<< Back to all Blogs
Login or Create your own free blog
Layout:
Home > Main home refinance update and job update, quick question
 

Main home refinance update and job update, quick question

November 19th, 2014 at 12:43 am

HI all

Main home refinance is proceeding as planned.. looking to get a close date in the next 48 hours and they are trying to close Monday so it funds before the end of the month.. 3 day right of rescission on the loan

payoff estimate was slightly off.. I will have to contribute approx $1050.. rate is 5.375 do you suggest I roll that in (I can) or pay it.. I am thinking roll it in as I am trying to conserve cash

Job update.. talked to headhunter. they followed up last week and were told that they should get a positive response shortly.. no word since.. they are wondering if the company is determining where the funding will come from, start date or which supervisor this position will report too or something else happened. Current job cut hours back to 40. Frown

So job NOT in the bag yet.. still hopeful and praying..

Talking to 6 unit property manager more.. feeling satisified and in control..

Not as satisfied w 3 unit lady and may end contract after 3 months.. and switch to 6 homes guy.. she tells these little 'lies' frequently .. saying somethign just to appease me when it is not true and then having to back down from it later.. and lack of complete communication

new tenant moves in Saturday she said but this is delayed from the 17th, delayed from the 18th, unit is STILL not finished (18 days after move out.. all we were doing was touch up paint, clean carpet and clean unit).. not a huge deal but adds up and overpromising under delivering gets old.. more to share here

Feels good to learn more and grow in these rentals and be able to think ahead and be proactive, raise rents, fix up.. proactively control my net cash flow.. really feeling these are good for me long term.. just waiting for time to go by so I can get out from under this high mortgage and cash flow pressure.

I am already running $300 LESS in projected negative cash flow a month across all units then I had in year 1.. w significantly RAISED reserve amounts for vacancy and maintenenance.

Hoping to close the $450 monthly cash flow gap on the 3 units w the new property manager.

6 homes gap will be harder to close (or not as fast) .. as homes have people who have lived there for 8-10 years and if I turn them over I can expect $3-6k?? updating fix up costs each. That is based on the turnover cost of the first two. I do not want to spend that cash right now (and do not have it) so am fine w the lower than market rents and steady income

Obtaining that free and clear deed to one of the homes is in the works!

3 Responses to “Main home refinance update and job update, quick question”

  1. creditcardfree Says:

    I would not continue with someone who is lying. It sure doesn't help you. It seems she is trying to cover up her inability to do the job. Clearly you see she isn't doing what she was hired to do.

  2. Another Reader Says:

    If the property manager is lying to you, she is lying to the tenants as well. I had that problem and discovered it when tenants started contacting me asking why repairs were not being made. They said the management company was waiting for the landlord's ok. In fact, I had never been told the repairs needed to be done. You don't need an untrustworthy manager between you and your tenants.

    Fingers crossed you get the refi. The lender needs to draw docs and get them to you immediately to close next week. At this point I would do whatever is easiest for them to get the loan to close.

  3. Rachael777 Says:

    Found an overcharge in the HUD1.. charge for appraisal and rate buy down fee.. both total $1260..have not seen final payoff yet but that might close my $1050 projected gap on this loan so no need to roll anything more info the loan. Broker is on the west coast so just talked to him and her verified those were errors but the appraisal was listed as paid out of close so was not in the final # anyway.. should have close date he says tomorrow.. very rushed and busy over there w month end and a short month he says

Leave a Reply

(Note: If you were logged in, we could automatically fill in these fields for you.)
*
Will not be published.
   

* Please spell out the number 9.  [ Why? ]

vB Code: You can use these tags: [b] [i] [u] [url] [email]