All Forum Posts by: Peter Lysiak

Good to know, thanks for commenting @Nick Belsky .. also thinking about switching it to a personal name loan and then shifting it to our entity in the future. That would increase the number of lenders. 

@Brandon Bartley DSCR might be hard because it's currently rented under market value. The tenant is leaving at the start of June and we plan to turn it around by July. Would you be able to PM me some intros that you think might work?

Thanks @Alli Breighner and @Alex Bekeza .. I reached out to both of you separately. The numbers pencil well as I said, and there's good upside potential with it being zone small multi. We have thoughts to increase the GLA or add a DADU. The shed unfortunately does not count for GLA but is well-maintained and used by the current tenant. 

Has anyone put a mortgage on a home that's between 500-600 square feet? If so, can you provide a recommendation?

It's an SFR in South Carolina and I've got it UA off-market. Numbers are great with a lot of value-add potential, however, I'm running into an issue finding a lender. The last two lenders said 675 square feet is their minimum. Thanks!

Disclaimer: I am going to run this by my accountant this week as well. 

At the beginning of 2020 I had three properties that I owned 50/50 with a partner. Midway through the year, my partner and I transferred the properties to our LLC (same ownership structure 50/50) because our commercial lender could extend a line of credit behind them if we bundled them into a portfolio loan. Now that it's tax time, my assumption is that I need to report a sale on the three properties. For round numbers, let's say each property had a $100K loan left on it and the portfolio loan came in at $300K to clean those up.

What do I use as a sale price for each of the properties?  

Hi BP community!

My partner and I are UC and our financing for the property has been approved. Unfortunately, it is taking the title company a very long time to obtain tax certs and thus we are "unable to close". It has taken over 3 weeks at this point. They also claim that we need a city inspection before releasing the tax certs, yet I have closed with a city inspection post close and have confirmed with the city that tax certs and a city inspection are independent. 

My question to the community is: has anyone run into this delay in obtaining tax certs? Is it due to COVID? Is there anything else I can be doing in order to obtain/release the tax certs? FYI; the city inspection is scheduled though that should never have impacted tax certs. 

Thanks!

@Jenny Roman that's helpful. Thanks for the input!

@Jenny Roman Got it. I guess my question is more in the realm of, will a bank not lend on a property if the Certificate of Occupancy has not been renewed. I know that banks will not lend if the property is not "habitable" (e.g. electrical, plumbing, etc.) but will they not lend if there are certain items on the CO report that have not been fixed during a refinance (e.g. window needs to be replaced, interconnected smoke detectors, fire code items, etc.)?

@Guifre Mora

yes co meaning certificate of occupancy

Does anybody have experience with a cash-out refinance without a clear CO? There are tenants living in the SFH but it's quite "messy" and I don't have a clear CO.

I'm working on a deal with a "hoarder" type of tenant in the property. It's not as bad as it could be, but this family has definitely accumulated items for quite some time and the hallways/rooms are filling/filled up. What is the risk, if any, with a Certificate of Occupancy due to the narrow hallways and stacked items?

Has anyone had trouble getting a clean Certificate of Occupancy in a similar situation?

Our CO inspection is due after the current close date and I'm considering trying to push back to wait for the CO inspection.