Please feel free to contact my San Marino office. Just let them know I sent you.
Or email me at Susan@SusanBour.com with your contact info, and I'll someone contact you.
Have a wonderful day!
(310) 600-4240... more
Now that you understand the ins and outs of financing an investment property, you realize that hitting a wall with one lender does not mean that you can’t go further with your financing. It means that
I would be happy to send you a list of available fixers in the 90032 area. Please contact me directly by email at JamieTian@RodeoRE.com or by phone at (310) 717-1321 and let me know your budget.
DRE #01920120... more
Something is way off, because the settlement statement includes all closing costs, prepaids, and down payments as one accounting sheet with a total value to bring to the table. If you're putting 20% down, that is already $32,600. There are so many variables on the rest of the closing costs that it's best to have this discussion with your agent.
Are you escrowing the taxes and insurance? If not, then you will need to prepay a year insurance and provide 2-4 months advance for taxes and insurance as well and all are part of your closing costs. The survey is part of your fee if you didn't negotiate for the seller to pay. The appraisal is part of your fee. The title police can be negotiated for either side to pay. A lenders title police would be yours. Recording fees would be yours and then there are flood certificates, underwriting fees, loan origination charges, etc....
You can negotiate for specifics such as Title Policy or Survey or you can ask for a blanket value to cover some of your closing costs up to the cap value of the loan type. The actual costs separate from the down payment can vary greatly depending on the type of insurance, the need for flood insurance, the tax rate in your area, etc...I recommend sitting down with your agent to go over the settlement statement. Good Luck.... more
The best investment in rental property is a long-term committment to a rental business and only as good as the daily management of that property. The problems of rent collection, prolonged vacancy and physical condition of a small property are even more pronounced because one unresolved issue can consume the operation. Example: one vacancy is going to represent a huge vacancy factor. Property management doesn't seem like a big deal. It's literally lots of little things; things that are important but can be overlooked or postponed by an owner with other priorities. In addition, the 8-10% of the collected rent that is normally charged by companies that specialize in small rental properties is a relatively small cost for an additional buffer against the ongoing liability of fairhousing laws, landlord-tenant conflicts; not to mention FTB, IRS and other regulatory requirements. Neil Fjellestad... more