Skip to content
×
PRO
Pro Members Get Full Access!
Get off the sidelines and take action in real estate investing with BiggerPockets Pro. Our comprehensive suite of tools and resources minimize mistakes, support informed decisions, and propel you to success.
Advanced networking features
Market and Deal Finder tools
Property analysis calculators
Landlord Command Center
$0
TODAY
$69.00/month when billed monthly.
$32.50/month when billed annually.
7 day free trial. Cancel anytime
Already a Pro Member? Sign in here
Pick markets, find deals, analyze and manage properties. Try BiggerPockets PRO.
x
All Forum Categories
All Forum Categories
Followed Discussions
Followed Categories
Followed People
Followed Locations
Market News & Data
General Info
Real Estate Strategies
Landlording & Rental Properties
Real Estate Professionals
Financial, Tax, & Legal
Real Estate Classifieds
Reviews & Feedback

All Forum Posts by: Matt Lorenzo

Matt Lorenzo has started 14 posts and replied 17 times.

Post: Looking to close, but we've found MOLD!!!!!

Matt LorenzoPosted
  • Rental Property Investor
  • San Jose, CA
  • Posts 17
  • Votes 4

Hi all, 

Thanks for stopping by to offer some advice. I am currently about 1 month out from closing on a duplex in Cleveland. I got the inspection done and mold was found in the attic and basement of the house. A mold inspector visit the property and quoted me a cost of $4000 to have all the mold removed. I have not yet had the property appraised, but this is one of the most agonizing parts. When I went to close on a Cleveland duplex earlier this year, the appraiser went in and found mold in that house as well. Because of this, the bank wouldnt give me the loan. Now, Im looking to close on my new property and am considering of just paying the $4000 for mold removal....but this really hurts my bottom line and adds a huge expense to what was thought of as a good deal.

Any feedback on what to do is greatly appreciated. Thanks

Post: Add a 3rd Bedroom or turn it into a studio?

Matt LorenzoPosted
  • Rental Property Investor
  • San Jose, CA
  • Posts 17
  • Votes 4

Thanks very much, everyone. This gave me a lot to think about. I'll keep you all posted what happens. 

Post: Add a 3rd Bedroom or turn it into a studio?

Matt LorenzoPosted
  • Rental Property Investor
  • San Jose, CA
  • Posts 17
  • Votes 4

Hi all,

Thanks for stopping by to read/help. I just bought a duplex in Cleveland, Ohio and the top unit has an attic space that includes a set of stairs and doorway that leads directly outside the house. Technically, this can be turned into a studio apartment.  My question is, would it be best to turn the top floor into a 3rd bedroom for the top unit, or, would it be better to renovate the top floor into it's own single unit. 

I plan to hold this property for a long time so it's not a flip. I want to make sure I add value to the home and increase my cash flow as much as possible. 

Thanks very much.

Post: Is this legal or illegal?

Matt LorenzoPosted
  • Rental Property Investor
  • San Jose, CA
  • Posts 17
  • Votes 4

I put an offer in on a property and the seller accepted it. An hour later the selling agent contacted my agent and stated that another offer came in after my bid was accepted, only the new offer didn’t require an inspection as mine included. The selling agent said he was now going with the other offer because it didn’t require an inspection.

Is it legal to accept an offer and then receive a different one and go with the later after the original deal was verbally accepted?

Post: First Property Paid in Full and Rented Out....What Do I Do Next?

Matt LorenzoPosted
  • Rental Property Investor
  • San Jose, CA
  • Posts 17
  • Votes 4

Hi all,

I bought my first condominium in another state 3 years ago thinking I would live in it several months out of the year. Unfortunately, this never panned out. The condo is paid in full and has been partially renovated, and I am putting a renter in there within the next month which will generate cash flow. I am now wondering how I maximize my chances of buying another property (properties) using this scenario. Should I get a HELOC? What are my options? Any help is appreciated. Thanks!

Post: Contractors and Property Managers In Cleveland, Ohio

Matt LorenzoPosted
  • Rental Property Investor
  • San Jose, CA
  • Posts 17
  • Votes 4
Hi all, first post on here. I’m Currently looking for recommendations for contractors and property managers in the Cleveland, Ohio area. I greatly appreciate your help! Thank you

Post: Newbie with funds but no rental experience.

Matt LorenzoPosted
  • Rental Property Investor
  • San Jose, CA
  • Posts 17
  • Votes 4
@Ricky Nigro where do you meet? I’m in San Jose as well and would like to meet up for sure. Thanks.