All Forum Posts by: Henry D Griffith

I have my 3rd deal under contract that I will be converting to my primary residence, and am looking for adequate lending to finalize the sale. I've attempted the traditional local banks & credit unions, however they will not recognize my STR income towards my DTI. This has a massive negative effect on my loan qualifications, and has been a major setback.

I'm looking for other types of creative lending to make this happen. Would prefer a convention type loan for better rates. Need to finance $150K, and have approximately $15K cash liquid to work with. Are there any types of lenders that help me bring this deal to a close in the West MI market?

Greetings, I have a very unique opportunity to purchase a valuable property Subject-To the current financing in place.

I remember hearing on one of the early BiggerPockets podcasts that the guest had a way to have the “Loan Serviced” and this removed the loan from the original purchaser’s credit score.

I cannot seem to find any information on this, and would greatly appreciate anyone with any insight. This is a very unique situation, and any real estate attorney Ive spoken with has little knowledge on this type of creative finance option.

Michigan property if location matters.

Greeting everyone. We're in the final stages of our first rehab. In the back of the property we have an old garage that we'd like to turn into a 2 unit storage building for our tenants. We were hoping to use the steel roll up doors such as those used in large storage units. However I'm struggling finding a decent vendor to purchase them from. 

Looking for recommendations for steel roll up door vendors anywhere in the midwest, or online. (We will be installing ourselves) 

Thanks!

 Damn. This is going to get annoying. Why do appraisers have to be such a pain in the rear. I was really hoping to avoid running power across my entire finished basement for a dedicated circuit. 

 Electrical doesnt scare me to do it myself (I usually do). But its across a finished basement, and the location & running of wiring across the span of the home is not something I look forward to. Lol. 

I've reached out to my lender, and awaiting a response. I'm hoping I can use wall mounted units. If I have to purchase multiple that isn't an issue. However if they must be hard wired in, thats going to be a massive pain in the rear. Running electrical across my basement does not sound like my idea of a fun weekend. 

Greetings - I'm in the middle of refinancing my primary residence. The home has a wood fireplace in the basement, and electric radiant heat upstairs. However my appraiser listed the home as needing a "Primary heat source in the basement, as the fireplace alone devalues the property." So now I have to do some work for this refinance. 

First I'm aggravated by this, as the basement (although partially finished) has no bedrooms anyway. My mortgage lender is telling me to simply install electric baseboard heat, and that will suffice as long as they're wall mounted and not portable. But I have a few questions....

1. Will a wall mounted 110v unit pass (One that plugs into a wall outlet and not hard wired- but is still wall mounted, and not portable)

2. Do I need one in every room of the basement, or just the living spaces? ( I have an unfinished utility room, as well as an office with no egress windows, so it's not actually a living space) 

3. Here is a link for what I was going to go with. Im not concerned about the cost of usage, as Im honestly never going to use them. I simply want to get this refinance completed asap.  I prefer my fireplace and get free lumber anyway. 

https://www.amazon.com/Heat-Storm-HS-1500-PHX-WIFI-Infrared-Heater/dp/B07JXRWJ8D/ref=sr_1_23?dchild=1&keywords=120v%2Bplug%2Bin%2Bbaseboard%2Bheater&qid=1586794398&sr=8-23&th=1

Any advise would be very helpful. Thanks!

Thanks for the warm welcome. We're currently working through the initial rounds of contractors and estimates before we begin this massive rehab. Its going to be a long journey, but hopefully we'll be rental ready in a few months. 

I will definitely keep in touch if we run into any situations. I appreciate any help at this point. Lol. 

Greetings everyone. My name is Henry, and I'm a new to BP and also new to the world of real-estate investing. Located in the bluegrass capital of Frankfort, KY I'm working with a partner to begin our real-estate investment extravaganza. After reading (well, audiobook actually) Brandon Turner's "rental properly investing" multiple times now, we feel we're armed with just enough information to be dangerous and get our feet wet. lol. 

Little bit about me -- I'm in my mid-30's average guy from the mid-west. Born and raised in west MI, and moved to KY in 2016 for work. I'm an industrial maintenance manager, and worked in various types of maintenance for nearly 15 years. I love my career, but I've come to realize that my 9-5 job just isnt going to provide the future I dream of, so I needed to do something more. I got introduced to BP by a good friend and we've decided to team together to follow the BURRR strategy for multi-family housing in KY. 

We've already purchased our first deal, which means we've already ran into our first few setbacks(Terrible contractors of course). But I remain positive that the numbers will work out, providing a profitable investment for us. I look forward to spending time here on BP and absorbing as much information from the greater team as possible. 

Have yourself a wonderful day! :-)