All Forum Posts by: Michael Snead

I’d be interested in hearing this too. I know Langley FCU was advertising 100% LTV HELOC’s at 3.6% for 30 years fixed. But I’m sure that is only primary residence and the property probably has to meet certain criteria. All I know is Langley is VERY cash heavy right now. I just got an auto Loan at 1.7% haha.

As a millenial, I rarely run into peers that have an interest in house hacking, but I preach it to everyone that will listen. 
I think you just happen to go to the gym with a like minded individual. 

House hacking is a lot more of a "recession resistant" buying strategy than just buying a massive SFR at the top of your budget. (like most of my peers are doing) Even if a significant % of the millenial population bought small multi's for cashflow, I can't see how that would make the market anything but MORE stable. its hard to default when your mortgage is paid for you.

according to a quick and lazy google search defaults are at a low. I think its a little early to call tops. 

and even at the top, cashflow is cashflow.

Good post

there is a second story above the drawing there, but that’s good to know. I want to go about this the right way, but I really don’t want to have to hire an engineer. But 350 isn’t bad I was expecting something more brutal haha. Thanks for the help guys. I emailed the plan examiner and he said they need to know what the load is sitting on (foundation wise,) and the manufacturers specifications for the beam. 

I’m sure I will have to have the new framing and wiring and inspected also though. Now what I need is someone who can accurately calculate the required beam without beating me over the head on the price.

Very helpful @Jon Holdman @Account Closed

I figured I'd need to consult with an engineer, but when talking with a contractor before he made it seem like it was as easy as "pull a permit and get it done" maybe it's best I didn't go with that guy lol.

The house is on a crawl space, but wow, I hadn't even thought about what the columns would stand on. And yes, that 11' wall is most likely not load bearing but i figured that out after I sketched a little beam above it. 

Thanks again guys.

Hey guys, noob question:

I'm looking at taking a few walls out in my primary residence/ live and flip.

I need to pull permits, but I'm not sure exactly what type of beam i will need to comply with code. So i'm hoping an expert can review my plans and point me in the right direction. (a PDF of the plans is below.)

Do I need to consult an engineer? an experienced GC? or do i go to the codes and compliance office and ask them what I need?

Before i make a fool out of myself at C&C I'd like to come correct.  Obviously my priority is safety and quality, however budget is a close second as I'm trying to do as much of this first flip myself.  

The plans can be found here.

The house is in Newport News, VA. There is a second story above the one shown on the plans.

Thanks for any help BP 

That's what I was thinking. If I give him the option to stay for market rent, i know he won't be able to pay then so I'd have a clear reason to get him out. I just don't want to be too blunt and piss him off, and then have to deal with an eviction because I didn't approach this right. 

Thomas S. How do you figure I should only do a M2M lease? Sure I'm a newbie here, but that seems to be more unprofessional than putting together a solid year lease with my attorney. Shouldn't I treat this as a progressional from the beginning? I have an understanding of my local tenant landlord laws. I'm asking for first hand experiences, and advice.

Linda D. Solid advice, I really appreciate it!!

Russ Mattson I wasn't too clear in my original post. The owner is elderly and lives out of state. The tenant is his nephew and is on a m2m agreement. The owner was pissed to hear about the condition of the place. The owner told the tenant to inform him of all problems and he would take care of them. My purchase contract specified an AS IS purchase. And it's still a good deal IMO. There is no existing lease. I feel that calling the police would likely result in a code violation that I would soon be responsible for, and that would be counterproductive. Have you had them actually hold a TENANT responsible for something that would normally be a code violation? If so I'll do that for sure.

What's up BP, So I am inheriting a tenant any day now and while I'm waiting on this delayed closing (April 10th) I figured I would get some advice. I've done a fair share of research but I could use the collective experience of BP. They guy is paying far under market rent, he has 10 broken lawn mowers in the back yard, one disabled car in the front yard, has let the bathroom floor rot, and the siding partially fall off.... I told him months ago when I was supposed to close that if he could get the car out of the yard, get the lawn mowers that are visible from the street out of sight, and secure rent subsidy by closing then he would have the option to sign my 1 year lease. His other option is to find somewhere else, and upon completely cleaning out the house and removing all his property he would receive a sum of cash ($200-$300) to go towards his new place. He has since made no effort to fix any issues, and my insurance company is screaming to have the car removed and the siding repaired, even though I don't own the place yet. (ridiculous?!) What are my options when I close? I want him out, but how much time do I legally have to give him? What is the best move to avoid a costly eviction? Thanks guys