All Forum Posts by: Curran D Bishop

I'm applying for a loan for a deal I'm under contract on: a 4 unit which will be my primary residence. I have had my local bank and a loan officer tell me because it's more than 2 units I have to put 25% down, but REI friends in the area, and another loan officer have told me that on anything under 5 units, if I'm owner-occupying, I should not need that much down. I also own two SFHs in other states--neither is FHA or Vet. benefits, etc. Does anyone know why I have two different sources insisting on 25% down? Is this a CT thing?

I'm applying for a loan for a deal I'm under contract on: a 4 unit which will be my primary residence. I have had my local bank and a loan officer tell me because it's more than 2 units I have to put 25% down, but REI friends in the area, and another loan officer have told me that on anything under 5 units, if I'm owner-occupying, I should not need that much down. I'm in CT. I also own two SFHs in other states--neither is FHA or Vet. benefits, etc. Does anyone know why I have two different sources insisting on 25% down?

 Thanks Jim, local realtor friend confirmed that the abaitment method the city prefers is just roofing over it!

Sorry, two snow storms slowed down the process--these aren't great, but in this first one in particular you can see the hexagonal shape of the shingles on the top roof:

I'll be back at the house on Sat. and will try to take some pics then. Thanks for asking.

I'm considering a deal that has an asbestos roof that was put in in 1900. Given the housing stock here is older I'm thinking this group may have some experience with the issue (the deal is in CT):

The roof is still in good condition, but I'm seeing estimates that asbestos roofs are good for "50 years or more"; I had a friend with one that he called a "100 year roof"; that's great, but this roof is 120 years old...

At some point it's going to have to be replaced, is there any way of estimating costs on that?

Also, from the info I've found in a quick google search, asbestos was used from the 1930s-1970s; so I'm curious why a house built in 1900 has an asbestos roof--was there a long-lived material that preceded asbestos that inspectors confuse with asbestos? I.e. is this mislabeled (because they didn't use asbestos in 1900 and it's something else), or does the current owner have the install date wrong (the asbestos roof was put on sometime after 1930, not 1900, because they didn't use asbestos back then) or do I just have bad info that asbestos wasn't around in 1900?

What does updating the roof look like: do people just roof over them, or do you have to remove the old roof? (if so, is that a state requirement or just "best practice"?) And does removal mean having the EPA come in hazmat suits and remove the asbestos roof? I saw a comment somewhere that asbestos roofing was less hazardous than siding and was generally just removed like old roofing...

I'm considering a deal that has an asbestos roof that was put in in 1900. It's still in good condition, but I'm seeing estimates that asbestos roofs are good for "50 years or more"; I had a friend with one that he called a "100 year roof"; that's great, but this roof is 120 years old...

At some point it's going to have to be replaced, is there any way of estimating costs on that?

Also, from the info I've found in a quick google search, asbestos was used from the 1930s-1970s; so I'm curious why a house built in 1900 has an asbestos roof--was there a long-lived material that preceded asbestos that inspectors confuse with asbestos? I.e. is this mislabeled (because they didn't use asbestos in 1900 and it's something else), or does the current owner have the install date wrong (the asbestos roof was put on sometime after 1930, not 1900, because they didn't use asbestos back then) or do I just have bad info that asbestos wasn't around in 1900?

And what does that looks like: do people just roof over them, or is some other step required? And is that having the EPA come in hazmat suits and remove the asbestos roof? I saw a comment somewhere that asbestos roofing was less hazardous than siding and was generally just removed like old roofing...

I'm considering a deal that has an asbestos roof that was put in in 1900. It's still in good condition, but I'm seeing estimates that asbestos roofs are good for "50 years or more"; I had a friend with one that he called a "100 year roof"; that's great, but this roof is 120 years old... 

At some point it's going to have to be replaced, is there any way of estimating that?

And what that looks like: do people just roof over them, or is some other step required? And is that having the EPA come in hazmat suits? I saw a comment somewhere that asbestos roofing was less hazardous than siding and was generally just removed like old roofing... 

I'm wanting to know if you got any more data on this or ended up needing to deal with an asbestos roof? I'm considering a deal that has an asbestos roof that was put in in 1900. It's still in good condition, but I'm seeing estimates that asbestos roofs are good for "50 years or more"; I had a friend with one that he called a "100 year roof"; that's great, but this roof is 120... at some point it's going to have to be replaced, and I'm wondering what that looks like: do people just roof over them, or is some other step required? And is that having the EPA come in hazmat suits, or more like what

@James DeRoest suggests above?

Not sure if you're still working on this, but Todd Bukaty with nbkc bank in Kansas City (if you google "Todd Bukaty nbkc" he's the first thing to pop up) was able to help my sister with a refi on their rental property in ATL, and they have very low income. And at the time it was their only property.