All Forum Posts by: Daniel Holbrook

Thank you for your thoughts!

Sounds like home inspectors have not added much value in your experiences.  I will try the standard inspections on electrical, roof, HVAC & plumbing.  Plus @Cheryl Packham's fantastic checklist.

Looking at a potential investment. 1940's house that needs new flooring and other fixes that we have identified so far. We are thinking of hiring an inspector to make sure we know just what we are getting into. Anyone have recommendations for home inspectors who cover Cheyenne? Other tips on uncovering potential issues with old houses? (Eg mold and asbestos) Thank you in advance!

Cheyenne Wyoming investors and remodel people, I have a lot of wood left from faux "beams" that we removed from our ceiling.

Many potential uses.  Please call me if you are interested in using them.  They are free, just come and pick them up.

Link with pictures and number (call or text is best):

http://wyoming.craigslist.org/zip/5631372631.html

I looked into house hacking a 2-4 unit (we ended up in a single-family) and learned, I think, the down payment requirements for owner-occupied multi-units.

FHA: 3.5% for up to 4 units. Lowest interest rate, but MI never goes away. Also tends to have higher closing costs, sometimes making the APR comparable to conventional loans.

Conventional: 5% down for SINGLE-FAMILY.  I thought that it was 5% for up to 4 units, but that is not what I found and was told by bankers.  

https://www.fanniemae.com/content/eligibility_info...

http://www.freddiemac.com/singlefamily/factsheets/...

Fannie will only go 75% LTV on 4 units. Freddie will go 80%.

So, as I understand it, if you want a 4-plex for under 20% down, you need to go FHA. You can only have one FHA loan at a time, so you will need to refi out of a current FHA loan if one exists.

There is also seller carry, hard money, and other options, but you will not have the benefit of 30-year fixed rate.

Another consideration is qualifying.  Your income might qualify you no problem, but if not, then some things to consider:

- If you are currently a landlord, then the rental income from the purchased property will count toward your income immediately.

- if your house is not leased yet, you might have to qualify for both mortgages at the same time, though I think some bankers would work with you to find ways to count future rental income.

If anyone else has different experiences I would love to learn what I missed!

Thank you all for your advice!

I posted on CL Wyoming and Fort Collins and had immediate interest at $500 OBO.  I sold them for $700 to the first person who came.  Probably could have gone higher, but still happy with this price.

The buyer can use it for two projects, so the number of cabinets helped push the price.

Some people asked for pictures of the cabinets, so here they are.  Message me if you or someone you know are interested.  There are a ton, and they are modular, so you can configure them in many different ways.

They are unscratched and uncracked.  The doors and drawers all work.  The varnish was redone recently.  The wood is very thick, probably 50% thicker than stock cabinets.  The railing on the top is lame, imo, but it can be removed.

There are a total of 356" of lower cabinets and  307" of upper cabinets.

I'll throw this on Craigslist and then to Habitat if no takers.  Thanks!

Great thoughts.  Thank you all!

I'll probably try selling them for a couple weeks and then donate if nobody wants them.

We are remodeling a kitchen and decided to buy new cabinetry (different configuration).  Contractors have said the 1980's cabinets are solidly built and we should be able to resale them.  Wyoming Craigslist is very sparse in the cabinet sales.  Any suggestions for finding buyers for used cabinets?  We are about 40 miles from Fort Collins, Loveland area so it may be feasible to transport them.

Hi all.  Also new to BP.  I've come to the forums every few months when I had a question, but @Joseph Neary convinced me to join!

Similar goals to all of you. I have one SFR investment and looking to expand a lot.

Most of my experience is in the commercial world (commercial appraiser right now).  Hopefully I can be useful if you guys have any questions about appraisals or the commercial market.  

Look forward to meeting more of you and learning!