All Forum Posts by: Thomas Key

So I didn’t specify, I am living in the property. I rent by the room and by putting a full bath downstairs I would rent out my current room. This would become a single family when I move. 

I am not sure why it is raised up. I bought this property below market value so I knew going into it the house had some quirks. The contractors that have been by don’t think I will have to add a pump gonder but are giving me a quote with it included for worst case. What would be the best way to look to see if this half bath was properly permitted? And I’m curious why you would permit this project if it weren’t required? Going into the project I was ready to permit and want to do my best with the city and not get penalized but 3 licensed/bonded contractors have said they would not recommend permitting with such a small project. I am undecided if I will move forward with this project but want to get as much informed thoughts before I make a move! Thanks for this info.

I currently have a toilet and vanity in my basement and I am getting bids to add a shower to make my basement a livable space. The current bathroom is raised up and I am wanting to have the contractor drill into the ground which will be more expensive but at the moment my head is almost touching the ceiling. So if any suggestions on going about that aspect would be helpful!

My question pertains to the flooring and shower pan. Someone suggested at shower receptacle for the base and subway tile the way up. And for the floor (which will be about 50-60 sq ft) 1/2 inch small tile flooring. I received one bid back for tiling at $3200 and waiting on two more bids. I thought the price for tiling was expensive and wanted to get other opinions on this.

This is great information. Thank you for sharing your story and giving the details. 

It is a homeopath property. I’ve been told the house has a mold problem and the home has gone under contract 3x in the last year and a half but they have fell through. Sounds like Fannie Mae made improvements to the home but after their due diligence did not want to put any more money into the home. But I will have to take that into consideration on cost of removing mold. I don’t want to over leverage and be stuck with a mold filled home. If anyone has dealt with mold feel free to share your experience!

I am looking to do another house hack and I am currently house hacking. A property of interest I saw is a foreclosure, it states it’s, “a Fannie Mae property.” What should I be thinking about, seeking any good advice and what are the risks? I’ve heard people that previous owned the property could but it back during a certain period. Thanks so much. 

That helps! The lawyer friend mentioned going to a title company and I just wanted to double check with BP community. I guess I could have looked at old posts but I wanted to make sure my answer was current and nothing has changed like you mentioned.

I am not behind on payments. I am trying to put the property in an LLC. The mortgage is an owner occupied mortgage. I was told by lawyer who is a friend that if I moved the property to an LLC it could cause issues because the mortgage was underwritten as an owner occupied and if I did a quick claim deed on the home it would potentially mess up my mortgage.

I bought a house last year and it was a house hack situation. My brother @Kurt Key and I are wanting to put the property in an LLC we have. We have reach out to a lawyer and they advised us to go to a title company to get help. What are the steps to take to avoid a default on the mortgage?

We have a rental property with an unfinished basement and are planning to finish it to make it a livable area adding a full bath and bed. We are debating using a contractor that does permits versus one that doesn’t. If we pulled the permits ourselves would it be okay to avoid conflict from city officials if we went with the person that doesn’t pull permits? Secondly, if we refinanced the property and did zero permits and avoided any city officials finding out would the bank recognize the new livable space? This is all hypothetical because are unsure the risk reward and would like an honest opinion. We have two licensed contractor giving a quote and a handyman that was referred. Thanks BP community! 

These are all great answers and feedback. I appreciate you sharing your insight and experience! Thanks so much. I will be attending my first BP con this year with my dad and brother. Will any of you all be attending? I would love to meet up and connect if so!