All Forum Posts by: Account Closed

@David Wales, I tried to ping you on facebook also- we're friends there.  Let me know if I can help.  Thanks

You need an engineer most likely. I'm assuming you just need a 1 hour wall, but best to double check. Perhaps you should look into an attached ADU versus a duplex. Could be lighter on the zoning and building code requirements. Good luck!

@Cedric Macon I apologize if I missed it but what are the numbers?  

I've built new construction condos and townhomes in Charlotte, NC.  There are several differences between the 2.  Let me know how I can help.  

I just went through this to get my unlimited license.  It was expensive and time consuming.  I think a CPA has to do it for the unlimited license.  If you simply want to increase your limit from limited to intermediate, you can fill out the forms yourself i believe- but I could be mistaken. 

Make sure you won't have to pay UDFI on the borrowed money. Many people think that 401k's are exempt from the tax on borrowed monies, but I believe it is only for PURCHASE money-- not refinance money to harvest equity for further investing.  

What work does it need?  any interior pics?

If you want to get a loan against the 401k, perhaps you can see about rolling over to new custodian who would allow the loan?

@Jack Knochel, looks like the speaker is on self storage

Be careful whenever a borrower says they'll fund the rehab.  Not saying it's true in this case, but often that means lines of credit at lumber yards, lowes, home depot.  30 or 60 day pay schedules.  Moving money from one job to another.  Subs not getting paid until the end (they're optimistic and think it'll sell quick sometimes, maybe another 'partner' that is supposed to put in money that may or may not happen.  Whenever a borrower tells me they'll put up the 30k (just as an example) in rehab, I offer them to put their money in at closing-maybe even less than the 30k budget- and I'll fund the rehab in draws as they go 100%.  This protects you more.  If they start demo,and then never get back to that site, you're in a bad position as you've put in 100% and now have to put in 100% of the rehab as well when you take it back.