All Forum Posts by: Syl Rey

Have you applied for a loan yet? Just figure out what bank you want to go through and get the ball rolling. Having had one item in collection, which you paid off, is not going to disqualify you.  Try to dispute it from your credit history if you’d like but other things like your credit score and debt-to-income ratio are more important when applying for a mortgage.

Deisy- consider this a learning lesson! Get several quotes before you go with someone.  As a female with no man on my side, Angie’s List has been helpful. Also try Next Door app for referrals in your neighborhood.  Once you get the first guy to look at something, you can tell the next guy that you were quoted significantly lower - even if it’s not the truth b/c you can only assume that as the solo female boss they will try to take advantage.  Maybe he’ll go down a bit and you’ll be somewhere in the middle. And let them know you’re shopping around b/c they’ll give you their best price; after all, they want your business!  I’ve had two instances where I used the bidding war.  Ex #1: I needed 2 trees cut in the backyard. The first guy quoted me $2K. The second guy $1500. The last guy got the job done for $900 and offered me that price because he had another job nearby and wanted to take advantage of the proximity- and we grew up not too far from each other.  Use your charm, intellect and some negotiating skills and you’ll survive!

Sooo the seller doesn't want to do repairs and the bank I wanted to use from my first deal said they wouldn't finance. we discussed possibly withholding funds in escrow but the lender said that will only work for a primary residence, not a rental. I don't know if COVID-19 is changing certain restrictions... So I'm looking for another lender now. Just seems odd to me that this would be a problem especially if I am willing to fix the roof upon closing. I have never defaulted on my mortgages, have job security and rental income coming in from an investment property and house hacking. *** I just realized I am only getting $5 more renting a SFH in FL than I am renting a room in NYC! A room vs a house LOL! Location really is everything. ***

@chad Yes, the bank told me they won't finance if the roof has less than than 3-5 years life left. I thought about asking another lender but didn't know if that would ruin the new relationship I'm developing with this bank, since I just closed on my first SFH rental with them in July....

Hi everyone, I currently have an offer accepted on a duplex. After a home inspection, I found that one of the roofs needs to be repaired in the next year or so. I’m told the bank won’t finance if the roof needs to be repaired so soon.  I was planning to get a conventional loan with 20% down.  We are seeing if the seller can fix the roof so that we can finance this property.  The asking price has gone down in the last week some more so I am willing to stay at our offer price if they fix the roof.  Because it’s a small 2 bedroom, I was told by the home inspector that someone can probably repair that one roof for $5K or less.  I don’t want to lose this deal so I wanted to ask for opinions/suggestions on what I can do if the seller refuses to fix the roof so that I can get a conventional loan. I do not have enough money for an all cash offer.  Has anyone ever repaired something while they were under contract in order to get financing- before closing? If so how did you structure that on the contract to ensure the sale goes through and you don’t lose out on the money you put down for the repairs?  I’d be willing to offer less on the property and do the repair myself if it was guaranteed that I would close on this property.

I just bought my first house ever this year in Queens, NY. I never thought I would buy a home in NYC because it's so expensive but then I did the math for how much I've paid someone else in rent and that could have easily been my down payment on my house lol. So I bought a house that has a basement with a full bathroom, no kitchen. I answered an ad on Craigslist for a recent college grad looking for room, sent her pics and she said it was perfect. We met and the rest is history. My daughter who is 13 is totally cool with her being downstairs. She knows what my "tenant" pays in rent helps me pay the mortgage and as a single parent household, it's made the transition from renting to buying doable and affordable. In NYC! So aside from teaching my daughter some business sense, my tenant brings me peace of mind when I'm away for work or on vacation. She helps take out the trash, waters my plants and bring packages inside.  Being in the basement, sometimes she's the first to alert me to plumbing issues lol! She's low-key and has made house-hacking a win-win situation.  I'm sure if you choose to house hack, you could pick potential babysitters and give them a discount on rent if you need to use them, or as one person commented on here, pick a family with children the same age to be playmates.  The great thing with house-hacking, you're the boss and you can negotiate the terms, i.e. Maybe yard work in exchange for reduced rent. Make it work for you and your family! I really think the pros outweigh the cons.