All Forum Posts by: Douglas Chasse

@Ryan T. I don’t see anyway that it is worth. Stick to your standards. You will get a great tenant in there in and save yourself the stress .

@Jonathan Styer thanks for the advice . The house house is still working out great , I just want to make sure I’m holding up on my side of the bargain.

@Michael Dumler . They are 203k verified and all the paper work was legit . I just think they may have overlooked the cost of hvac subcontracting with the price of work going through the roof . I’m going to contact the lender tomorrow. The crazy thing is the house is fine as is, it was fha that made me take out rehab Loan because they wanted each unit to have its own electrical and heat. Thanks for the advice !

I have closed on a 3 family house hack using a 203k loan . The general contractor is supposed to upgrade electrical so each unit is on its own meter and add two heating systems. The whole house is currently heated by one large steam boiler. The subcontractors quotes seem to be coming in over budget and the general contractor although easy to deal with has gotten nothing done for 3 months . What happens if they can’t get it done for the quoted price ? I have already got the units I’m not living in rented and have great tenants . It sucks paying for their heat but the numbers are still working . Can the mortgage company call me on my note if the contractor can not complete work ? What if the contractor can only get one of the heating installed at this price ? What are my options ?

Shelton is also a market that works and has a decent school system. It would also be closer to Bridgeport and Ridgefield. 

Thank you all for the advice! 

I am finally closing on my first rental property this week. I wanted to seek out advice about leases , security deposits , choosing tenants, etc. The property is in Southington CT and I will be self managing for now. Is there anything that you wish you knew before you leased out your first property ?

@Brandon Rush Congrats, looks like a solid property!

@Scott Hollister I’m plan on house hacking and fha is the only loan I know of that counts market rents into how much you can qualify for. I probably should have just went 25% down conventional . I just wanted to try and get into the house for as little as possible . Hopefully it all works and I can refi sooner than later .