All Forum Posts by: Shane Brown

Hello all, Buying my first home, my dad has about 35 years in the industry and I would like him to do my home inspection because he will really be looking for my best interest and also knows everything a home inspector would know. He just inspected his own final home and was able to negotiate the price down 7,000 because of it. Problem is he is not licensed and I live in Vermont. The realtor is really pushing for us to get a licensed inspector for negotiations, but me and my father both feel very confident the home is in great shape and nothing major will come from the inspect other then maybe a electric outlet having to be swapped out maybe or something of that sort, he’s so confident he said he would cover my 1,000 deposit if we had to back out of the deal if something big came up they were not willing to cover. Should I just pay up the 500 for the inspection and 130 for radon test or just have my dad do it. Thanks everyone!

Thanks for the input, currently im comparing Homebridge and NEFCU. interest rates are the same, i think NEFCU closing might be a cheaper but the mortgage officer does not seem to be the most helpful, so i may still go with homebridge.

Hi everyone, 

Currently in the process of trying to buy my first home. I am just curios if anyone has some idea of what bank, CU or mortgage company has the lowest closing cost fees. Currently looking at one that will run about 6,000. (loan price is 227,500)

Thanks!

Hello all, I am currently looking to purchase my first home here in Vermont. There is a home I found that I love, I am going to be using FHA. Does anyone have any recommendations on best bank or credit union to go through for the best rates or programs to help with down payments, or closing cost anything like that? Thanks!

John Leavelle yeah I’ll have to get the info on when everything was replaced in the building. I know the water heaters are all 5-6 years old but they only last about 10 years? As far as vacancy I don’t think it should be to tough to fill an apartment within 2 weeks of tenants moving out if you’re prepared ahead of time and bust you back getting all the painting and touch ups done within the first week or so. Yeah I do plan on house hacking and know that will take away from my bottom line but I’ll just plan to pay rent to myself instead so I’ll still have that money saved Incase it is needed.

Andrew Johnson Yeah I just don’t want to over price capex in a rental unit or vacancy rate and miss a good deal because I calculated wrong. Or the opposite and not save enough thinking something is a good deal when there isn’t enough cash flow for the upkeep. Most of the repairs as far as painting and flooring, the basic stuff I will be able to do myself. Fixing a heating unit stuff like that I will have to outsource. Thanks for the input though. Amy Paradis so you guys haven’t had a problem finding new tenants and filling vacancies in the area? Also I think I looked at Vermont Federal and decided on peoples trust because at the time I could get the best interest rate there but that was about 6 months ago so I’ll have to check back. Also I am not sure if PMI drops off on their FHA loans so I’ll have to check that out.

Mike Warder most of the properties in my area were built in the early 1900s so they all are a bit older. The property is currently going for 200,000, I would like it get it for 190,000 though so it all depends on that. Because I am doing the owner occupied if I buy the property, is there a certain point that the PMI will drop off because I’m not doing 20% down?

Hey guys, I am a new investor from Vermont still trying to find my first deal. I am interested in buy and hold investing and found a property that might be a good deal if I can get the seller to drop down the price some. The property I am looking at is a triplex and I would live in one unit for the lower down payment. I just have a few questions to help me with running the numbers on a property. 1. After I figure out all expenses how much should I set aside for cap ex? I see a lot of people saying 15% of monthly gross rental income. 2. How much should I set aside for vacancy? I also see people saying 15% but this seems like a lot of money, do most people need this much set aside for all rental homes? 3. How much for basic repairs such as repainting and carpet replacements? Another 15%? 4. What is a good cash flow on property like this to start, after putting everything aside if the property cash flowed 200 a month do you think it is worth it? Thanks for any help!

Hey guys, I am a new investor from Vermont still trying to find my first deal. I am interested in buy and hold investing and found a property that might be a good deal if I can get the seller to drop down the price some. The property I am looking at is a triplex and I would live in one unit for the lower down payment. I just have a few questions to help me with running the numbers on a property. 1. After I figure out all expenses how much should I set aside for cap ex? I see a lot of people saying 15% of monthly gross rental income. 2. How much should I set aside for vacancy? I also see people saying 15% but this seems like a lot of money, do most people need this much set aside for all rental homes? 3. How much for basic repairs such as repainting and carpet replacements? Another 15%? 4. What is a good cash flow on property like this to start, after putting everything aside if the property cash flowed 200 a month do you think it is worth it? Thanks for any help!

Hey guys, I have not made an offer on a property yet but found one I really like and feel like it is a good deal. With that said how do you guys screen your tenants? What do you guys use to run possible tenants credit/background check? I just want to be prepared for when the time comes and I need to start doing this I am not lost. Thanks!