All Forum Posts by: Steve Pickenpaugh

@Mario Am

Sounds like you're doing your due dilligence like with mixed use zone. I would want to know why he wants to sell ? There may be a pain point you can solve for him through negotiation? I would also take a good look at plumbing/ electrical if you are planning on renting to residential tenants. (Can it be metered separately?) Do you have any experience as a landlord? If not make sure you have a plan. Also try to think of more than one exit strategy if your first plan falls apart. Good luck !

@Anthony Wick

Good advice. I assumed there would be refinancing costs associated with changing financing also. My situation is actually slightly different I'm currently in a single-family house with a conventional loan looking at getting an FHA loan for a fourplex house hack and either selling my current home or using it as a rental. Haven't gotten comfortable enough with running the numbers as whether to use my current house as a rental but the first time the numbers didn't look like such a good idea. LOL

@Kevin McGuire

My wife and I are in a similar situation. I'm 51 and just getting started. I view it as a plus because we have better income and credit. The downside is less time to get where we want to be. Therefore I'm thinking that I will have to use more leverage and be willing to accept the risk. Being an auto mechanic I don't see myself being able to do this job 10 years from now anyway so what choice do I have other than going for it with eyes wide open and learning all I can about the current market. I do want positive cash flow but I'm not trying to live off of it for the time being but more as an income replacement 10 plus years from now..

@Anthony Wick

Awesome, thanks for the clarification.

@Anthony Wick

So to prove the value went up with the improvements would require another apraisal ?

@Cameron McCown I would agree with you IF Zachary were a seasoned investor with a known good deal in hand because of the cost of lost opportunity. However after reading his profile it seems to me he should get his own financial house in order first and get diciplined financially. Buying at top of the market with no track record of knowing what to do "when" not "if " unexpected expenses pop up could likely hurt bad.

Instead of working less at home inspecting work more, get out of "bad debit " then get a financial cushion and downpayment...

Allot of Ramsey fans on here apparently.

@Marcia Maynard

Thank you so much for your very educational answer! I appreciate you sharing your pet policy, it looks very thourough and thought out.

Having done a little more research myself it sounds like HUD does a case by case evaluation. If an animal would cause your insurance company to drop or significantly raise rates they may disallow because it creates an unreasonable burden. The kicker is that you have to compare like insurance and also have your insurance company verify to HUD why they cancel or raise rates. This can trigger an investigation into the insurance company's policies if they don't provide an allowance for emotional support animals etc. A slippery slope.... Probably better not to try and go down that worm hole as someone else mentioned.

@John Underwood

Excellent point about insurance. I'll be asking an agent what their take would be.

@Jay Hinrichs

Many thanks, even more opportunity there than I realized.

@Jay Hinrichs

Hi Jay. When you say "learn the courthouse, that's where the money's made..." You mean foreclosures for flips and or buy and hold? I'm new to this and appreciate your time, trying to learn as much as possible.