All Forum Posts by: Elizabeth O.

I own a duplex zoned R-6 with a parcel square footage of 7973.5 on 0.183 acres.  The property next door is owned by an investor, a single family but also zoned R-6 with 7968.5 sqft on 0.183 acres.  I was wanting to see my options for rezoning and putting up a larger multifamily building on both lots.  Our properties back to a church and there are other apartment complexes on the street and surrounding area.  I'm going to start with pulling zoning requirements and calling the city but wanted to reach out here to see if anyone had any advice or had done the same thing. 

I wanted to know if it's even possible before I reach out to the other investor.

Thanks so much.

@Martine Richardson

Good idea to get real numbers instead of guessing. You can get the property taxes off of the county website.  I have found the property taxes on sites like Zillow to be correct most of the time in Richmond but don't trust it. 

As for insurance, call your insurance company and get free quotes.  I am able to get online and get free quotes within minutes.  I get a quote on most properties I research. 

Good luck!

Im set to close at the end of this month on a short sale. I am doing a conventional loan and whoever had the house before ripped out all of the carpet and left the exposed subfloor. I now have to put some sort of flooring down to satisfy the loan company prior to close.

I am open to any suggestions to get it done the easiest way or cheapest way prior to close. I was thinking about doing planks vinyl flooring when getting it ready to rent but really didn't want to spend the money before I even own it.

I would appreciate any advice.

Thank you!

Mark Holencik The house was built in 1984. Jim Adrian I'll certainly ask about showing a pre-payment for floors. That's a good idea. I'm finding that i have to do some fixes prior to closings to compete against cash buyers and get the good deals. Thanks for your responses!

I've just had an offer accepted on a short sale. I am doing a conventional loan and whoever had the house before ripped out all of the carpet and left the exposed subfloor. I know I'm going to have to cover it to get my loan through and I'm trying to think of ideas. I am open to any suggestions to get it done the easiest way or cheapest way prior to close. I was thinking about doing planks vinyl flooring when getting it ready to rent but really didn't want to spend the money before I even own it. I would appreciate any advice. Thank you!

Update:  I closed  on my cash out refi a few weeks ago and actually just closed today on a cash out refi of another home in which I have only owned a little over six months.  Both were traditional loans for 30 years and were refinanced into another conventional 30 year loan.  Both were purchased for roughly 100K and as luck would have it they both appraised for 148K.  I pulled out 26K on one and 28K on the other.  Perhaps I was lucky but it worked.  I just wanted to put it out there for people looking to do the same thing.  

looks similar to a deal I did in chesterfield.  I'm guessing it's a 3/2?

Good luck with it!

@Shaun Weekes

The loan origination date is 11/2014. I'm not sure if a year is from origination date or the first payment which was 1/2015. I had my realtor run comps and she had said 145-150. This was a HUD home. I guess I won't know for sure until I'm out the appraisal cost.

Thank you guys for your response. 

I'm bound and determined to make this work.

I currently have 5 conventional loans; one on my primary and 4 rentals.  I am looking to do a cash out refi on one of my rentals.  Bought for 100k and its worth 140.  I put 20% down. 

Any lenders able to help me out and get this done?

Thanks so much

Elizabeth

Just updating if anyone is looking for this information:

Anything with a rating of C5 or C6 would not be eligible for financing (through my specific lender). Additionally, if there are issues that pose a hazard those items would need to be corrected prior to closing.