All Forum Posts by: Rumen Mladenov

@William Lewis I used to do the multiple trips thing. Then I signed up for e-file, I had to take a free course to be eligible for it, but now I only go to the court for the actual hearing - all else (complaint, request for writ of possession, wage garnishment request) is filed online. If I make a mistake, I get a rejection notice within 24 hours with instructions what needs to be corrected. Check it out if you are still managing properties in Delaware.

Hey Derek,

I focus on Newark and Bear, and would recommend them except you would need a little more money to buy something in a decent area. For 60 k you could get something in Sparrow Run, an area I avoid due to higher crime rate... New Castle and some areas in Middletown are a little lower priced and still decent, you might want to take a look at them.

I am currently working on a 3 bedroom 1.1 bath 1225 sq ft townhouse in Newark and a 4 bedroom 1.1 bath in Bear (fourth bedroom was a garage at some point, I assume), let me know if you want to take a look at them. I will be happy to share how I purchased them, for how much, and what rehab cost me if you think it might be useful to you.  

Rumen

@Chris Mason I tried to convince two lenders that counting all mortgage payments as debt and only the net income from Schedule E as income is wrong, but they wouldn't listen - they just said the formula is clear, add all income as shown on the tax return and add all debt as shown on credit report, and then divide one by the other... My DTI is astronomical so I do not qualify. I applied with a third lender for a HELOC, he asked me what the purpose of the loan would be, and I told him I plan to renovate a rental property I just purchased. Got rejection letter saying that the loan cannot be approved for business purpose... Emailed him that I changed my mind and I will blow it all on a fancy vacation and a big screen TV, to please reconsider my application :) I do not expect a reply. Dealing with lenders can be frustrating.

I've been doing it for years. A good tenant who has been less than a year with me gets $50, a good tenant who has been with me more than a year gets $100. Bad tenants get nothing. I initially labeled those holiday gifts, but as @Thomas S.mentioned some felt the need to reciprocate, so I changed the wording to "tenant appreciation gifts".

What @Rosston Smith said. I helped my mother buy a house in Middletown with a FHA loan. The down payment was 3.5%, but I advised her to request 3% settlement help and the seller agreed. She ended up paying 0.5% down, plus closing costs. Can't go much lower than that...

Add me to the notify list for the next meet up!

Hey Glen,

I was not successful getting Delmarva to bring the natural gas line to my house, but I have a couple of friends that used my HVAC guy to do this switch and they were happy with him. PM me for his info.

Keep in mind that you can't keep the oil tank there after you switch, it will have to be removed. The HVAC guy can arrange it for a fee, or you can do it on your own. If it is not empty, you will have to drain it first, or wait and do the switch after you burn up all of the oil in the tank.

Hey @Peggy Mitchell, welcome to BP. I see in your profile that you are looking for a 30 year fixed rate lender on 4+ rentals - are the properties in your name, or LLC? I hold mine personally, and I was able to get fixed mortgages beyond 4. I will be happy to give you my lender's contact information if you want it. They require 6 months PITI on all properties (including new one) in reserves, plus 25% down payment and closing costs in seasoned funds.

I use Windowland in Newport DE when I need a sash fixed. I bring the broken one to them, and pick it up fixed the following day.

Thanks @Brian Tome for the tour and the pizza! That is a very ambitious rehab, I hope it pays off for you in the end.

I have a rental rehab going on at the moment in Newark DE, if anyone wants to see it just let me know. I am not moving any walls or putting beams, just making it functional at a reasonable (low) budget.