLC in your opinion? I was just thinking of opening one. Another issue is lender, he won't give loan to LLC. The property has to be on my name for him to give me the loan.

Thanks @Will Barnard. Yes I think I would be okay to pay attorney for my first one. Loved your keyword 😂). 

Thanks Everyone!

wow this discussion turned into something more than I expected which is great! Thanks everyone. 

As we are on the topic of credit scores. I'd like to ask a question. I always pay my credit card every month no matter what. My employee told me that as long as you pay "minimum balance" every month and pay off the balance, the credit score won't take a damage hit. He said as long as you aren't late in making the minimum payment. I disagree with him as paying on time does effect your score positively BUT does paying it off in FULL every month make it any better?

@Tim Youse Incompletelybagtee with you and I actually am in same boat as you are but a lender won't say no to you at 795. Now if your score was 550 and dropped to 519. That's a different ball game. 

Thank you @Chris Mason  thanks everyone. 

Thank you for your reponse @Mateusz Prawdzik. Thank you for clarifying bunch of things. Speaking of good interest rate, it just went up to 4.98% My lender is legit but if I am not wrong, because they're local bank, they do loans only in Maryland but I will share his information with you if you're still interested and I could be wrong.

And I truly appreciate your offer to help me and I will happily appreciate your help. I will send you a message soon. Thanks again.

I am securing an off market deal in Anne Arundel County Maryland. Because it's my first deal, I think my lender is charging me high fees for settlement purposes. For example, appraisal fee is $650 and when I questioned him, he stated "investment properties usually cost more to appraise" which sounded pretty fake to me but I don't know any better as of current. My parents bought an expensive home last year and there was no wire transfer fee but he's charging me $40 for it. Underwriting fee - $575, Processing fee $495. Settlement Fee $950, Survey Fee $250. And what the heck is re-inspection fee (charging me $175) for? This lender already has put a hard hit on my credit score but if he's charging me too much $, I will leave him and find a new lender. This property is very close to Baltimore county.

Property price $110,000. Interest Rate 4.9%

Thank You.

Thank you!

thank you @Roland Paicely does a contract need fancy wordings as per your opinion? Should I pay the property owner a certain amount to secure the deal?