All Forum Posts by: Matt Tang

@Mike Wood

Yes, small kitchen in the mid to low end. Definitely no granite, etc. Where I am, rentals generally aren't very nice, but rents are quite high due to the location. The "high end" rental condos in our area are 50-75% more expensive and aren't even that nice. People are paying for a safe walkable neighborhood with coffee shops, bars, restaurants, farmers markets, parks, public transportation, etc. Nicer stuff is mainly suburban. To tell you the truth 90% of the non-condo rentals don't even have A/C. 

@Jim Adrian

Yeah, I'll definitely wait a couple of years on the basement if I do end up with the property. I'll need a new staircase and egress windows for the basement. I've heard egress windows are ungodly expensive. ($2.5-5k apiece installed) The second staircase access is actually a huge double wide cellar door so there should be plenty of width and clearance. 

The seller was supposed to get back to me either yesterday or today so I've been twiddling my thumbs in anticipation. If I've been patient enough not to bug the dual agent, I think that I'll be patient enough to stick to my guns on price. 

Anyway, thank you for your input. Other than when I was a kid, I have never worked or contracted out a major renovation/addition. (When I was a kid I did help my dad fully gut a house, but I was just knocking down walls, hanging drywall, roofing, etc. Costs & planning were all my dad) 

@Jim Adrian

Thanks. You've made me less worried. I've been looking for one of these high ceiling unfinished attic properties for a while so I put in plenty of online research into it...(your numbers are close to my estimates) I'm just scared since I already have an above market bid in if the unfinished attic isn't factored into the equation. 

I really do like the property though.....in addition to the attic it also has an awesome basement...8ft ceilings, two exits and plumbing, and it appears dry. I've seen illegal basement apts (one with maybe 6ft ceilings) in the area rent for close to $1/sft/month and vacancies are pretty much non-existent in the neighborhood.

So I spoke with a loan officer at a regional bank last week about a conforming mortgage on a two unit. I own the property outright and was looking to get a mortgage on it. She said that they grant the loan to LLCs all the time as long as there is a personally guarantee on it. I'm a little conflicted since she has been with the bank for 20+ years, but it was my understanding that conforming loans aren't structured this way since the financial crisis .... Anyone, have any experience with this? 

I already spoke with the city about permits so its definitely doable legally. $35-55k for 650-900 sft  was what i was factoring in. The big costs are obviously the dormer (which I don't need), potential separate hvac system (or I could do electric baseboards/mini-split.) Reinforcing the joists, flooring, insulation, drywall, paint, etc. should all be relatively cheap. I guess that I'll leave my bid where it is (I was thinking I had a couple grand in leeway) and work the contractor bids in the case that the seller accepts my offer.  

So I have what I believe is a very competitive offer on a large two unit. The current owner took very good care of the property. My bid price was based upon the assumption that I'd be able to finish the attic with atleast 700 sft with a full bathroom for $50k and potentially another $15k if I wanted to add a kitchen. I thought the estimate was conservative considering that it doesn't have trusses and has a 15+ ft ceiling peak, three double window dormers and access via two separate stairways. To make a long story short, my mother had her friend (who is a contractor for high end homes) visit the property. He thinks that it's going to cost $100k+ without the kitchen

and I'll get 750sft out of the project. Anyone here have experience finishing an attic? Am I going to have buyers remorse? (I'm fairly confident that the seller will accept my offer)