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All Forum Posts by: Mazyar A.

Mazyar A. has started 9 posts and replied 28 times.

Jeff. Thank you for your comments.

The reason I mentioned "I would like each of us deal with owner of the land" is that each party may have his own vision, taste and build quality in mind that may be different from the other party. Say if we buy the land as Joint Tenants (50/50), for construction but I end up with 40% of the total building size in the low, and even 30% of the total value of the buildings because the other party/partner wants to build a larger and better quality building that me, I want my transactions with builder be completely independent from the other party's. Is this going to be possible?

Also, does subdivisioning a 1.5 acres land take years?

Thank you

Hi.

I am interested in buying a 1.5-acres land to construct a ground up office building that will be partially occupied by my business. I also want to build more square footage to lease out the rest. The problem is that I do not have enough capital to build to the maximum allowable size. I am thinking about brining on board someone else who wants to buy and share the land with me, and he wants to fully or partially occupy his share of the building(s).

The owner of the land is most likely not going to split the land before selling it to us.

I prefer not to be a legal partner with that person, as each of us is going to have a different business, but I would like each of us deal with owner of the land and also builders to some extent independently but still harmonically.

Without having a formal/legal partnership is this going to happen? And how?

Thanks.

Oh okay then. In that case I may cancel my engineer appointment. 

Thank you 

@Jaron Walling

You mean engineer’s report not needed ?

I have recently done foundation repair for my rental property that I bought just recently. I paid cash for the house, and my goal is to refinance it in the next couple of months.

Do you recommend hiring an engineer to evaluate and give a report about the foundation work and submit it to the lender as a proof of the foundation repair? Does the report help refinance easier? Or in the first place, do I really need to tell the lender that there used to be a foundation issue and I have repaired it? I am thinking lenders may look at a past foundation issue as a negative thing even if it has been repaired. The cost of engineering report is $500.

Thanks.

Do you recommend hiring an engineer to evaluate and give a report about the foundation work? My goal is to refinance my property using BRRRR, after the foundation repair is done. Does the report help refinance easier? Or in the first place, do I really need to tell the lender that there used to be a foundation issue and we have repaired it?

Post: Foundation issues: Run for the hills or repair it?

Mazyar A.Posted
  • Austin, TX
  • Posts 28
  • Votes 2

Do you recommend hiring an engineer to evaluate and give a report about the foundation work? My goal is to refinance my property using BRRRR, after the foundation repair is done. Does the report help refinance easier? Or in the first place, do I really need to tell the lender that there used to be a foundation issue and we have repaired it?

Post: foundation repair $

Mazyar A.Posted
  • Austin, TX
  • Posts 28
  • Votes 2

Do you recommend hiring an engineer to evaluate and give a report about the foundation work? My goal is to refinance my property using BRRRR, after the foundation repair is done. Does the report help refinance easier? Or in the first place, do I really need to tell the lender that there used to be a foundation issue and we have repaired it?

I have bought a duplex for investment 2 months ago. The current duplex was probably converted from an original single family house plus an unpermitted addition. I am doing renovations to rent both units, and will look for refinancing it with cash out. Original property was about 1300 SF, and now it is about 1750 SF.

  1. A) For the refi, is the lender going to appraise it for the original SF? It should be easy for an appraiser to figure out if this is the original 1300 SF SFR or grandfathered 1750 SF duplex, but should I mention such to the appraiser?
  2. B) Will the appraiser or lender ask whether the renovation is permitted?

Thanks.

Post: How insurance will treat my slab water leak?

Mazyar A.Posted
  • Austin, TX
  • Posts 28
  • Votes 2

Justin, 

Both of any of the following scenarios could have happened:

1- There was a long term leak under the slab (either clean water or sewer leak, or both) that have cause the foundation to settle, and thus cause even more damage to the rest of the pipe lines.

2- The settlement of the foundation due to non-leak reasons (such as bad soil mechanics) might have caused the pipes to break or crack.

3- Lifting the foundation causing the pipes crack.

4- Combination of all above

I have had this property for a few weeks, so it has been out of my control.

The lowest quotes I have got for fully replacing the sewer line and clean water line is about $13.5K for a 1800 SF house.

My deductible is about $2500 if the insurance would cover it. But that is the question.