All Forum Posts by: Michael G.

Will,

I like the suggestion, and it is one that I pursued before committing to this deal; however as you may know, working with the city and the public departments is not always such an easy task. Also, when is one really privileged to all the information or "cards" in life?

To elaborate, I visited every department and attempted to ask this question and many more. The zoning officer actually told me she cannot confirm the 3-family status of the property until she visually inspects it.... (how is that even possible?!). To assure you all (probably more myself) I was able to inspect the property: it looks, feels, and sounds like a three-family, but how can I be sure if the city can't even confirm it!?

I guess what i'm trying to say is - in a perfect world, I could go to the city and find out all the information i need before proceeding. But all i experienced was a run-around and tight deadlines required from the seller.

The question still remains! Has anyone here experienced anything similar to what I'm going to? (referring to the zoning issue, not purchasing a foreclosure while attempting to work with the city.

Hello all,

I'm currently in the process of purchasing a home through a foreclosure sale. The property appears to be a 3-family and is an all brick, late 1800's construction.

I was wondering - upon completing this transaction, will the city require me to conform to the current zoning requirements for 3-family properties? Some of the newer standards in this city require 3-family properties to have a certain lot size (>3,000sqft), exit signs, and a sprinkler system!!!! 

My question to you all is: can the city really require me to retro-fit a sprinkler system on a building that is approximately 150 years old? Lets say the fire escape needs repairing or replacing - wouldn't it be more logical for me to repair/refurbish/replace that system (which was once acceptable) vs. the latter?

PS: There is a fire escape in the back side of the building which is accessible to all three units.

Recently purchased a property (2-family) with separate utilities. Here are the facts:

1. Two new gas fired steam boilers (one for each unit)

2.  During the home inspection the thermostats in each unit was increased drastically to confirm they were operational

3. Two new gas meters (confirmed by utility company)

4. First unit has a baseboard set-up and the second unit has a radiator set-up.

5. The 1st unit boiler was suspect during the inspection because it lagged in turning on, but ultimately turned on.

After the first month of having the utilities running on both units I realized only the 2nd unit's gas meter was going up, while the 1st unit's gas meter remained the same. With that said, both units are receiving heat consistently. I checked to make sure all the valves were in the "ON" position and that the piping was unique to each boiler and everything appeared to be in order.

Why do I have two brand new meters and two new boilers that are being serviced under one meter? How can both boilers be connected to the same meter? Do you think one boiler (2nd unit boiler) is feeding both units? I know this may not be the most appropriate place to ask this question, and that it is advisable to have a plumber inspect my set-up, but i figured i'd ask the community if they've ever experienced an issue similar to this with their investment properties.

Thanks in advance.

I think i agree with a lot of the folks here. There are a multitude of reasons you should not compare yourself to other investors, but primarily because RE investments are relative.

1. Location obviously plays a big role (if not the entire role). Good luck getting the numbers people here on BP talk about when you are investing in SF, NY, NJ.... Not all states/cities present the same level of opportunity.

2. Available funds is another one.... Your capital may prevent you from getting involved in opportunities you otherwise cant afford - ones that can get you that +10%

Having an idea of the "correct" numbers is good, however be sure to know they are not the end all be all.

So I have been following listings for a specific area I would like to purchase in and I've come across an interesting situation. 

Here are the facts and my corresponding thoughts:

1. Property listed online (Trulia, Zillow, etc..) and is well below market value and appears to be depressed. ~ I'm thinking this is a shortsale

2. Got my RE agent involved so I can find out more information. Turns out the property is "UC awaiting short sale approval" 

3. I look at the county's foreclosure listing and i see the property is set to be auctioned off next week. The website also shows that it has been adjourned throughout the majority of 2018.

I guess my overall question here is why would the property be listed at auction if it is under contract? Are the recent adjournments a product of the short sale approval process? Just looking to shed some light on this specific situation and maybe the short-sale/auction process; why or if short sales can get pushed back to the auction.

Nyan, 

I got quoted anywhere between $1,750 - $2,900 for a 2-family home in was looking to purchase 5 weeks ago.

I also pursued quotes from every carrier and I believe the quotes started to get more expensive each consecutive time. I think they pull a record every time you apply for a quote which may affect their pricing tools. Dud to this I dont recommend getting too many quotes during your search.

@Kathy Henley Very well. I think i'll take your recommendation. I have the home inspection Saturday morning so we will see if that reveals any issues.

@Kathy Henley thanks for the suggestion!

I figured there is a dampness issue, but that is not my biggest concern. Would the foundation be suspect here? Is dampness in the basement a sign of existing or future structural issues?

Just to give you folks an understanding, the home was built in 1908 and is situated on top of a large hill. Does the placement of the house help or worsen the situation?

Hello all,

Currently in the process of purchasing a home and I've realized the dehumidifier is always on when I enter the basement. Now I figure there may be a humidity issue in the basement, but does that warrant the dehumidifier running 24/7?

Just trying to get an understanding of the situation here. Is this a big problem I should worry about?

Thanks in advanced!

If you are worried about the liabilities surrounded with purchasing the property under your own name, you can increase the limits on your insurance policy similar to what @Brian Ellis said for a relatively low cost - especially for general liability.

As per @Benjamin Haberman's approach, purchasing an umbrella policy will offer you much more protection than merely increasing the limits on your primary policy, however this will come at a premium price.

Both solutions are viable; it just depends on your risk appetite and annual insurance cost your comfortable paying.