All Forum Posts by: Louisa Seales

Inspection: electric panel 100 AMP; thought was 200 and may not get insurance because of it plus issue with electric boiler; ceiling torn out in kitchen due to a leak upstairs possible piping; heat pump has error 1 not working; cast iron hook up to the city that is now obsolete. House was appraised yesterday hoping at $144,000 to receive a refinance of $25,000 20% down.  I spoke with my realtor today and said we should negotiate instead he thinks the inspector is off with the reading of the amp panel and wants a buddy of his to check it. He feels we should on ask for $1000 off. Since we are in the middle of COVID 19 as a buyer I am skittish and with such tight margins would like to save as much as possible in case I am carrying a third mortgage( have one rental property townhouse and tenants paid full rent). The conditions are until April 7th? Any advise would be appreciated.

@Tim Herman  thanks for your advice. We have House Insurance, covered by the owner. Tenants have their own personal insurance, so it works a bit differently here. Mortgage rates are below 3%. I have one locked in at 2.74%. Rates are 2.99 to 2.69% and government is deferring mortgage payments to assist through homeowners through the COVID-19.

Thanks I went back in fixed the property tax, house insurance is high I pay $1045 annually for another townhouse. What percentage do you use for vacancy?  On average what would you consider a healthy cashflow is( I say this generally knowing all locations are different).

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