All Forum Posts by: Mark Derecho

@John Underwood thanks!

I have a rental property under an LLC which has 3 members that we want to refinance.

We want to deed the property to one of our managing members who has the best credit score.  

The member will then refinance the property under her name to take advantage of the low interest rate.

Has anyone done this?  I talked to a title company and it seems straight forward transferring the deed. But what about taxes?

thanks 

Thanks @Cassi Justiz

I am about to start renovation on a property in Houston.  It has a converted garage which was done without a permit and looks to be not up to code.  My plan was to demo and convert it back to a garage.   Getting it up to code would put me over budget.

The property was appraised as a 2 bedroom not a three (appraiser went with public record and did not count the addition).  It appraised a little over what I had hoped for.  

Question to the forum:

Should I even bother converting the addition back to a garage?  Since the appraiser did not include it in the appraisal anyway.  Will not converting it back  hurt my final appraisal?

thank you!

@Brian Foster the house was built in 1984.  This house is in Houston as well btw.

@Costin I. Thanks for the very detailed response.  

@Kenneth Garrett @Account Closed I have had 3 foundation companies do a quote and they all were around the same price.  Its a small house 1000 sq ft in Houston.

Found a nice house with foundations issues.  Per engineer estimate, the foundation needed to be lifted 2.5 inches.  Below is the work to be done.  The cost was quoted at $6k.  The house has tile flooring.  I'm assuming this will be damaged during the foundation lift?  What else can I expect?  How much buffer do I need to negotiate in price?  Looking for advice from those who have done this before.  Thanks BP!

(23) piers will be driven to reinforce exterior beam of house for additional strength

(07) piers will be installed or adjusted in the interior of house to help with the leveling

(07) concrete break outs to access under foundation

@Joe White @Chris Mason Thanks for the input.  Really appreciate it. 

Thanks @Keith Radke

Hi All,

Does age of roof affect appraisal?  I just got my first property and it has an old roof (32 yrs).  Should I include this on my repair budget?

thanks