All Forum Posts by: Mike Kooser Sr

Hey guys this is something close to this topic. Im currently looking to buy a property and Im considering a FHA 203k loan but Im confused on the guidelines. Does the house have to pass FHA inspection before you work on the house or does it have to past afterwards?

Example: A foreclosed home that may have a little mold in the basement wont pass FHA but can I do a 203k and have to the mold issue fixed?

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Just remember if it was easy everyone do it , but it will all pay off when you get the interest or if you happen to foreclose on a property.

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Originally posted by Samson Williams:

@Patrick G Thanks for the Certificate of Repairs info. I got mine for 203 N Monroe last week and will start the foreclosure process tomorrow. Taking the day off of work, to really work.

Thanks for all the info. A most useful blog.

The property you bought is vacant? Just wondering did you drive by the house before you bought it..

Just curious on different peoples process they use.

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Ray Corkran I believe to file for a Certificate of Substantial Repair the house has to be vacant/abandoned...

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Patrick G. I work for the university of Maryland and beginning of next week Ill be at the location downtown so I will go by and find out about the list.

Im not worried to much about what the value you of the property is I guess I want to see if there is anything worth holding onto if I have to foreclose. There are lots of areas where house appraise for 100k but the rent is 1k-1200...

There is a lot of different variables to look , I just want to see how it they look and analyze any that catch my eye.

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Patrick G. I didn't know you could still buy them now. Unless its the same thing I was Talking to Ned about earlier. Im going to go downtown to get the list of whats left , just to see what I come up with. If something catches my eye I may make a move. I currently have two rentals in South Baltimore and either making 18% or getting a property after foreclosing both sound find to me.

What lawyer are you using? Is it Anthony?

How are you making out so far?

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This was a great thread to read! I plan on doing the same as you Patrick. One question I have after you purchased the lien do you just contact the lawyer and let him handle it from there?

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Originally posted by Steve Babiak:

If you have a boiler (radiators), then this is very doable, especially since you mention that the system is only a few years old. I agree that heating oil is far more trouble in rentals than gas heat. The fact that there is already some gas appliance in there means you don't even need to bring the gas line in from the street; you just have to extend from where it already exists.

Look up "Midco Economite" - that is what I had installed in a boiler conversion last year; much more affordable than a new boiler. The price for this depends on how much capacity the "gun" needs to have, but I would venture under $1500 for an initial "not to exceed" cost. That would leave the same radiators in place of course. If you are looking to have a central heating AND central air, then you are looking at something completely different.

That's exactly why I was looking Into it because the system is daily new and gas is literally right next to it. I think the bulk of the cost I keep reading about is when people have to pay to have ran into their home. I really appreciate the post ! Thanks

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Yes Jon I understand my first thought is to get it away from off oil because of the cost to the tenant. Most people dont mind AC window units around here but central air would just be an added bonus for a good tenant who I dont have problems with down the road.

Ill look into the mini split, I never heard of that before.

But for now Im just worried about finding out a price on how much the conversion from oil to gas would be.

Thanks for your input though :)

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Originally posted by Adam K:

Originally posted by Mike Kooser Sr:

The oil tank isnt in the ground. I was just considering this because I just saw it on the internet. The current set up is radiators and no ac so I would have to duck work ran as well. But that's weird it isnt possible because I got the idea online. http://www.furnacecompare.com/furnaces/convert-to-natural-gas.html

Did you read this part from the link that you attached? "Converting your existing oil-burning furnace or boiler to natural gas is likely to be expensive. At a minimum you will need to replace the burner, and many older models simply can't be upgraded."

You mentioned radiators. So you don't have a furnace. You have a boiler. So you have a couple of options here.

Option 1) Is to keep your radiators and install a gas boiler.
Option 2) Is to overhaul your entire system and go with a gas furnace. In my opinion the only reason to do this is if you want central A/C or if your existing system is going to fail soon.

The cost impact is going to depend on the layout of your house. For example if its multi-story going from radiators to forced air is going to be big bucks. You'll either need ducts up to the 2nd floor in chases or two separate furnaces (one in the attic and one in the basement). If its one level and you can run ducts in the basement it will be much more affordable.

Are your radiators steam or hot water? If steam then its an older less efficient system and that might point towards a major system overhaul. If you have hot water then it is probably a more modern system and you might want to go with a new boiler and keep the forced water system.

Since you have natural gas already piped into the home it is almost certainly going to have a good payback to convert from oil to gas.

If you really want A/C you still might be better off with a gas boiler and mini-splits for A/C.

Thank You for the input, Im new at this that's why I posted this. I'm not sure if the radiators are hot water or steam I can check today when Im over there. I guess I should start inquires about gas boilers then. Im going to have a couple local contractors come out and take a look but I wanted to see what others thought.

The house is a 2 story row home w/o and attic. The boiler is in the basement. Im going to start looking to gas boilers pricing then maybe down the road look into central air. I know that is going to cost a lot because there going to be at least 4-5 ducts ran to the upstairs.

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All Forum Posts by: Mike Kooser Sr

Mike Kooser Sr has started 7 posts and replied 43 times.

Post: Clarification on FHA 203k loan

Post: Tax Liens in Baltimore City

Post: Tax Liens in Baltimore City

Post: Tax Liens in Baltimore City

Post: Tax Liens in Baltimore City

Post: Tax Liens in Baltimore City

Post: Tax Liens in Baltimore City

Post: cost of converting Oil furnace to gas?

Post: cost of converting Oil furnace to gas?

Post: cost of converting Oil furnace to gas?