All Forum Posts by: John Salgado

@Justin Eaton do you travel to Union, NJ for evaluations?  Looking for a structural engineer and home inspector for a property I'm purchasing.  If its too far out, do you know anyone up north here that is both structural engineer and home inspector? any help is appreciated!  Feel free to DM me.

Saw this post and would like to add to the Home possible topic. Since it is conventional, once you reach 80/20 LTV (esp if you reno), you can get rid of the PMI without refinancing and simply paying the $500 for reappraisal through the bank. Just make sure the lender has this option. If your PMI is $200/month, you can make back the appraisal cost in 2.5 months and the rest is profit! Huge advantage for Home Possible! (but no change interest rates since it isn't a refi).

*Disclaimer: I personally haven't done this yet, but received documentation after requesting info on the process from my lender, proving it is in fact an option.

I am looking for a referral for a competitively priced contractor that can help me take down a non-load bearing wall in one of my rentals along with some other work.  I am located in Union county.  Yes, I understand that there are many websites like angie's list, home advisor, and houzz, however, i'm looking for a BP recommendation that they've had personal experience with that didn't break the bank.  I have my own list of contacts (of other trades) that I would be willing to share. 

@Kody Thompson thanks for the reply! I'm thinking of opening up one side of the hardwood floors and fishing through the insulation first (there is no subfloor, the hardwood is laid on top of the joists).  I'm just not sure how much work and cost involved with opening up hardwood floors.  The room is approximately 200sqft.  I would then put plywood over the existing hardwood  as subfloor and then laying down padding and LVP.  

2nd floor apt is complaining about noise from 3rd floor apartment, primarily at night when the above tenant is still active and the lower tenant is sleeping. Currently there is hardwood floor but no insulation between floors.  I'm thinking about installing carpet in the bedroom to limit the noise, however, I understand everyone's hard stance against carpet.  What are my other options?  Double padding with LVP on top? I totally get the argument against carpet and i'm looking for creative solutions.

I am looking to install some rubber or vinyl corrugated runner tread to each step in the stair case.  I have found it more economical and less maintenance to buy it by the roll and have my GC cut/install rather than do professional carpeting, etc.  Anyone have experience with this?  I am looking for durability over a long period of time so is it better to go with rubber or vinyl?  difference is between the two is .80 cents so money isn't a big factor.  Noise is a factor since it is simple wooden stairs and everyone seems to run down the stairs.

First of all thank you to everyone who replied and took the time to do so. This was my first purchase and all your feedback was very helpful in a time when everything is new and time was key factor.

Horizontal basement sewer drain was replaced and paid to have the vertical stack water jetted due to gunk clogging like an artery, to only end up replacing the entire drain stack/branches. (one night my kitchen sink started pouring water into the basement only to find out it was bc of a rusted elbow, most likely from constant draino and old age) I could have saved the money spent on water jetting though - rookie mistake.

All in all, glad I had that one leak since it pushed me over the edge to do the drain pipes for the entire house.  Didn't want to have 100 different repairs on the same drain system with tenants living there and rushing to do the job.  I was able to bid out the job and get the best price.  House was operational in 2 months.

Best of luck to all!

First of all thank you to everyone who replied and took the time to do so.  This was my first purchase and all your feedback was very helpful in a time when everything is new and time was key factor.  

Cause of the hole was never resolved, but patched up when the french drain was installed (two pits and discharge to the street).  No more water in the basement.  Downspout was addressed via plastic gutter plates for disbursement away from the house, easy fix.

Horizontal basement Sewer drain was replaced and paid to have the vertical stack water jetted due to gunk clogging like an artery, to only end up replacing the entire water drain plumbing.  (1 night my kitchen sink started pouring water into the basement to see a rusted elbow, most likely from constant draino)  could have saved the money spent on water jetting - rookie mistake.  

Basement has been dry ever since and glad I replaced the old cast iron drainage so i didnt have to fix a bunch of tenant emergencies of leakage.  I also learned, everyone on the block has a sump pump, could have known this if I looked down the street seeing all the pvc discharge pipes.  

Best of luck to all!

Chris thanks for the reply!  

Is the post closing audit something that occurs for all loans or is it something that's random?  How would you approach this with the lender?

I am in process of closing on my first MF house and recently received the initial closing disclosure.  I noticed that the lender increased my mortgage insurance (MI) premium to almost double the original amount.  It is my understanding that this can not change unless there is a change of circumstance - which there hasn't been any.  I requested the lender to explain it and stated that they are not sure why it was quoted at the lower rate but the actual amount is the increased rate.  The lower mortgage insurance premium is one of the main reasons we chose this lender.  Can they just change the amount as they see fit?  Is this out of compliance?

The lender also increased the appraisal fee.  (there was a previous change of circumstance which added a 2nd inspection line item due to some repairs - this revised LE had the appraisal fee unchanged. It is now increased on the closing disclosure - which I believe is too late for them to add a higher fee).

Any thoughts are appreciated.