All Forum Posts by: Rich O'Neill

Right but the whole combined structure of all of the “units” still needs shear strength. If you take it out in your unit, it weakens the whole row. 

@Rafael Carvajal Jr I agree with what @Eric Greenberg said. If the zoning is appropriate and you have comfortable ceiling height in the basement (I believe code is 7ft) then it isn't terribly difficult to add egress windows if they aren't already there. You may find a "duplex" that fits this bill that you can go and apply for the variance while you live in one of the 2 units, then finish the basement and add the appropriate egress to make it a true Triplex. 

I have asked lot's of structural engineers and architects about that wall in the back and often it is there to brace the "shear" load. When you took the wall out, was there any lateral bracing (2x4 on an angle or something like that)? Based on the picture, it doesn't look like it, but I can't really see. If there was, you should definitely be careful.

Shear walls are meant to keep a building that looks like this: l_l from looking like this /_/ when wind or other loads bear on the building like this: >l_l

The front and back walls might do this sufficiently, but that is why you need an engineer to look. 

 Wow that is a pretty strict rule. Thanks for the clarity. 

@Dmitriy Fomichenko good point. In your experience, what would be a red flag for a quid pro quo? Outrageous terms? Too timely? 

@Marshall Secord to be compliant with the "arms-length" issue @Dmitriy Fomichenko mentions, if you have friends doing similar deals, or deals you feel comfortable with, you can invest in each other's deals using your retirement accounts. This takes "you" out of their deal and "them" out of your deal to create that arms-length transaction that you still feel comfortable with. Of course, it has to be with someone you trust and a deal that is vetted by you. 

Hey @John Lee, any specific neighborhoods? Here are a few: 

@Kevin M. with Otter Property Managemement

@Yuriy Skripnichenko with TrustArt Realty

@Tj Hock with Rentwell

I personally use RentWell in Delaware County, but have clients that use Kevin and Yuriy that have had great things to say. I would speak with all 3 of them. 

Good luck! 

Agreed. If you are trying to BRRRR the deal, then it won't work with these numbers, but if you can leave some cash in the deals, @Jimmy Lynn has access to lenders that will do 75% LTV. It is however getting harder to get these loans in this market. Non-QM loans (what these deals often are financed with) are drying up since they are seen as risky. Always worth a conversation though.

@Nicholas D'Andrea are you looking for bridge money or long term financing? Either way, @Jimmy Lynn can help. He is really sharp and has access to a lot of different options to find the right lender for your situation.

@Jenny Zhang, the only 2 know of people using in those areas are RentWell @Tj Hock and Slatehouse Group. I personally use RentWell for my properties in Delco but don't have experience with Slatehouse other than hearing one of their reps speak a few times. @Nathan Gesner recommended the method I used to find RentWell and it worked really well. Good luck!