All Forum Posts by: Ida Powers

This my first time using the biggerpockets website. I just started my real estate journey and bought my first house that my wife and I, and our 1 year old were planning on moving into 3 weeks ago. We were getting it remodeled and hired and a contractor through our real-estate agent. The contractor just stopped after the demolition and for the past month and a half has been doing very little, that too through subcontractors here and there. My real estate agent is helping me find other contractors and says that this contractor has never behaved like this before.

The issue is, I fell for his traps and gave him 75% of the payment (around 35k) because he kept saying he needed it to get done soon and I did not want to extend my lease too much because it was very expensive to do so. So that was a big mistake. I think he might have personal issues going on and does not have the money to continue working on my job whilst he is probably working on another job. He says his children are sick but this happened way before this matter.

I think the best thing would be to take legal action because he says there is very little to give back even though barely a third of the job is done. So I need some advice. I have never had any legal issues before so this is my first time going through this process. If someone here can give me advice on how to go about hiring a law firm/lawyer, what to expect and if someone knows a good lawyer who deals with these issues in Memphis TN, that would be extremally helpful!

Thank you

Hi, I am wondering how your situation worked out. I am in the same one right now.

0 Votes

Memphis, Tennessee

Quote from @Todd Jones:

Quote from @Ida Powers:

Hi All,

We currently own a triplex, it's basically a duplex with a small single family sitting behind it. The property has a slab that I think was used for a basketball court at one point and we measured that it could fit a 1400 sq ft home on it. At one point, the property did have 4 unit but it was on a different part of the property, not on that same slab. What do you all think about a manufactured home on the slab? I found some for 70K - 100K. I think I could get about $1200 in rent. Would a manufactured home make the property harder to sell in the future? What other things do you think I need to consider?

If the person living in a manufactured home at that specific area of land can get in/out easily, my vote is go for it.

It will take 7 years to recoup the funds spent on it, which isn’t bad.

If $100k is just for the home, then you will have to take into account the plumbing and electrical wiring. Hopefully, installing was included in the $100k. If not, add that to the cost.

Thanks! Do you see any implications if we needed to sell the property? Would value of the property be the same as a triplex or would we see some kind of appreciation?

0 Votes

Tucson, Arizona

Quote from @Nathan Harden:

Manufactured homes are holding their value a lot better than they used to. That being said, be careful about moving a manufactured too many times or it being built before 1978 (I believe that is the year) because if either one of those is the case then a bank will not loan on the property because the manufactured age/been moved too many times. Something to think about for resale.

Thanks, I think I would do a brand new one. So do you feel like the property as a whole would appreciate too should we need to sell?

0 Votes

Tucson, Arizona

Quote from @Jerry Lucker:

Over 20 years in the business - I say go for it. It can't help add value to your property. I've purchased, sold, held, rented, and developed mobile homes on property. They're the best bang for the buck out there.

It can't or can help add value to the property?

0 Votes

Tucson, Arizona

Thanks, I think I would do a brand new one. So do you feel like the property as a whole would appreciate too should we need to sell?

0 Votes

Tucson, Arizona

Thanks! Do you see any implications if we needed to sell the property? Would value of the property be the same as a triplex or would we see some kind of appreciation?

0 Votes

Tucson, Arizona

Hi All,

1 Vote

Tucson, Arizona

I recommend against Everest (used to be Panzera). My parents are having nothing but problems with them. They charged $1600 for grading and then my parents went to check on the property and grading wasn't even done. They can't ever get a hold of them.

0 Votes

Columbus, Ohio

@Ari T. Thanks Ari. I was just surprised to hear that conventional loans now require higher down payment and wanted to confirm that this was true. We purchased a duplex in 2018 with a 5% down owner occupied conventional loan. I just wanted to come here to check if this is even something that is still being offered or if it has been permanently changed. Buying a duplex with 5% versus 15% or fourplex with 5% vs 20% is a huge jump in down payment price so it kind of shocked me. Our plan was to buy owner occupied multis for a few years to build our portfolio with low down payments but it looks like that may not be possible anymore. I know FHA is still possible with low downpayment but FHA comes with lifetime PMI payments and is much less competitive in this very competitive market.

0 Votes

Hi Everyone,

I could use some help. We are moving to Tucson next month and wanted to house hack a 2-4 unit. I have had two lenders now tell me that if I do a conventional loan, I will have to have 15% for a 2 unit and 20% for a 3 to 4 unit. The whole point of house hacking for us was to get into a multi-family with a low downpayment. We bought a duplex a couple years ago and only had to do 5% down. Does anyone know if this is specific to the Tucson area? Am I just looking at the wrong lenders or is this a recent change?

Here is what the realtor sent.

This is Fannie Mae: Actually 3 to 4 unit is 25% down.

This is Freddie Mac:

0 Votes

All Forum Posts by: Ida Powers

Ida Powers has started 8 posts and replied 26 times.

Post: Legal advice regarding issues with a contractor

Post: Triplex - Should I add another unit????

Post: Triplex - Should I add another unit????

Post: Triplex - Should I add another unit????

Post: Triplex - Should I add another unit????

Post: Triplex - Should I add another unit????

Post: Triplex - Should I add another unit????

Post: Property Management Recommendations in Columbus

Post: Tucson Multi-Family House Hack

Post: Tucson Multi-Family House Hack