All Forum Posts by: Benjamin Rosemont

In this case, the amount we offered - let alone the amount we may renegotiate - isn't enough to pay both the IRS and the lender. How is the IRS likely to respond?

My wife and I have an accepted offer on a house with an income tax lien. The offer is contingent on the inspections and the release of the lien. We haven't performed any inspections, because we are concerned the property may not be released and we would forfeit the cost of the inspections. But we are wondering what would happen if the property were released, we had inspections done, and we chose to renegotiate the price based on the inspections. Would the seller have to go back to the IRS to have the renegotiated price approved, or could the seller simply accept the new offer?

My wife and I are purchasing a home that will need a bit of fixing up: installing master suites, kitchens, flooring, etc. The property is in a Class A neighborhood, so we want to use quality materials like tile, granite, etc. We will be house-hacking, living in the daylight basement while renting the fancy upstairs.

Does anyone have skilled laborer (contractor, electrician, plumber, handyman, etc.) recommendations?

Thanks!

Ben

Thanks @Shawn Lambert and @Craig Curelop! I will plan on ammoritizing the private loan to rehab the place, and when the time is right, pull a HELOC. Awesome!

We just had an offer accepted on a property built in the 1950s. Besides a general inspection, what would you recommend we have inspected?

Thanks!

Ben
 

My wife and I just had an offer accepted on a property we're planning to house hack. The property will need some rehab to make it suitable for renting. We have a relative with extra cash who is willing to loan us money for the rehab. We offered $375,000, and all the surrounding properties in the neighborhood with comparable beds/baths are valued at $5-600,000+ (according to Zillow), so it appears we have a bit of opportunity for forced appreciation. We are doing a conventional loan at 5% down to purchase the property.

My question is, after fixing up and renting out the place, what do we do about the private loan? Do we refinance with the lender, take out a HELOC, or something else?

Also, how should we structure the private loan? Should we do interest only with a balloon payment after refinancing, or should we ammortize it?

Thanks,

Ben

Thank you, Kyle! 

We will definitely reach out to Marie. I love the fact she has rentals here.

My next question is what do I do about our current agent? When we clicked the "Request to view this property" button, we assumed it would be the selling agent who would reach out to us, not buying agents. The agent who called us scheduled a viewing for this weekend. If we are not planning to work with her, what would be the professional way to let her go?

My wife and I are looking to house hack and we have found a property we think could meet our needs (we have yet to see it, though). We need to find a real estate agent and a lender. When we requested to view the property, an agent reached out to us and also recommended a lender. Both the agent and lender have excellent reviews. What should we be looking for in an agent and lender when it comes to house hacking? 

Thank you!

Let's say I come across Property A, a two-story single-family residence that after some rehab, I could rent out the upstairs to long-term renters, and convert an extra bedroom into a short-term rental (or add an ADU) while living in the downstairs area. How can I find out whether I can legally rent out the units in this way for that specific property?

My wife and I are planning to house hack and want to be sure we can legally do so before making an offer on a property. We are looking in the Salem, OR area, and I'm having a difficult time getting a straight answer about the zoning laws here. Is there a definitive source - such as a website, book, or person - I could go to for answers?

Thanks!