All Forum Posts by: Nicole (Dunlap) Pendergrass

 WOW... all my issues seem completely trivial compared to that... that's insane!

Yep, my unit would rent for $1,500-$1,600 so I'd have about $900-1,000 in cash flow.  But once I actually move out (in about 2 years), rents will have increased so I'll have little more than that :-)

@Kevin Wilson Depends on where you're at and where you're tryna go :-)

But generally I'd say make sure you read the fine print, don't trust anyone's word w/o verifying (get it in writing), don't be so eager for your first deal that you do a bad one, and don't give up!

:-) 

 I'll message you his info :-)

 Ahhhhhhhh Andy you called me out!  Another mistake I don't know how I happened to skip mentioning.... I actually didn't get an inspection :-/  I KNOW I KNOW I can hear people gasping and moaning now!  This is why:

I met with the seller's lawyer and the seller to sign the contract (I didn't have a lawyer at that point either :-/).  My full intention was to have them add an inspection contingency so I could get it inspected after we signed.  I had paid $500 for a last minute inspection on one of the condos that didn't close, so I def didn't want to shell out a ton of money for an inspection if the seller could potentially still go and sign a contract with someone else.  But the attorney basically said that's not normally how its done, you get an inspection done before you sign the contract.  In my head I was thinking "I don't care how its 'normally' done, we should be able to add anything we want to the contract!"  But we would have left the office with no contract signed for me to go get an inspection first, and I admit, I was really thirsty for a deal.  Also, the property was in the process of getting a new Certificate of Occupancy, and the seller and his attorney told me that the city does a very stringent and thorough check of EVERYTHING before issuing a new CofO.  So everything would be good and signed off on by a 3rd party.... so I went ahead a signed :-/

I actually spoke to someone at DEP (water) about the new CofO and who should be responsible if they were supposed to sign off on the meter, etc, and he admitted they (DEP's inspector) would be responsible.... 

LESSON (again lol):  Even though the city can be bureaucratic and make you jump through stupid hoops, doesn't mean all their employees will check everything they are supposed to before signing off.

I don't know if they don't look at taxes for every loan product they offer, but mine was their FHA and my loan is with Rushmore Loan Management Services (based out of Florida). I can also give you my broker's info if you want :-)

@Shadonna N., Yes def please do reach out to me if you decide to come North of Baltimore, that would be great!  And "trust but verify" was another one of those things I heard a million times during seminars/conferences and I still ended up doing more trusting than verifying :-/ #neveragain 

Thanks @Donald Placide! I'm not planning on refi-ing this one, but that's my plan if I happen to purchase more units with hard/private money.  Let's def catch up, I want to hear about Jamaica! 

@Account Closed

I fiiiiinally finished the post!

@Brent Coombs LOL, Thank you!

@Chris Mason Thanks, NY is crazy!  (side note: I used to live in Kew Gardens for a few years.... I miss that neighborhood!)