All Forum Posts by: Michaela Manco

What is your favorite tenant screening tools? I hear Cozy mentioned a lot here. How long does it take for the background/credit check to be complete using Cozy, is it instant?

Thanks all for the input! I did close today. I will start a new thread with all the specifics of the property. For now I will say wow was it stressful, right up to receiving the wrong set of keys at closing. I am very grateful for a fantastic loan officer and buyers broker that really aided in getting this messy deal to close.

@Russell Brazil value was okay, and lender said that they didn’t see any problems with the appraisal. There weren’t any conditions.

@Russell Brazil because I keep asking my lender for an update and there isn’t one. They are waitIng to hear back from the underwriter regardIng the appraIsal. l When I have asked all week if we are on track to close Friday I don’t get a clear answer just that they are working on it...

@Wayne Brooks thank you for response. I have the closing disclosures that have already been signed stating a closing date of this Friday.

Hello, I’m under contract on a house that has been nothing but nightmares the entire time. Appraisal was completed last week and sent to the underwriter first thing Monday morning, I have been checking with my loan processor every day all week for an update and there has not been one. Should I be worried? We are supposed to close Friday. This is an FHA loan.

I'm in a similar position. I graduated with my BS in 2015, got a decent w2 position and am now about to close on a house hack. I did not pay off my student debt before making the decision to invest. I found a 3 unit property and the rents from 2 units covers the full PITI, meaning I can live in the 3rd unit for very little. Of course I will still have maintenance/upkeep costs and vacancies. In my neck of the woods a one bedroom apartment runs $1,000+. I could live in the house hack for very little freeing up much of my income to deal with the burden of my student loans or I could continue to pay over $1,000 a month for my apartment and my student loans as well. The decision for me was easy.

I was used to living on my 9-5 salary with a little left over to go to savings. I picked up a second job and had it set up so that everything I made from that side job was directly deposited into my savings account to go towards down payment/closing costs. I also started to live very frugally to maximize the amount of my 9-5 salary I could save.

@Chris Mason I’m just happy that I’ve been refunded for the original appraisal and will only end up paying for 1. There will still be a cost for extending my rate lock and I don’t think I should be responsible for that fee either.

It's been a stressful couple of days but to provide an update on this I'm being refunded for the original appraisal and a new appraisal with a different company is going to be scheduled for next week. The appraisal said all over it that the listing agent informed the appraiser of this "plan"...