Hi Everyone,I purchased a new-build townhome by Meritage Homes in 2021, during the initial phase of the community development.

Due to the initial condition of the home, I had to get a construction insurance policy, pay a larger amount up front in an escrow account, and insurance is pulling monthly from that escrow account.

Doing the right thing is expensive, but it pays off in the end.Yes, this is the option I initially explored and came across this pilot program that NYC was offering specifically to help homeowners legalize basement/cellar apartments but it seems like the pilot program was not much of a success.

The initial draft is very restrictive. 

B is going through an eviction) The realtor said the main issue is whoever did the initial renovations cut a lot of corners and it shows when you go to the property, it looks perfect in pictures but in person not so much.

They will provide a lower initial rate compared to a fixed-rate mortgage.Also, a little insider secret here.

We initially budgeted $5,000 for repairs, but a leaking upstairs toilet above the kitchen required additional work.

What are the forms & processes i need to provide & follow during initial lease up?

Hey Sam, If the property is considered rural and you are looking to do a DSCR based loan you will be capped at 65-70% of the initial purchase price.

Once you’ve completed a BRRRR cycle, refinance to pull out your initial investment and reinvest it.