All Forum Posts by: Steve V

I was told that lenders will no longer be able to choose the appraiser or give the appraiser a copy of the sales contract prior to the appraisal. My understanding is that when a lender needs an appraisal they would request one from a random pool that would then appraise the property without knowledge of the pending offer. Can anyone confirm this? If so when does this go into effect?

I'm looking at a REO home in Sacramento with a detached garage that has been converted to an additional living area. Bank/Agent said that it is unknown if it was permited and the square footage is not to be considered.

My feeling is that it was not built with permits. I am looking to buy and hold as a rental. I am using family cash with the goal of refinancing in 6mo to a conventional loan.

My questions are how to find out for sure if it was a permited and if not is this type of structure allowable for the area? How hard would it be to make it legal? If I left it unpermited and had it appraised in 6mo what issues would I run into? Or should I just convert it back to a garage?

The house has a home warranty and I didn't feel like screwing around with it so I called and they sent out a local plummer to take a look. He said that everything appeared to be fine and that the element was too hot to disassemble. I asked about the ventalation and he said that there was good venting and did not suspect that was the problem. If it goes out again I will have the tennant leave it off and call him for a return visit (no charge in the next 30 days).

Looking for ideas to solve this issue. I have a gas hot water heater that is indoors in a closet that is about 7yrs old. The pilot light has gone out twice in the last two weeks. It starts back up easily and acts normal otherwise. There are no direct drafts in the area.

This is my first deal/rental. I have always had an interest in real estate and rentals but never pulled the trigger (other than my personal home).

Hello everyone, I just started reading BiggerPockets and I have to say I'm somewhat addicted! I am actually closing escrow on my first single family rental property next week. I thought I was making a great deal, after reading some of the posts however maybe not the greatest deal! I am falling slightly short of the 50% rule but will handle the management of the property myself. I already have a renter waiting to move in.