Up front fees (outside of appraisal fees) are typically a red flag when dealing with a HML.

Each closing, whether multi-family or single family, is going to have some of the same costs: title insurance, attorney fees, inspection fees, appraisal fees, fees associated with financing, etc.

Also, it often helps to connect with a local agent/do extensive due diligence on renovated/new construction properties to see what the property may sell for or appraise for (if doing BRRRR method) as that can impact the price you should pay.

I haven’t had it appraised so just going off Zillow the property is worth about $250K, so we have about $163K worth of equity in it.

It makes sense to run the numbers, but will depend on the appraisal. 

There, now it will appraise as a FORMERLY illegal bathroom, current storage closet (appraisals are about the CURRENT property, not speculation about what the property might once have been historically). 

Appraisals, Lenders and Rates : Beyond the transactions that were literally in process (sales, listings, leases, seller carries) are properties that remain amongst vacant lots.

This may be to deliberately prevent discovery of other electrical issues or prevent fire/injury.You will need some form of hard money or construction financing to purchase the property as is, and you will need to get the property occupant-ready to pass an appraisal before permanent financing is on the table.

Closing costs typically range from 2 to 5 percent of the total loan amount, and they include fees for the appraisal, title insurance and origination and underwriting of the loan.”When it comes to closing costs, a trusted lender can guide you through specifics and answer any questions you may have.

Is not a licensed appraisal specialists and therefore is not permitted to provide an opinion of value . ( keep wholesaler from telling seller their 500k prop is only worth 300k).4. the disclosure goes on and on about how to terminate it who to file complaints with etc etc. complaints go to the DRE.