All Forum Posts by: Stephen Foltin

Hello all,

I am located in Charlotte NC, was wondering if anyone has any experience with ADU's. I am curious on a few routes, one would be for renting out and another would be for a man cave. Was wondering what the costs are and the difficulties of building with and without HoA. Looking to build one about 800 square feet, basic bathroom with tiny shower. Any information, tips, experiences are appreciated!

Thanks,

Stephen

@Stephen Foltin

I ended up backing out of the condo and settling with the company on deposit. The lawyer I used was big help (Jonathan Meek, Charlotte). We are now assessing our finances and will look to purchase something we can afford and know we won’t have any issues with.

Hello all,

Was wondering, has anyone borrowed money from their family to buy a house in cash, then refinance as soon as possible to get loan and pay family member back? I’m in tight market in Charlotte with low inventory and houses go quick and was wondering how much of a leverage chip it is to have a cash offer. Assuming I can even get a family member to lend me enough to buy in cash, is it worth it? Assuming I know I will qualify etc? I know we would have to pay double fees as far as closing again but ultimately if I get the house for the price I wanted because of cash offer it’s worth it right?

@Stephen Foltin

I appreciate all of the advice given, I think I need to look at my finances and truly decide if I am making a financial safe decision. What started as buyers remorse has turned into ensuring this purchase is even financial fit given the Corona situation. I have some things to look at and go over!

Thanks!

@Nasar Elarabi will do, thanks!

Anyone have any ideas on how I could get money back on deposit, it sounds like I am out of luck if I do go that route. 

@Chico Rodriguez I was talking about my condo, but yes, current townhouses in this development are going for $2,200, our mortgage would be $345k which is about $1,850 all in, so the new townhouse is cash flowing for people.

@Joe Splitrock

Not offended at all, great advice and I appreciate the honesty. I have some things to think over.