All Forum Posts by: Kyle D Birch

I second everything Kenneth said. If that fails, I would change lenders. I bought a property for $360k. I wanted refiance out of an FHA loan 5 months later. First lender appraised at $365.5k. Two weeks later with a different lender, I got $405k. Although you may end up paying for multiple appraisals, if The property is valued at the higher rate it's worth the investment. If they both come back low, then you may need to adjust your method of valuation.

If you want a lender referral, let me know. 

I think you’re sewer/water/garbage is too high. I have a 4 +1 non conforming basement apartment and my bill is under $330 every 2 months. This includes water, trash and sewer. I also have a 2 flat that is under a $100 every month.  

Last July, my fiancé, now wife bought a 2 flat that was advertised as a SFH and the zoning certificate says SFH, but it was built as a two flat. 4 entrances, 2 baths, 2 kitchens, 2 furnaces two 1960's mailbox slots in the brick etc. There's are also two 2 flats next door that are "legal" that are identical to ours. The person who owned it prior to us had been there 30+ years and knocked out a doorway between the two units and lived in the whole property.

We rehabbed the property and rented out both units. We currently owe about $153k and all of the comps in the neighborhood are $250k or more. 

We are looking to do a cash out refi, but I think we would have an issue when getting it appraised because the appraiser would see the property as a 2 flat but it's zoned as a SFH. I have spoke to a few lawyers about getting the certificate changed, but had no luck.

Does anyone have an recommendations for a lender who they would suggest given the situation. I am also open to other ideas if you have them. I have emailed the historical water department with a foia request to try to get a bill that could read the property as a 2 unit but haven’t had any luck.

Thank you in advance for your time.

@Dustin Woodley

Recently, I have utilized Groupon to hire out services. I have Groupon Plus so I get a better discount. At a recent turnover, I got 3 rooms of carpet cleaned for $24. 4 hours of deep cleaning from 2 cleaners for $60 and HVAC ducts and returns deep cleaned for $170. I even found furnace filters I needed cheaper than Home Depot.

@Amy Lim

What and where are you looking? I have had some good luck buying small multi families on the south side of the city limits and finding good cash flow. I have 7 doors and cash flow over $4,000 a month. Of course this took some time and sweat equity, but it’s possible.

@John Bell

Shift to a new lender. I just finished a refinance where I purchased for $360k FHA in July. I wanted to get out of the FHA immediately so I refinanced in December. First lenders appraisal came back at $360,500. A week later, I had a different lender get $405,000. Clearly there is no rhyme or reason sometimes.

Let me know if you want me to connect you to my lender.

@Joe Alonzo

Shift to a new lender. I just finished a refinance where I purchased for $360k FHA in July. I wanted to get out of the FHA immediately so I refinanced in December. First lenders appraisal came back at $360,500. A week later, I had a different lender get $405,000. Clearly there is no rhyme or reason sometimes.

Good morning Sarah,

Congratulations on making the jump. I remember a few years ago jumping in and never looked back. My wife and I teach for CPS and have a few properties and are always looking to grow and expand. (Probably me more than her:)

Feel free to reach out with any questions or if you wanna bounce ideas off each other.

Kyle