All Forum Posts by: Account Closed

I own a two family and live in the bottom unit. Top unit has their own private washer/dryer and heating system separate from the downstairs. But technically the tenant in the top unit is supposed to have access to basement by law- as the electric panels and water shutoffs are in the basement, -- correct? Or is there a way around this? The basement is somewhat of an extension of the bottom unit, as the washer/dryer and a few storage closets are in the basement- and there is no other reason why the top unit would need to enter. So I need to come up with a solution as I'm planning on moving out soon. I want the new tenant to have sole use of the basement with exceptions of emergency situations. Is this legal or just stupid? I think I'm stuck installing landlord panel just for the basement, but any other ideas are welcomed.

ps. As a side note: There are 2 outdoor lights, but each one is separately controlled by each unit, as they have different parking and walking areas, so there shouldn't be an issue designating these to the assigned units, correct? It seems a little excessive to spend so much money for a landlord panel when only one person is using the lights?

I've called a few banks and I keep getting told that they don't offer HELOCs on investment properties. I'll have to do a little more research.

I own two rentals; One with significant equity and one with ~ 25% equity. I would like to buy a third investment property, but around here, minimum down payments are well over 50K. I don't have enough cash to cover, but I have the option of a cash-out refinance on my first property. Problem is that my current rate is around 3.8 and if I refinance it will be 5+ . My salary isn't super high, so it will take another few years to save up the down payment on my own. Any suggestions or wisdom to offer?