All Forum Posts by: Colton S.

I'm trying to follow what they're saying, but it doesn't really compute as to how you're actually paying the balance off. Effectively you're putting 100% of your income towards the HELOC and using that to fund your life, mortgage. Doesn't that mean you'll end up with a mortgage of $0, and a HELOC of slightly less than what you're house is worth?

@Jim Wagoner I would be curious if they decided 10-15 years down the road that cell towers are not needed, but would want to repurpose the land for their new needs, given they have it for 35-40 more years. I do what Jim suggests as it makes perfect sense. Unless the lease allows them other uses of the land once cell towers become obsolete.

@Jonathan Smith I agree with Jonathan. If this was an issue, they should have presented it during the first two visits and moved on from there.

@Jim Adrian @Account Closed thanks for the feedback! We would live in the house for 12 months after the remodel and I was pulling Alamance County building codes and it didn't seem like we would need a permit to do the work. 

We are going to look at the house again Saturday and I'm going to get a layout and photos so I can plan! Because we also want/need to run duct work to the upstairs. 

@Jim Adrian Thanks for the vote of confidence, Jim! We are considering running HVAC the second floor from the first, because currently it only has baseboard heating no AC, so that wouldn't be too hard to include the bathroom!

I'm excited to try it, and ran all the numbers for pricing. 3K seems to be pretty reasonable assuming what you stated with replacing drywall, etc. The downstairs bathroom was remodeled last year by previous owners, so my hope is to keep that room as undamaged as possible and access the piping from the wall behind it.

@John Leavelle I don't have enough for a 20% down payment unless we sell our current home, which is a very viable option because we would profit a good bit from it.

The other option I'm exploring is the Conventional 97 loan that allows me to only put 3% down on the house. It's not much holding me back from affording it besides 30% of my income is commissions based.

Hey BP,

We are looking at a 4 bed / 1 bath house with 1977 sq ft. It's a two story with the bathroom on the first floor and 3 bedrooms on the second. I'm considering adding a second bathroom above the first one and doing most/all of the work myself. I don't have the house yet, just speculating what it would need IF we purchased it. I have experience with tiling, plumbing, framing, etc. My estimate for the cost of this bathroom is roughly 3-5k just because we wouldn't have to hire out.

My question is, what problems do you foresee this creating? How simple/hard is it to tie into existing plumbing? Is there anything I should look out for

Yes you can qualify for an FHA loan if you intend to occupy the property for 12 months minimum. Remember that the home has to be considered good conditional and livable or they will deny the loan. If someone is occupying the unit you plan on occupying, they might require removing the tenant on or before closing so you can occupy.

I like the Mebane area a lot, right now it doesn't seem like there is much available for housing compared to the Burlington Area.

I have an FHA loan in Wendell, NC right now but would be moving for my wife's work in Greensboro, NC (2h away). We plan on selling the house in Wendell now for a profit, but don't want to wait until that sale goes through before we purchase the new house.

My question is, the house seems to be far under priced in the area because the sellers had to move out of state and the market is slow in the area right now. Is there a chance the appraisal will come in higher? The county has the house at 107k, which seems a bit high but it's recent.

My plan is to get into the loan with 3% down, and once our house sells take that profit and pay an advance on my loan and remove the PMI and have large equity. Or save the money for a down payment on a house in 12 months, depends what numbers work out better.