All Forum Posts by: William C.

@Larry Turowski  This is how it looks like

I am interested in putting an offer on a house in an good neighborhood.  The only thing I am not sure with is an small room attached to the master bedroom.  It is about 8 by 8 and without a window.  It is marketed as a 'study', with builtin shelves, desk and a french door opening to the master suite.  My question is, does it technically qualify for a study?  Do you guys think this is a good design that is acceptable to the general buyers?

It is not possible to add a window to the room, as the walls are all interior.

Thanks so much for your comments!

@Mindy Jensen

I did a cash out refinance on my home, but I never got HELOC. I have about 200k equity in my house that I hope I can get some of it out. But the bank told me what I have right now is an equity loan. This is from a large national bank's underwriting department.

I am interested in buying an investment property using the equity from my primary residence. I did a cash out refinance on my home 3 years ago. When I applied for a HELOC, the bank told me because I have an equity loan on my home already, they cannot do the HELOC. They told me the only way to take cash out of it is to do a cash out refinance again. Does this mean I can no longer take cash out of my house unless I refinance? I have never heard of this before, and really would like to hear from all you experienced investors. This is in Texas BTW.

Thanks for any comments!

Thanks everyone for your suggestions!  

@Lynn McGeein I know he can stay with his daughter for a while.  If he cannot find a way to pay the rent within a reasonable time, I will probably go with the early release of his lease option.

My tenant just informed me that he lost his job back in January and could not pay his rent due in June.  He wants to trade his shed in return for staying.  I am hesitating to accept this because I don't really need a shed now.  Please share your advice for this situation.  Should I let his go or give him some time to find a job?  He said he has been interviewing but no job yet.

Thanks so much!

Thanks everyone for your insights!  I will definitely find out the quality of the addition of the house structure wise.  The clarification on the qualifications of bedrooms is very helpful.  If I end up deciding to buy the property, I will try to negotiate the price with the seller regarding this.

@George Kelley 

 The rooms do have closets.  The seller is listing them as bedrooms because of the closets.

@Steve Babiak 

 I also have some doubt because the 'bedrooms' really look uncomfortable.  I am not sure about the building code, but it's probably safer to list them as den or study.

They did not add another garage, which is another thing that needs considering.  I might build a carport to resolve this.

@Carl C. @Bill Gulley I will follow your advice and have the house inspected.  Thanks so much for your advice!