All Forum Posts by: Bruce C.

@Braden Smith . Thank you for the numbers. Ive avoided looking at slab homes with foundation issues. You have solidified that for me. Were new investors so not ready for a project like that.

Thank you for the info. Unfortunately around here much of the city is built up on swampland over the years so sinking is common.

Does anyone have experience with leveling slab homes? Here in Metairie, LA its a common problem and alot of homes i run across to purchase are ground level, unraised homes that sink several inches to a foot on one side of the house. I dont know what to expect as far as costs go. Any help is appreciated. Thank you.

Thank you for the link and info. Im curious if rezoning is an option.

Hello everyone. Me and my wife currently live in Metairie, LA and our property has a guest house detached from our home. The property is zoned R1A. Its current use is an office and photo studio for my wifes business. My question is can we rent this guesthouse out and claim the rental income legally so we can show some land lording experience on paper to banks to get us started? Note: I have been told I have to insure this property as a storage unit due to our zoning, but recently the home was appraised for a refi and the appraiser stated in his paperwork that it was a "guest house". Any advice is appreciated. Thank you.

Actually both. Neighbor across the street bought from a relative for 50k. Before that decision was made, it was listed for 160k. House is recently renovated prior to sale. 2 foreclosures down the street as well.

Hello. My name is Bruce. New to biggerpockets. Thanks to everyone so much for all the info provided at hand. Im curious if anyone can help me understand how under market value sales in a neighborhood can affect the appraisal of ones home. Or if this is even a factor appraisers take into consideration when determining the value of ones home. I apologize for the lack of understanding. Were working to refi our home to eliminate pmi and get out of our fha loan into a convention loan as well as open a heloc to assist in the purchase our first investment property. Thank you for any thoughts on this.