All Forum Posts by: Lance Wakefield

no and no, but anything is possible. Every relationship is unique and so is every lender. Good luck with your fourplex. 

I always do my tree removal first thing when i get new property, but thats just me. I don't think it would be a major negotiating point unless this is really large tree it should only be a few hundred dollars to remove. 

Also the MLS in many areas will use the IP address of the logins and agents will lose their access that way. They caught on to idea of sharing credentials and this is how they stop it. Be careful. Good luck finding a way to make it work.

I do my own contracting so my costs are a little lower, but a really really really basic rule of thumb i use for a napkin type estimate is  as follows

paint carpet granite flip ( basic quick flip nothing major being done) -- $10 psf 

Remodel kitchen and baths ( keep cabinets but refinish them, and update the rest and paint the house)-- $20 psf

New flooring and the other above work no walls moved -- $30 psf 

Moving walls and all of the other above work through out keep plumbing electrical and siding-- $40 psf

Full rehab new everything $50-60 psf

Adding sq ft-- $80-100 psf

THIS IS VERY VERY ROUGH i do not recommend using this for anything other than a super quick guesstimate. This can help if you're doing quick napkin numbers to try to figure out if the deal is worth pursuing. 

Hope this helps!

Don't critique this too hard its just a personal thing I use. 

Looks great! how long did the whole project take you?

@Steven Anderson

I agree with @Michaela G. There is no reason to re-qualify an existing tenant if they have good rent history with you. 

He needs to be able to qualify for the loan with his current loan. I would try a different lender. Even if it is leased back to him it will still show on his credit that he is responsible for the loan payment. I think you'll need to go to another lender. 

Just another great reason to have 100 units 

spreading your money across many units is a great way to do it and what I would suggest. 

Yes the amount you are pre-approved for is directly linked to your income as well as your credit and credit history. Make sure you have lots of credit history for example auto loans, credit cards and that they go as far back as possible. If you don't have those things I would get them. 

Keep in mind I am not a bank so you need to go talk to your mortgage broker and see what they have to say. They can help poise you correctly so you're ready when the time comes.