All Forum Posts by: Andri Artayudianto

@Kyle Kingma 

Yes RSA (Residential Single Family Attached). And I mean one rental unit.

I called the city and asked for an explanation. They said it is illegal to have multiple units in a single family district yet those houses have been inspected by the city and I saw one report of a "triplex" with single family zoning, the city acknowledge all three units and didn't treat it as a violation. It really doesn't make sense!

Hi BP, I see a lot of duplexes and triplexes that are actually RSA-5 districts as apposed to RM districts. 

And many units housing unrelated persons above the legal limit of number set by the city (5-6 unrelated people in a unit with a legal max number of 3). 

Are these common practices that we shouldn't worry too much about?

Hi BP, I'm just another newbie with a newbie question what should I look out for before buying a MFH with tenants in one or more units? Proof of lease? Payment history? 

Thank you

Andri

Thank you for all the educating replies. So the answers are:

- Some times the buyer, sometimes the seller who picks the title company

- And it is OK / safe to use the seller's tittle company (I'm a buyer)

- Code violations can be detected by home inspectors. 

Correct me if I'm wrong. And Happy New Year everyone!

Hi again BP. Another newbee post here about a typical home buying process.

Who hires a title company for closing? The buyer or the seller? is it safe to use the seller's title company to close if I'm buying a house

How do I go about the building code inspection? Should I hire a building code inspector for code violations on top of a house inspector?

Thank you

@Wayne Brooks  Yes looks like a wholesaler put it under contract. Should I hire a RE attorney? Doesn't the tittle company clear the title in the end? How do I go about discovering those problems you mentioned?

@Jeff Morelock No I have not read the contract. I'm worried about the problems Wayne Brooks mentioned and they will not be mentioned on the contract. I've never bought a property before much less taking over a contract from a wholesaler. I chose not to use a buyer's agent (who's more interested in closing a deal). Plus it's a 30k property. No real money there. I let the listing agent get all commission in hope to get a good deal.

Hi All, I'm new and need help. I'm looking to buy this townhouse for student rental. (I can potentially have 6 bedrooms rented for about $500). No major fix required. I got this email from the listing agent. The owner will finance.

Here are the terms of the owner financing from the listing agent: $17K down which includes a $7K assignment of contract fee. So 10k goes to the seller and 17k gets financed at the going interest rate for 36 months. Purchase price of the property would be $27k.

What should I do? How should I deal with a wholesaler like this? What's the worst scenario that can happen? The tittle company should be able to clear the tittle, correct? What should I be worry about?

Any input would be appreciated.

Thank you all for the replies. I will do out of state no doubt, as hands-off as possible. I guess as far as financing, I'm gonna have to go with loans for investment properties with 20-25% down. 

@Down Anastasi Thanks for the reply but I just don't know how to really go about getting a loan. An FHA loan is not an option because I can't live in the house. Is paying a 20-25% down payment with a higher rate the only option left for me?

Hi BP, I'm about ready to embark on my RE investing journey but still very confused about a lot of things especially financing. I'm looking to buy and hold multifamily houses in the next state about 2 hrs away. Obviously I can't house hack with an FHA and commute 4 hrs (back and forth) to work everyday. What's my next best option? Houses where I live are too expensive.

I appreciate all advice

Thank you