All Forum Posts by: Dolores Waldron

Hi Shaune,

It seems a little high to me but perhaps that varies with individual's credit.  Typically banks will offer a low introductory rate that usually lasts a year and then goes to prime plus after that.  Example we got a 2% rate for one year and then jumped to prime.  I would probably shop around.

Good Luck, Dolores

Yes, we have used them for our residential and investment property, great discounts on insulation and interest free loans if you need to something bigger and also lots of Free LED lighting :)  - they are definitely worth it to have them come out and give recommendations.

Thanks Sherman, so I believe the cap rate for the area is @ 7 - 7.5% , can you break down how to determine value using this cap rate?

Hi @Sherman Ragland how do you find the cap rate for the area? I'm also looking at an actual 6 unit, asking price 550k, 6 units rented at $950 each, it's been on the market for a year and I'm finding it hard to determine value.

Thanks for your help!

Hi Daniel, your story is very inspiring...was the Hard Money Lender local to your area?

@Everett Mccurdy, I believe they are talking about replacing your 200K mortgage with a 200K HELOC but to do this you need a certain amount of equity in your home.

I'm curious what are the risks with replacing your mortgage with a Heloc?

Thank you @Shawn Michalek and @Anthony Thompson, this is great information.

I think this one might be out of our depth, we are relatively new and do not have a lot of $$ to play with in regards to the possibility of rewiring if that is what was needed.  We were hoping that this would be a little cleaner but I understand that's what will throw most people off and should push through :)  I will investigate further, thanks for the links I will make some calls.

Thanks @Account Closed, is that expensive or is that a loaded question :)

One can't enter the 3rd unit either from the front door, you have to go around the back of the house to access the 3rd unit.  I wasn't sure if that was a little off putting but maybe that is me thinking about myself.

Good Evening All,

We looked at a listing today in Providence that was listed as a 2 family but has 3 units, there isn't anyone living in the 3rd unit.  The third unit and the 1st unit share an electric meter however the 3rd floor has it's own gas.  If one rented it as a 2 family and just included the electric utility in the rents with the upstairs unit having a 2 levels it would be odd as the 3rd floor of the upstairs unit would have a separate gas bill.

 I was curious what all would be involved to convert it to a legal 3 family and separate the electricity?

Thanks for any advice.

@Jay Hinrichs, never thought of doing that, makes absolute sense, thank you !!