All Forum Posts by: Paul Sanchez

I am about to close on my first duplex and am inheriting a tenant for a few more months. If they have been paying by check or non-online method previously, what is the best way to transition, or request a transition for them to pay online through a property management software portal? Or is it just better to resume non-online payments and enter manually in the software?

Should the payments be mailed to me? I do have a PO Box as well. Sorry, first time buying/inheriting tenants.

Thank you in advance!

-Paul

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Quote from @Carini Rochester:

Not enough info in these pictures to make a judgement. My brother lives in oklahoma. He tells me that almost every house in his area gets jacked up and has new piers pushed into the ground. There are companies in the area easy to find that have this expertise. Because it's so common, prices are reasonable. If you are in an area where there are contractors familiar with this and it's a fairly common problem and solution, then move forward.

Also, does the floor actually slope toward the failing foundation? This may just be a problem with the stucco finish and not a foundation issue at all.

Thanks @Carini Rochester. There is definitely a slope. Appreciate the help.

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Quote from @Conner Olsen:

@Paul Sanchez Where is the property? Ask the agent if foundation issues are common in that area. I know in Texas 1/3 of houses have some sort of settling so it's not that big of a deal if it's minor, but if you're in the midwest you should stay far away from anything with foundation issues.

Thanks @Conner Olsen. Property is in New Mexico. Appreciate the help.

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Hi BP Community,

I found a great location with an old SF unit built in 1950. 100k, 2 bd 1 ba, 725 sq. ft. Went to see it in person and it looks like the house sits crooked and there's cracking on the stucco near the foundation.

Would any of you all take a look at these photos and let me know if possible repairs are even worth it on a property like this one? Everything I have read says to stay away from possible foundation issues, but I am new to all of this and am wondering if a low price tag would be worth investing more money into the property to fully repair.

Any advice on value, to buy or not to buy, repair cost for foundation issues etc. would be greatly appreciated.

Thank you!

-Paul

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Quote from @Andrew Garcia:

Hi @Paul Sanchez, using a HELOC and then paying it back in 6 months could be a good idea.

There are a few considerations, however.

1. As @Andrew Postell said, 85% cash out on a 4-unit is unheard of, especially with lenders tightening up on some higher-risk products such as that.

2. Could you make up the $50k some other way so that if rates skyrocket, you are not forced to take a higher rate?

3. If you want to lock in a fixed-rate second lien today, a HELOAN is probably right for you. It will have a higher interest rate than a HELOC or purchase loan but they generally go up to 90% LTV. They can be hard to come by for 4-units, however.

Hope this helps! Let me know if I can be of any assistance.

Thank you! @Andrew Garcia

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Thank you all for your insight and advice! I really do appreciate it! Good luck to you all too!

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@Rodney Sums yes, going to live there.

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That makes sense @Nicholas L. thanks everyone for the responses so far. Much appreciated.

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Thanks @Nicholas Misch 👍

1 Vote

All Forum Posts by: Paul Sanchez

Paul Sanchez has started 3 posts and replied 14 times.

Post: Inherited Tenant - Switching from One Payment Method to Another

Post: Inherited Tenant - Switching from One Payment Method to Another

Post: To Buy or not to Buy with Foundation Issues?

Post: To Buy or not to Buy with Foundation Issues?

Post: To Buy or not to Buy with Foundation Issues?

Post: BRRRR Method Using HELOC with Rising Interest Rates

Post: BRRRR Method Using HELOC with Rising Interest Rates

Post: BRRRR Method Using HELOC with Rising Interest Rates

Post: BRRRR Method Using HELOC with Rising Interest Rates

Post: BRRRR Method Using HELOC with Rising Interest Rates