All Forum Posts by: Kennesha VanBurch

Hi all, my husband and I purchased a four-unit multi-family home in May '21. Fast forward to Jan. '22 and the renovations to two units and external portions of the home still aren't complete. We experienced a terrible first contractor who disappeared for weeks, followed by a slow-ish bank process to get him removed, followed by our firing the 203k consultant who was not helpful. We've learned a LOT of lessons as first time investors, and, while I'm trying not to be discouraged, I must if ask if anyone has any experience getting out of a 203K loan before the work is complete. Can we refinance with another bank, etc.? Our current bank is not helpful in this area (it doesn't help them for us to leave the loan), so any advice/tips that could be shared would be greatly appreciated. Thanks in advance!

I wish someone had given me Rich Dad, Poor Dad to read as a teen. I think it would have changed my life at an earlier age. I read it 20 years later and purchased our first MFH this year, but it would have been great to have that book earlier in life.

Thank you all for the feedback. This is definitely a learning experience on the terms to add to our contracts moving forward. Hopefully, this person is actually a good tenant, even though the rent is lower than what can be commanded. Thanks, all.

I’m closing on a four-unit, multi-family residential home next month. There were two vacant apartments in the home when we put in an offer and had it accepted by the seller. Fast forward to our walk through with our 203k loan consultant and we learned that the seller had placed a tenant in one of the apartments without telling us. Two reasons why this is irritating:

1. We planned to renovate the apartment immediately, so that we could charge more rent.

2. He agrees to a one-year lease with the tenant knowing that he was selling it!

3. The studio was supposed to go for $650/month without renovations and he signed a lease with the tenant for $500.

What are my options in terms of breaking the tenant lease or some other option I’m not considering? I still want the home, but I’m baffled as to why the seller did this. Can the tenant lease be voided? The property is located in Baltimore, Maryland.

Hi all, I will be closing on a 4-unit residential home in Baltimore next month. I'm using a 203K renovation loan and have already secured my 203K consultant and conducted online research on potential 203K contractors in the area. However, I wanted to connect with this community to learn if there is a potential 203k contractor that you've worked with personally and would recommend that I send our bid form to. Thanks!

Hi @Ryan Robinett - thanks for replying. We’ve already decided this is definitely not a good investment after doing some Digging and learning your point above. We will stick to our original search criteria. Thanks again!

Hi all - Hubby and I spotted ONE manufactured home for sale in a MPH not too far from us. The listing notes a lot rent of $759. Would we be responsible for a mortgage payment (about $600) AND the lot rent payment? Or do homeowners only pay the mortgage? We are trying to run the numbers to determine if this is a good investment; however, we first need this point clarified. (We are new investors, so let me know if we are misunderstanding something here).

@Tim Jacob @Ozzy Sirimsi Just wanted to say thank you, again, since I know how to tag now. I’ve taken your advice and the others and I definitely need to apply and it definitely sounds like a process, but we’re going to go for it. The numbers are so much better with a fourth unit. 

@Gayle Melnick No, although that address sounds familiar to one I recall On our MLS listing, we definitely didn't see it in person or take it on.

@Yannik Cudjoe-Virgil I haven’t gotten anything in writing yet, so I will call back tomorrow. I’ve been told that I need to submit an application because legally the home can’t go up to a quad without permission from the Zoning Board.