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25 May 2024 | 14 replies
Networking with them can be challenging, and extracting the specific information you need to transition into this space can be even more scarce and haphazard.To my knowledge, no certifications are required to officially label oneself as a developer.
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25 May 2024 | 26 replies
Some lenders require a qualifying event like moving, downsizing, etc.
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24 May 2024 | 6 replies
Other notes: - Tenants that pay for their water usage are more likely to be more conservative on the usage and also inform you about any maintenance issues as opposed to a tenant that does not pay for water and let's a running toilet, or a small leaky pipe under the sink, go unmentioned. - I don't know a lot about Condo Conversions however if shared meter, can just wrap that into monthly Condo Fees Hope this helps!
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24 May 2024 | 5 replies
Start in onsite leasing, spend some time doing maintenance, pitch in everywhere.
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25 May 2024 | 2 replies
Many lenders will require seasoning (ownership interest) for a minimum of 6-12 months to utilize a new appraised value, but many will permit a cash out refinance using the purchase price anytime after closing.
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25 May 2024 | 7 replies
Unlike personal property, real estate also requires agreement on closing date, repairs, etc., so even if list price, cash is offered, another term might not work, so likely no way to hold a seller to sell until they actually sign an offer.
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24 May 2024 | 0 replies
Some general themes or characteristics of super jumbo mortgage loans are: - Lower LTV's (Loan to value) depending on the strength of borrower and property type very large loans can require 30-40% down.
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24 May 2024 | 17 replies
Now the regular pages are just the same words I hear on podcast.When I started my one and only SFH I spent 1/2 year longer renovating than I planned almost doubled the budget, moved a family of four and a dog into a 700 sq ft home, slept in laundry room had no a/c(I work in extreme heat) almost got a divorce, lost 600/month for g months longer than I planned, had cops called when I found perfect tenant three times in two weeks had “maintenance calls” three times in in a month.
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25 May 2024 | 11 replies
Now a landlord (and architect), I wouldn't build out the space without the second stair since it really is a safety issue/liability (especially in case of a fire) if anything were to happen.Full excerpt of building code below:According to the Chicago building code on egress requirements, the third story above grade plane within a dwelling unit [which in this case is the duplex-up unit], all the following conditions must be met:1.) the building is equipped throughout with an automatic sprinkler system2.) the floor area of the story does not exceed 1600 sq ft3.) the dwelling unit has an exit that discharges directly to the exterior at the level of exit discharge.Your third story attic space is unlikely to exceed 1600 sq ft, but you'll probably find the sprinkler system to be cost-prohibitive.
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25 May 2024 | 10 replies
Another consideration for you since you are located in VA is the licensure requirements for private money lending.