All Forum Posts by: Account Closed

Hi! I'm trying to close on a property that is in a trust and the sale needed probate court approval, which we got. Now we are waiting for the court to send to paperwork to escrow so we can officially close. Does anyone know how long this could take - paperwork from court to escrow? In California and approval hearing happened on June 9th. 

Curious what I am in for because we have a tight renovation deadline and the contractor can't wait very long before putting another job in front of ours. 

Thanks! 

It's all math. If you go the loan route will you be paying interest. Is the tax hit more or less than interest for the life of the loan? Paying a mortgage will take out of your monthly rental income, so do you value the monthly cash flow now or later when it is paid off? I think sitting down with a spreadsheet and comparing your options is the best route to take.

I have an FHA and according to the lender as long as the repairs were made to the property to get it up to standards then it could work. This is something you can work out with the seller. You could also do the FHA 203k which allows for renovations after closing to fix any problems.

I am doing this right now. I found a single family home that is zoned for 4 units. You can also use an FHA 203k renovation loan to convert a single family to up to 4 units.

Hi, I have a single family home that currently has 1 tank water heater serving 3 bathrooms and a kitchen.  I am converting to a duplex and later on into a quad. The contractor is recommending adding a second for the duplex. My question is, what are my opinions? I need to make changes to the current water heater now anyway, I'd like to get it set up for the quad so we don't redo work later. Do I need one heater for each unit? is there a single commercial water heater I can use for four so I only need one unit? Space is an issue and we would need to run new gas lines for tankless. 

You can get a termite inspection and it will report the damage that needs to be fixed. This would give you a good idea of how much to ask the seller for in repairs or if it's worth it. Some people ask the seller to fix other people ask for a credit for repairs which you get that money at closing and can complete the repairs yourself and make sure they are done correctly.

People confuse introvert with being shy. These are two different qualities. Not all introverts are shy and not all shy people are introverts.

You could. You can only have one FHA loan though. There is another FHA loan I just found out about for 5+ units. Not sure yet how it compares tot he 1-4.

Thanks for the input everyone. I am picturing the situation from the guest's perspective, who is arriving on vacation. I suppose, also having a list of backup vacation properties which are similar style and price I could check availability on or provide to them would be helpful to the guest if the damage was very bad. 

I didnt read all of the comments. But I would take the emotion out it. An investment property is a business. You've already given them six months, which is very generous and plenty of time to move. That is $6,600 you could have made at the higher rent. 

I live near that area and $1400 a month for a house is a steal. I was looking to rent a little while back in the area with all of the Mount streets and the cheapest house was $2700, although it was renovated already but still a basic house with 3 bedrooms, 2 baths and a small yard. 

I would keep that house, for sure. I think Clariemont is a great area to own a rental. A lot of families want to live there. It used to be worse, but is turning around in a lot of neighborhoods. A lot of houses are being renovated. 

If you have photos of its current condition, I would be happy to give you some pointers on renovating it based on what I have seen in the area compared to the rents.