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15 January 2025 | 10 replies
For example, it's difficult to appease a situation if 1 tenant claims they're using less electric/gas than another.
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4 January 2025 | 1 reply
Here is some key information:Property recently hit the market and has 2 cash offers alreadyThe seller provided a pre-inspection report, which I shared with 2 different lenders, both think it may fail conventional financing due to potential structural and electrical issues (realtor thinks it could pass conventional)Seller has 100% equity but is behind on other payments (not sure of the urgency money is needed)This is my first attempt at an “investment” property so I’m new to thisI see 3 optionsMove forward with an offer using conventional loan pre-qualification-Not as attractive of an offer to the seller-Possibility that appraiser calls out structural/electrical issues that need to be fixed before closing, effectively causing financing to fail- Best terms and fewest loan fees for meUse a rehab style loan such as ChoiceRenovation-Even less attractive than a conventional offer to seller, but less risk of failed financing if appraiser calls out issues-Slightly worse fees and interest rates compared to conventional-Lenders tell me possibly up to 60-90 days closing in some cases, with red-tape for contractor requirements and draw schedules (sounds like the most hoops to jump through during rehab)Use a hard money lender-Most attractive loan option I can give to seller so I can compete-Much higher fees and interest rate for me-need to refinance into a conventional at the end of rehab (not familiar with seasoning periods but I think this is a factor as well)Which option would you do?
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22 January 2025 | 13 replies
Typically, since I'm well connected because of flipping, HVAC, roofers, lawn care, carpenters, kitchen & bath & plumbers and electrical all are good sources.
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7 January 2025 | 3 replies
Each of the 5 warehouses on this campus will require updates (construction of offices/bathrooms, roof repairs, paint, siding repairs, new penetrations for doors, updates to electrical, insulation, and extension of water and sewer).
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13 January 2025 | 10 replies
Electric is metered separately from the utility.
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13 January 2025 | 16 replies
My big bold move was to rent them at $150 month with tenants paying for heat and electric.
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15 January 2025 | 49 replies
I’m honestly surprised that BiggerPockets would partner with a platform like Stessa without pushing them to fix some severe bugs first.
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14 January 2025 | 8 replies
My hunch is that's $85K for the garage itself before plans, permits, engineering, sewer line, electrical panel, etc.
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7 January 2025 | 16 replies
An example of that is tenant must pay for additional electric over flat fee / flat limit since now there is 2 occupants in the home instead of originally one.
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19 January 2025 | 55 replies
Too many deficiencies, bugs, and quirks.