All Forum Posts by: Lu Kang

@Doug Schorr

It most likely what @Alexander Felice mentioned that with the lower loans, your lenders are most likely doing extra work to recoup their fee. I guess my one open question would be what LTV you are getting?

I've use american federal mortgage here in the Northeast and gotten really competitive rates, but most of my refinances are at higher amounts. Normally for my cash-out refinances the quoted investment rates are around 0.5 to 0.625 higher vs a standard residential 30 year fixed. So it appears for the lower mortgage amounts, your bank trying to make money from you both ways, with a slightly higher investment rate and also additional fees compared to the value of the house. 

Based on my loan estimate worksheet In my current refinance where I locked in the rate on 07/30, my cashout loan for $187,500 is at 4.375. My closing costs are roughly 3.5K (2,000 title, 450 documentation, 600 appraisal, and 400 prepaid interest) Since my LTV is at 75%, I always waive escrow, that way I can pay all my insurance with a business credit card to get points and the free APR for a year. Now if I can figure out an efficient way to pay property tax with a rewards card and not pay a processing fee then I would be golden.

As you mentioned once you start to scale the fees will all add up, but if you find similar rates back it maybe due to original value of your loan. 

The fact that you have a 700 bill, means either significant abuse by Tenant or another water related issue. 

Even without payment, this should give you an valid reason to to visit the property and figure out what exactly is happening. If it's the tenants wasting the water, then get your lawyer to post the notice to quit right away and be prepared for the eviction. 

As prior posters, mentioned you can file a judgment and the chance to collect maybe low, but the key is to secure your property and ensure no further damage is being done to it at the moment. 

Are you planning to pay with cash? or financing? 

I'm in the Philadelphia area, and personally I have not purchased a deal in the last two years and I'm usually a cash buyer. Our market does have some deals but usually around areas that I don't feel as comfortable investing in. From the forums, either FL is good or the midwest is good and in your case you still have to get a PM which will eat into the profits. 

Personally my first deal I didn't get 1%, but maybe if you lower it in the Philly area you can find something mainly to just get started. Worst comes to worst, just keep saving and when the opportunity arises you will be there. Keep on networking and maybe somebody will be able to bring you an off market deal. 

Considering it's 05/01 right now and I'm assuming that you don't have a new tenant lined up. If that is the case, I would allow your current tenant to extend and then use the extra time to find a new tenant. Now if your current tenant lease is actually up on 05/30, then it's up to you to see if you have any new tenants lined up, if not then I would personally extend. 

The one challenge is that if you extend, your lease term end should be 06/30. Then the question is how confident you are that she will leave on time and if you have enough time turnover. Another solution is too set it up lease and have her actually end on 07/05/2019, giving her time to move and you time turnover. You could just prorate the amount to her for the extra days and deduct from the new tenants who can move over the July 04th holidays. 

Hi Kevin,

I just used "lead safe inspections" , http://www.leadsafeinspections.com/

I was able to coordinate everything online, got my certificate and results within a week. 

Sorry I couldn't make it this time, looking forward to the next meeting

Hi @Daniel Kwon

I'm by no means an expert but I can share with you my experience since I'm around the area.  (Lafayette Hill)

Once you determine budget, I would recommend working with an real estate agent and  explore the different housing options. I specifically told my agent that I wanted to find a property that I could easily find a roommate. I lucked into a townhouse with two master suites and found a roommate one month after I closed. 

Best of luck on the search