All Forum Posts by: Trey Prince

Can a residential multi family legally function in an area zoned B1? Also what holds more weight ; public records or the last updated property card .. considering purchasing a multi family in a b1 zoned area .. public records deems it a 2 unit but it’s last updated property card deems it a 3 unit. Contacted the building dept but I’m not 100% confident in the records that we’re providing to confirm it was a 3 family. 

Curious to know if anyone has ever built a  single family home on the previous foundation ? I have a .4 acre lot with the foundation from a home that was built in 1932. A new foundation would be nice but damage may be around 30k. I just wanted to get a gauge on how home buyers may feel about a new house on an old foundation and how significant it would be pertaining to the sale price. 

This was very helpful @Robert Loiselle I appreciate it. I will definitely be reaching out . 

Hello all, looking to get a little more familiar with the lead removal process .. how much does it typically cost per square foot ? If the potential tenants don’t have kids under 6.. how urgent should this be for me ? 

 Definitely makes sense @Andrew Postell , thank you for that . 

Makes perfect sense @Andrew I’m a realtor myself , So I’m familiar with that method. I’ve never done a cash out refinance so I was curious to see if the appraiser would consider any other factors to be significant besides the comps . Quick example ; this two family I’m working will be set to make more in gross rent than most three families sold in the last few months in the area. But at the end of the day it’s still a two family. 

Will do, Thank you @Andrew Postell 

Currently in the process of purchasing a property that i plan on using the BRRR method. However the private and hard money lenders that I am in contact with say that the earliest they can refinance is 6 months. Is this normal considering the climate or is it lender based. Considering my efforts to move on to the next mult as quick as possible I would like to refi once tenants are in there.

I worded that wrong , I wouldn’t use the private appraiser for official reports. More so for my own confirmation that the property is a good deal, and how much I should put in. Nonetheless that is great advice and I appreciate it. @chase Lowry 

That's great information thank you @Caleb brown , I am an agent so I have some comps put together. However I'm starting to see multi families listened under my expected ARV Granted most have bad tenants and or aren't finished . How big of a part does the gross rental income play in that appraisal price.