All Forum Posts by: Darrick Lowe

I've been having some difficulty finding a bank that would offer an FHA option for a mixed use property (2 residential, 1 store/office). Has anyone had success getting one? In addition, if i were to find a bank that offers this package, what kinds of hurdles should i expect to encounter before loan is approved (e.g. appraisal, state/local ordinances, etc)?

windows are not in direct sunlight, and i don't see cracking in the masonry.  Only a select number of windows have vinyl that's turning inside out.

The kitchen layout of this small property looks a little strange to me.  It's NYC so you take what you can get.  I was just wondering if it is okay to have a gas range at the very end of the kitchen.  I've never seen this layout before, and would think that there should be some buffer if a boiling pot of water spills over.  Was wondering if anyone knows if there are any building code violations here.

I'm not very good with window terminology, but when I took a look at this property, the "side jambs" were turned inside out on several windows?  Looks like some old tenant deliberately took a crowbar to it.  I tried bending them back into place, but they just sprung back out again. Can I just take some wood screws and anchor them down to the wooden frame? Or do I need to replace the whole window? Or can I just leave it as is. Not sure what they are functionally for… please let me know if you have any suggestions

I've been seeing a lot of properties with no lease month-to-month (no prior/expired lease) tenants in place (for example, in a basement. What would compel a landlord to take on a tenant without a lease (other than extra rent)? Do you just tell the tenant that you have a space they can live on the cheap, no credit check, no background check, LL can raise rent whenever he/she wants, and you need to leave with 30day notice? Again, this seems very common in the outer boroughs of NY for low income families, and am just curious.  is eviction easier than for a tenant with an expired lease, for example?

I just visited an old, pre-war townhouse multi-family, and the boiler and water heater were on the first floor in the back. When I asked why they weren't in the basement, they said the building doesn't have a basement. Is that possible? I've never heard of that before.  The agent said that he may have heard that this was common for the entire block.  But I figured it had to have at least an oil tank in the basement at some point. Could someone just have filled the basement with sand and boarded it up, or is it possible that the foundation is built on ground level?  If there was an old oil tank in the basement, could this be an issue in the future?

So is the idea have the total rent be the rent plus prior years usage (one statement that says $755), or give them a statement that says $700 rent + $55 heat hot water?  I imagine the latter would help conserve water usage, but the prior is easier and some tenants don't want to pay for hot water but they could run up the bills at my expense and I'd have to wait 1yr to adjust usage.

I'm used to multifamilies where each unit has its own water heater and furnace.  But what If there is a home with only 1 water heater and 1 boiler in a multifamily home, how exactly would one split the bill almost tenants? Metering each unit costs too much money. Could I have bills sent to me, and then every month send each tenant a text message telling them how much to add to their monthly rent? Or perhaps have them pay an extra $50 a month, and then credit them if they overpaid at the end of the year? Or is there a more efficient method to do this? I'd love to hear if you have any pro tips.

To clarify, I was wondering if it is better to get a HELOC now while I am still living in my primary residence, as it will be more difficult to get equity out when it becomes a rental in 2019.

I'm planning on moving out of my primary residence in a few months. Is now the time to get a HEL or HELOC since rates are lower than if they are a rental? I don't necessarily need the equity for anything specific for the next year or two. Should I just apply for a HELOC now, and let it simmer? Or figure out ways to get equity out of property later on when i need it.