All Forum Posts by: Ryan Clements

@Gennaro Coscia thanks for the quick reply. If you come across added info I’d be pleased to hear. I reached out to City of Durham Zoning Department. Waiting to hear back... Stay tuned.

More specifically... Does anyone if you can convert a SFH to a MFH and then construct an ADU?
If so, what zoning type (RU, RU5-2, etc) permits you to do so. 

Just finding this thread now... @Gennaro Coscia do you wholesale SFH/MFH? I am looking into RU5(2) zoning. I am looking at some properties and wondering if I can add an ADU. But I know Durham has strict zoning regulations.

I am not familiar with Durham but I have been watching it closely as of late... Things seem way overpriced... Small SFH (<1000sq ft) in need of major rehab in Walltown, Trinity Park, and 9th Street area are selling for $250k minimum! How much more appreciation can I expect on any of the historic bungalows that were built in 1920? Not much I think.

@Kyle J. Not a fix-n-flip. Buying a pre-foreclosure then seller finance to another buyer. Follow up question... is 30-year amortization industry standard for HML?

@Chris Mason is there a standard ‘floor’ for hard money loans?

Howdy folks: Looking for a 2nd set of eyes on a hard money terms sheet... Can I get a few thoughts on fair value? Is this similar to what others are seeing? First experience w/ hard money.

Loan amount: $27,000

Interest Rate: 12%

Term: 3-months

Origination Points Owed by Borrower: 2 points ($540)

Monthly Payment (30 year fixed amortized): $272 ($27,000-$540=$26,460)

Points payable at payoff: 0 points ($0)

Prepayment Penalty: None

Loan Extension: 3-months

Loan Extension Points: 2 points ($540)

@Kyle Mccaw Thank you for the added color! I have been looking into this more in depth and found these links: 
https://dallascityhall.com/departments/codecomplia...

https://dallascityhall.com/departments/codecomplia...

I am looking to owner occupy a MFH and the code seems to exempt owner-occupied properties, but it is very possible I am interpreting it incorrectly. Am I? Either way I would like to avoid $650 fines from the City of Dallas whenever possible.

@Aj Richardson good questions! I too currently reside in Houston but I’ll be relocating to Dallas this summer with my girlfriend.

@Kyle Mccaw could you offer more detail on ‘how they treat landlords’? Curious as I am looking at rentals closer to downtown (med center potentially, oaklawn, bluffview). Are some areas more favorable than others?

@Barron Brittingham thank you for the connect! I’ll look up Mark.