All Forum Posts by: Craig Chrzanowski

The best way to do what? In one sentence you say you would like to buy more properties in another you say your wife wants to buy a single family house to live in.

It sounds very much like you guys are on different pages and that's not going to work. The first step I would recommend is to get on the same page And set the goal. 

from there the path probably isn't incredibly different depending on equity on the house you bought you might try and refinance and pull money out for a down payment on the next property whatever property that is.

alternate methods of buying another property would be things like seller financing hard money private money or if you have the means obviously cash.

But seriously the best thing I can tell you is to make sure you guys are on the same page and pushing towards the same goal If you're not it's going to be miserable

I would assume you would have to honor any lease in place. Once that lease is up technically you could choose to rent that unit on a month-to-month basis. My understanding is that's kind of an easy back door way to avoid section 8. At least in my state there is no other way to avoid section 8 as long as the terms you describe meet the terms they are willing to meet then technically you are required by law to accept them as payment. 

If you choose to go on a month-to-month basis I would say be prepared to do that for a long time as they may scrutinize you.

Hey there... Under "network" there is a sub section for contractors where you can put in your zip code. Figured in case you hadn't seen that I'd throw it out there. Good luck.

Welcome aboard One thing for sure if you haven't done it there is a section on the website that allows you to select professional people from your area those would probably include insurance people but even if they don't consider reaching out to people like realtors or other investors that are in your area and ask them for recommendations assuming you haven't already.

I myself live in New England pretty much every single house is ancient or at least every other one. I actually ran across a few insurance companies that wouldn't ensure my first house simply because it had asbestos shingles on the outside which were original. Keeping in mind they were in good shape and we were not removing them We were simply painting them. I was flabbergasted at how they could consider doing business in our area and specifically not cover those things. Tomorrow the story is keep searching till you find what you like. Good luck.

Just wanted to drop in and say thank you to all who provided some of their knowledge. We are in the middle of the loan process we have found a house have made our bid got our contractor bid and are now waiting on our appraisal which I expect to come back fine. Even through this process and even after having done lots of research I'm still learning a lot everyday. Thanks again for the folks that spent their time to offer some of their knowledge. as I learn I will be sure to pay it forward and try and pass whatever I've learned to others.

Craig

Hello all,

I've found a house I believe could work with a 203k type of loan. its is government owned but in a nice suburb with good bones, a newer roof and seems like asolid starting point. It's Large two family that Id like to house hack. I'm running numbers on the BP calculator based on if I didn't live there which is my intention down the line and the numbers look pretty good. In the meantime if all goes well my living expenses would be cut significantly, allowing me to save up my next down payment even faster for the next property.

My understanding of the process in basic form

Make offer on house / get offer accepted (as is sale price not including repairs)

Get inspections, ARV appraisals

Get estimates on repairs of those things deemed needed to be repaired

Provide paperwork to mortgage provider showing purchase price, ARV appraisals, costs of repairs

If all goes to plan and all the numbers look right they okay the closing

Upon closing work can start and the contractor(s) are paid based on the completion of the agreed upon items. The pay comes from a draw fund and paperwork must be submitted for each payment.

Am I on the right track here? I've never bought a house this way before so I'm still wrapping my head around it. I'd love to hook up with either a lending professional with considerable expertise in these types of transactions and also a contractor who has done this before and is comfortable with the process. I've owned homes and done some contracting type work. I'm just trying to make sure I'm not missing some vital step. Thanks in advance.

Hello all,Just putting this out there. I’m looking for a multi family home in the Hartford or Middlesex county area.(Nothing within the Hartford city limits) This won’t just be an investment for me but rather a place to live as well so I have some requirements and some “wants” if possible

No war zones

Must have at least a two car garage

One apartment must be at least two bedrooms and minimum of 1000sqft

(others can be any reasonable configuration)

Must have reasonable off street parking

Prefer to have some sort of lawn, more grass the better

Prefer to have more of a suburbs feel than a city feel

Not looking for boarding house or mixed use situations

No illegal apartments

Probably in the 130k to 200k range when its all said and done depending on what its needs.
I have a pre-approved mortgage and can provide proof of funding as appropriate but would also be open to owner or other creative financing options Easiest way to reach me is A message through here.

Thanks

I'm looking at a house who has a unique location. The only access to the road it sits on is by going under one of two bridges. The taller of the twois 12 feet and 6 inches of clearance. Far to low for the largest uhaul truck. Not even sure of the mid sized truck as I cant find that information on line. I've considered Craigslist for a guy with an enclosed car trailer and possible multiple trips. I was just wondering if anyone had any creative thoughts on this as i'm sure potential tenants will ask. Thanks in advance.

Craig

@Ryan Luby

Thanks for the kind words. I'll definitely keep at it. I'll be around here much more as well trying to pick up little things. Thanks again.

@Michael Noto

Thanks for the boost of confidence. I most definitely did learn quite a bit from the experience and I certainly do realize this was only one house. I'm most definitely not giving up. the difficulty for me is because I do intend to live in it I can't just buy anywhere and I do have certain needs as far as space. Just like any other list or filter system it's going to limit my options.

I'll definitely get there eventually. I'm convinced of that. I just need to find the right situation. Thanks again.