All Forum Posts by: Mario Nunez

So I currently have a single family home I purchased with a MIL quarters in rear. I’ve been working on updating the properties but want to know how to approach the issue of having separate internet services and having a separate mail box. The thing is I’m not in a multi zoned area. I’ve thought about a PO Box but not sure if it would still be doable.

We bought a house that had a mother in laws quarter in the rear. We didn’t know much about zoning but come to find out we are not in a multi family zoning area. Our dilema is whether to just connect both and turn the property into a 4/2 with 1800 sq fr by adding a connecting hallway? Or rent the rear unit and live in the front. My biggest issue is having utilities be separated and of course mail and other things.

Purchased a property with a mother in laws qtr in the rear.

Front is 1,039 sq ft and will be a 3/1 from a 2/1.

Rear is a studio style apartment that was finished by the first ever owners. Just updated overtime.

It is 568 sqft

However the issue we have is zoning in this area does not allow two living quarters on one property. Simple solution is to connect both units by using a breezeway and call it good.. problem is that in order to have separate electric it can’t be considered a living quarter.. it can only be a garage.

Simplified

Living quarter = no separate utilities.

Separate utilities= it has to be a garage, so no living quarters.

Do most people just run one month of extreme bill usage and charge that? Live in the rear and add that on top of rent? What happens when I move to the next property and decide to rent both? Who are the bills under and how do I split them?

@Sam Horton local credit union doesn’t do commercial real estate so they looked into seperate mortgages and also don’t offer commercial.

The few homes I have are either brrr’d or in the process so not ready or have enough on them to pull portfolio financing. Unless I’m missing something there

I am looking at 4 properties and 8 doors. 2 Duplex and 2 single family with mother in laws suite. Cap rate is 11 percent and its selling for 240k for all properties. 44k down I’ll assume plus other misc expenses. However I’m having trouble finding a loan to get for these properties seeing that they’re 4 different properties. Any advice?

@Jennifer Schelkopf

Love this topic! My goal was to obtain my first property, luckily I put %3 down on a 105k with sellers paying all closing costs, I locked it in at 2.9 interest rate so super stoked on that!

Front property is 2/1 with 1100sqft and a dining area (currently living in this one)

Back unit is 1/1 600 sqft soon to be rented out for 650 with me paying only water bill. ☺️

Total property value is 114k as it sits, after speaking to appraiser he believes in a year making the back fully live able and front into a 3/2 with masters bedroom and open floor concept it will be worth closer to 140-150k all this with roughly 15k invested into the rehab! 🙏🏽🙏🏽

Cash flowing a wedding and trying to fix up my first property! Advice needed 😬

Bought a property for 100k with a 1100sqft 2/1 house and a studio in the rear 600sqft. I will more than likely live in the front unless my potential tenant decides she wants the front.

I spoke to my old man and he says it’s a terrible idea to get a loan to fund the remodel, I have roughly 5 months till it’s needed to be finished or my potential tenant will bail. I also am cash flowing a wedding at the same time. Any advice on whether it’s smart to just put up walks here or there to get the job done? Or pull a loan to knock OT out and then refinance the property once BOTH homes are finished and pay back that loan?

@Jason Crittenden the roof is 7k to replace. Luckily there is about 20k in value as it sits. I might just bite the bullet and replace it. I guess it’s just part of the game!

Hey! Super excited to finally be getting a start up property!

Quick details on the property it’s a 1100sqft 2/1 AND a 550sqft 1/1.

Two questions:

1. Is it smart to add an extra bedroom to each unit to make an extra $100/month?

2: the listing agent listed the property to have class 4 roof. We’re a few days from closing and I find out it’s a comp roof. My personal agent missed the sellers disclosure where it said it was a comp roof. So at this point what can really be done? What are some things you have done if you’ve ever gone through this.

Keep in mind the roof was last replaced in 2013 as a complete roof. Not a class 4 which was about $700 cheaper on insurance per year.

@Nathan Gesner Thanks for the input, I do have about 15k set aside that wouldn't go into the property. As it sits, I wouldn't pay more than 150k for it but aiming for less if possible. Carpet has been replaced 2 years ago as well as roof in 14. However, now that you tell me this it is pushing me away from the deal. I see where the numbers wouldn't add up now unless I could score it for less than 130k... which is highly doubtful. I guess back to the drawing board! Thanks brotha!