All Forum Posts by: Aaron Frances

I'm at the point where I can buy points to bring down that APR. I was told unfortunately I won't be able to do 80% LTV and I'm back down to 75% LTV. I was told I can buy points up to 3 points I want to say which will bring down the APR form 4.875% at $300 to 4.25% for $9788. What has been the consensus on buying points for anyone who has done a BRRRR?

Thanks Everyone. 

Aaron. 

Thank you Chris, this puts it into perspective. 

okay, he shot me up at 4.875% and will charge me $4017 and this is to go up to 80% LTV from the 75% LTV at an APR of 4.75% for a cost of $1494. Doesn't sound too much of an increase in APR.

Hi Everyone, i'm doing my first cash out Refi and was quoted at 4.75 initially but now lender claims because I asked for 80% ltv cash out that it may climb up to 5%. Is this common? I think i was asking for 60% initially then 75% and now i'm just going to go for the full 80%. 

Thanks for Sharing. I never would have know.

Best Wishes

Aaron.

Can anyone here refer a zoning attorney? @Brie Schmidt

@Chris Mason Hi Chris, how about a real estate attorney? Are they required for a cash out refinance or is their use only suitable for new purchase? 

You may have two issues, 1. Toilet has too much calcification with low pressure to push waste down. I once cleaned out every port in the bowl with small screw driver and it fixed my low flush pressure issue. 2. The 2" vent riser is clogged above the drains. Heck I'd check the 4" too. You never know if a bird died in it. I had a similar issue at an apartment I rented. Toilet wasn't the big issue but the 2" line from sink to the tub would go down super slow and clog very easily. We rodded it, poured cleaner to no avail. We found our issue to be a venting issue on the 2" riser that goes out to roof. It was completely clogged with rust and debris well above the drain lines. While your plumber is there have them rod out the 2" vent from roof if they have access. If not they can try to access the 2" line internally and drill 1/2" to 3/4" hole in it so they can stick their rodder through. To avoid climbing the roof we used the access panel to a crawl space since it was an attic in law apt and we drilled the hole as high up on the 2" left be as possible to ensure we'd get the clog. We heard crunching and rock noises and then the tub and sink drained like normal. I manage the maintenance of a 24 unit condo building in Chicago that has clear evidence that they will soon have to get all of their 2" vents cleaned out. My LED flashlight can see far down into a few and the rest get smaller from what looks like rust and some look down right clogged 5-10 feet down. Please be sure to update us on the solution. Good Luck!

Hello fellow BP'ers, does anyone here have direct experience in converting a Basement of a 2 flat into a Legal Apartment? In the condo boom I noticed a lot of basements being converted into condo's so I would imagine there being some ability to convert an unfinished basement into a legal apartment. My 2 flat is zoned RS3 but I have a 14 unit condo to my left and a 4 flat to my right. Both buildings have legal condos in their basements. Down the block on my street is a 6 flat with two legal basements in it. My soon to be architect whispered in my ear that I "might be able to" and this has now aroused my curiosity of making some extra income at a conservative reno budget. So i'm trying to see if anyone else was successful so I can get any tips on the process. I've already priced out 75% that is required including the big what if scenario of increasing water supply line,  I've got a long list of things that are needed, i've been preparing for something like this since I purchased 3 years ago. I live in a great area that rents quick and can see the plus side of the extra unit that is fully remodeled in relation to the location Train shakes my house. yup it's that close ($$$$).  

Property profile:  

• 1906 American 4 square 2 flat, 1100 SQFT per floor. Basement is around 1000 SQFT due to the foundation coming out a few inches. 
• Unit 1, 3 beds 1 ba, laundry room on floor
• Unit 2, 2 beds 1.5 ba, laundry room on floor
• (Unit G 2-3 beds maybe 1.5 ba ideally w/ laundry room.)
• Enclosed porch offers additional space for storage x 2. Dimensions of each are 6'x11'. Stair area is also enclosed. Dimensions not included. Was told porch may need to be opened up for the legalization process. 
• 100 Amp service with two new electrical meters/panels and wires to each unit. Common has been separated into box one for easy separation for future meter install. 
• Galvanized 1" water line coming into property (Not Lead). This was verified when I dug down on the interior to remove the garden spigot that original builder buried 5 feet down and connected it with an awkward shut off valve that required a key that was 3 feet long! This must have cracked off 50 years ago because you wouldn't even have known there was a key end buried. Not sure if lead was used up to a certain point and then galvanized was added before the line came into the house. I only inspected 1 foot past the property outside. So i was told if i'm adding more fixtures I may need to upgrade the line from B Box that is 15' from property located in front curbside.
• Ceiling height 8'3" (coming soon) Currently 7'3".
• Exit in rear, (soon to be one in front)
• 1000 sqft of available space
• Already had plumbing of 4" cast iron stub out for a toilet which is original to house. 6" clay pipe is in great condition underground.
• Home already had all brand new 1" copper lines that reduce to 3/4" to each unit and then 1/2" stub outs to each fixture. 
• New PVC drains connect to 4" cast iron that connects to clay lines underground. 
• Not important but I've got a new Roof too!

Specific questions that I have for now are:

Will the city allow me to GC a project of this magnitude or is a licensed one required?

Will property taxes increase?

Thanks Ya'll look forward to hearing your input's.  

Has anyone tried this software for landlords, Turbotenant? I just saw it posted as an ad on Instagram..