All Forum Posts by: Steven Westlake

I hoping some of you can point me in a new direction.

Heres the basic facts:

1. I stopped working my regular job about 2 years ago. Got my 35 plus years in engineering in, to draw full social security, in a few more years. I’m 57 yo and married, no kids still at home, if that matters. Our house and a fully rented triplex and all cars are paid off, and payments are only $366 mo on another triplex.

2. My credit score has faded from around 840 to 775 due to carrying a credit card balance of 22k.

3. I had been dealing the same bank for sometime and had spoken to them earlier this year about getting a loan to cover some remodeling i was working on. Assuming it would be business as usual. They were in the process of being taken over by another bank so there were several months of delays to figure out the new procedures. Meanwhile I’m racking up credit card debt figuring next month it’ll be done each month, the bank stuff, not the work. Then the loan guy then calls and says the new bank owners are no longer doing that type of loan. So I contact several other banks, and run into a newer problem, they all seem to be using a similar approach, which is to say a math formula. They now want the current rent income to cover 1.2 times expenses after they subtract $1500 plus all property taxes and insurance. The issue is they only count the current rent not the future rent or even last year’s taxes rent, from the 3 units I’m remodeling. Had i had this information up front, I could have done only one unit at a time. The remaining work will bump rent from $500 per unit to $750-900 per unit, times 3 units.

So how do you all deal with these issues? Bridge loan, if so where do get those? I only need like $10-12k per unit times 3 units, total includes the credit card.

metropolitan housing already has money approved to pay the rent. Should i keep going on the credit card figuring the rent will cover the payments, currently $622 mo? Or pull money from retirement and pay the early withdrawal penalty? If so this “income” will likely cause our health insurance to skyrocket.

I’m just in shock a bank won’t loan 30-40k on a paid off triplex.

I even listed it for sale with a bunch work not finished, thinking i could eliminate the banks all together and use the cash to build something else. But it is not getting any traction due to unfinished work needing done.

@Juan Serrano - 43311

Heres a triplex

https://apps.realtor.com/mUAZ/x95nwitm

 Good thoughts now I am leaning towards cards, fobs, etc. 

 Not found of codes that they can tell to all their friends. 

Has anyone tried those finger print scan locks? It seems there are a few pluses:

1. Im not spending money to replace locks when they move.

2. No lost keys.

3. No copying keys to tenants not on the lease.

4. Would create a record of who is there and when, so if you knock and they don’t answer, no more wandering if they are home.

5, once they are out, it’s for good

6. I don’t have buckets of keys.

So my nosiness to see if my prices were current, I looked on realtor and set filters at min 3 bed and 2 bath and max at 2 acres ( did not want farms). Found these 2 as highest, the lower one is already contingent so I thought is better shows the current

market.

Wow, i always shocked by those prices. Here in Ohio it’s $125 to $175 per sq ft plus $25 to 40k per acre. Unless it’s water front or something special.

I know where there’s a 1300 sq ft single family 3 bed, 1.5 bath for $25k right now, it’s trashed and half gutted. But $25k. Fixed it would rent for $1100. I just have no time.

When you are framing for new floor to match up with old. I made this jig that sits on top of the old and has a modern 3/4 plywood part hanging down to where the top of the new frame needs to be built at. You can clamp a straight edge to the bottom of the new plywood, i use a level for the straight edge, then mark the wall where the top of the framework needs to hit at.

Good point, maybe a updatable section of a website would work better.