All Forum Posts by: Salim Katach

Yes that's the article! I remember now from your picture. Only in this great community can I get the greatest tips from the top experts. Thanks @Andrew Postell!

Hey All,

I remember reading a post (either on BP or on another site) that talked about a way to skip the 6-12 month seasoning requirements to obtain a cash-out refinancing based upon appraisal value by lending yourself (and writing yourself a promissory note to that effect) the purchase price via a self-owned lending LLC. Basically, you're the borrower via the entity that inevitably purchase and hold the property, and you are the lender via a lending LLC. You write yourself a promissory note from the lending LLC to the borrowing LLC with a market interest rate. And you would record the promissory note with the closing so the property appears to have a mortgage which a bank will refinance on appraisal value without the seasoning requirement (or at least a lesser one). [Now the bank is refinancing another lender instead of the owner of the property]. Otherwise, as y'all know, a bank will only lend you against the contract value rather than the appraisal value. Youll have to hold the property for 6-12 months in order to get a loan against the appraisal value of the property. I remember reading an article to that effect but I cant seem to find it anywhere. Has anyone seen this article or an explanation of this strategy? Is anyone experienced in (or heard of) this strategy and can elaborate upon it?

Thanks guys

Salim Katach

Good idea Brian! Property is on Lake Shore Blvd Jacksonville FL 32205.

Hey All,

Anyone know a good handyman or relatively-cheap drywall/sheetrock contractor that can close this hole for us. We need someone in Jacksonville, Florida.

Thank you

Sal

Thanks all, you guys are great.

I like the idea of changing the light fixtures over the mirror. I light the brightness it adds, Scott.

Im not sure if its tile or vinyl flooring, John. But, I will find out. I like the green tiles, I think they add some life to the conventional all-white bathroom decor. But, I need to find complementary accessories that wont make the green look tacky. I think replacement of the flapper, the seat, and the bathtub fixtures are a great idea.

We're definitely going to make sure the bathroom is spotless, Kat. But I dont know how much I can salvage the current mirror because after taking a second look, it seems to be more scratched than first expected. Take a look

I certainly will keep you guys posted, Marlen!

Thanks all!

Hey All,

Id love some input on what you guys think I should do to this bathroom. Its a buy and hold rental. This is 1 unit of a duplex. The other tenant is paying $700/month so I can probably get the same amount in rent without doing much, but Im looking to get that extra 100$ in rent, if possible, but sprucing up various elements in the house, including the bathroom (in the area rent for a 2/1 duplex unit can be as high as 850). What changes do you guys feel that I can make to make it more aesthetically pleasing? 

To start, I was thinking of changing out the vanity for one of these:

https://www.lowes.com/pd/Style-Selections-30-in-Brown-Single-Sink-Bathroom-Vanity-with-White-Engineered-Stone-Top/1001719208

or https://www.homedepot.com/p/Foremost-Series-1920-Pedestal-Combo-Bathroom-Sink-in-White-FL-1920-4W/100676572

Next I was thinking of changing the mirror to something like this https://www.homedepot.com/p/Decor-Wonderland-32-in-x-24-in-Single-Jewel-Oval-Frameless-Mirror-with-Wall-Bathroom-Beveled-Edge-DWSM5039S1/312513113 (anything that wouldnt clash with the green tiling) but I could just be overdoing it.

Could also be nice to change the showerhead. Any other opinions? Would love to hear them all!

Salim

Haha sewage to some smells like discounts to others, very true!

Thanks Mark!

Thank you Kimberly!

Hey all,

I am looking for a septic tank inspector in jacksonville florida. The tenants on the property i'm looking to buy are reporting that they need to add water to the toilet after use in order to get it to flush and often that results in water coming up from the bathtub. Looking for someone that could come on to the property and tell me the condition of the septic tank, whether it needs total replacement or just flushing out.

Thank you

Sal