All Forum Posts by: Matthew Fermino

Hi I am looking at a construction loan to tear down an existing two families and rebuild. The financers I am working with are in the 8% range, are people seeing lower construction loan rates and with whom if so. 

Thanks you both, both great options. The new value will be in the 1.6-1.7m range as this area has exploded. 

Hi

I’m trying to decide what the best way  to fund a tear down and rebuild of a multi family I own in wells maine. 

I own a side by side duplex that that we purchased 3 years ago for 750k and has appreciated to around 950k. We owe 485k on it currently. it rents very well and we are looking to double to occupancy.  The tear down and rebuild will be roughly 450-500k

I have a 3 yr old HELOC from my primary residence and have 160k available with a variable interest rate. I'm trying to determine the best way to fund this project. Was thinking some potential options are use the 160k then get a new HELOC on the second property or get a home improvement loan.

Any advice would be great. 

Hi I’m hoping someone here can help me with some advice about estate planning. Essentially my father has a multi family home with his wife (not my mother) and his cousin. My fathers parents lived in one unit and his cousins parents lived in the other before passing it down. it is not separate condos and my sisters and I are the inheritors, my fathers wife has no children. They also have a home in Cape Cod that we will inherit that they own outright.

My concern is his cousin is very unstable and her son who lives there as well is even more unstable and I am very concerned if Something Happens they will stop paying the mortgage and just cause problems, most likely defaulting on their responsibilities. I’m also convinced they will squat in the house so looking to understand if there’s a better way to structure their will.

My father said he spoke to a real estate attorney when he created his will who suggested at the time not to separate the multi family into condos and not to create a living trust but I’d have to think that is how we can protect the inheritance best. Any feedback or places to point me to would be great.

@Asim Sheikh thanks so much TD was the way to go!

Has anyone had any luck finding a lender who will give you a HELOC on an investment condo? I have about 250 K in equity in an investment property that I'd like to take 100 K out for some work on another residence