All Forum Posts by: Josh Hasty

When doing a cash out refi and shopping my options around, will I need an appraisal for each institution, or will one work for all institutions?

Possibly moving to Fresno California around September. Looking for a real estate agent that can start searching for multifamily properties that my wife and I can owner occupy.

I am looking at a property that is currently owned by an out of state investor with severe health problems that doesn't want the house anymore. He owes more than I am willing to buy the house for due to low cash reserves for down payments and closing costs. However, he will let me assume his loan which will be 60k at 5.75 interest rate. PMI should be about $500.00 and the property will rent for $1,500.00 with 5 students at $300.00 a room. Cash flow is great, if this works. My curiosity is around the loan assumption piece. Has anyone done one of these deals that could advise me on possible downfalls?

@Don Gouge thanks Don. Wasn’t asking for precision on this one. Just a curious ball park which multiple people have supplied.

@Tim Johnson it’s carpeted now. Floor feels sturdy but very uneven. If they accept my offer which was pretty low contingent on the structural inspection I will let you all know.

@Josh Hasty

@Tim Johnson one big hump through the middle of one of the rooms. We will have a contingency in the contract for sure just wanted to have some sort of idea as to what to expect if they accept the offer and we can get it inspected.

@Frank Geiger don’t have pictures that will help tell the story. Mainly just one room needs repair. Does not have easy access through basement.

I am looking at purchasing an old house built in the 1890’s 3600 square foot but I am sure it has floor joist issues. We have a company that we are going to use to give a free estimate but we need to be under contract before it can be inspected. Curious as to the average cost of floor joist repairs. Looking in Kansas.

Tia