All Forum Posts by: Cody DeLong

Appraisal is this week I've been told.  I also found out that I will not need flood insurance.  My net just went up $400 a month!

No news.  Waiting on bank appraisal and this time of the year it's slow.  Aiming for an end of July close.  Already working on my second deal

I’d just put you both on it. You’ll have more buying power and you can use your funds. I don’t think your credit score will hurt the deal. It doesn’t hurt to try.

Hit up Gerard at United, he's been great to me!  GerardBergeron at unitedinsurance.net

Looking fo ward to the next update!

Looking great but why did you not originally pull permits?

Should have my elevation certificate this week, but my bank used a third party surveyor and was told that the building isn’t in a flood zone. So essentially paid to have an elevation certificate possibly not needed. I’m going to chalk it up to a learning curve. Good thing is the owner and I split it. The current owner filled the vacancy at market rate and with a security deposit. We didn’t want it sitting vacant and the guy is willing to sign a lease once I take over.

Just cause something has one meter doesn’t mean it’s illegal. That’s kind of a way too blanket statement. I’m closing on a completely legal 11 unit with separate breaker boxes that’s one meter and we’re switching to individual meters. All legal the owner just never fished out the cash to submeter it all. I’m going to guess if everything is pulled already $2-3k maybe less.

I’m going to disagree about the less desirable Tenant. If you can do some great screening you will be fine. Not everyone that lives in rural areas suck. I think it’s a common misconception. Also not all rednecks are like super rednecky.

My commercial loan on a non owner occupied 11 Unit to an LLC is 4.75% with 20% down 5 years fixed