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21 July 2018 | 4 replies
Other non-code enforcement issues I look for when doing inspections on my own: change air filter, check to make sure toilets are not running, run water in sinks and check drain pipes for leaks, check for signs of unauthorized pets, check to make sure all windows operate, check all GFCI outlets with a tester and make sure they reset.
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28 July 2018 | 7 replies
We put some text in the offer about knowing the seller's kids and our intent for the property (keep existing tenants).good luck...keep us updated!
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18 July 2018 | 2 replies
This is a program where 1st time home-buyers who make at or under a certain % of the area median income (say 80% or less for example) qualify to apply for the grant, certain banks receive grant funds so you would need to ask your bank if they participate in this programRehab costs: $40,000 (lot of sweat-equity)Appraised: $385,000NEW PITI $1785/month: Refinanced into a loan of $260,000 ($325,000 with 20% down, 30 year fixed rate portfolio loan @ 4.375%) and pulled out $61,000 ($260,000 minus $191,00 owed on old loan minus $8000 closing costs) I could have taken out a higher loan (due to the appraised value) and received more cash-out $, but I wanted to be conscious of what my new PITI would be and make sure I could cash-flow going down the road.DetailsBefore Renovation- 864 sq ft - 3 bed 1 bath ranch style home, , attached 2 car garage, 1/3 acre yard- Purchased foreclosed for $220,000 with a 30 year fixed rate loan @ 3.875% - PITI $1385/monthI worked with my local bank to build in renovation funds into the actual loan, where I would pay to have work done to improve the property (new roof, heating system, flooring, etc) and the bank would inspect the work then release funds to me to reimburse for the cost of each repair as they were madeAfter Renovation- 1278 sq ft (finished basement added 415 sq ft)- 3 bed 2 full baths- Appraised Value $385,000The first 6 months in the property was spent doing new roof, heating system, refinishing existing hardwoods (hidden under grey shag rug), new SS appliances, new paint inside and out, finished basement (added another living room, office/bedroom, and full bathroom)For the refinanceI was quoted by my local bank for a 30 year loan a 4.875% interest rate.
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25 July 2018 | 12 replies
I guess nothing similar in Ontario for non-brokers.
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16 November 2018 | 18 replies
I have a prospective client in Sunnyside who hired his handywoman to convert an existing garage to a loft-style studio with a composting toilet.
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18 July 2018 | 1 reply
I am skeptical about the legitimacy of the electrical receipt (no invoice number, comments section asks checks to include invoice number which does not exist on the receipt).
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18 July 2018 | 1 reply
Eviction which turned into drug bustEviction Notice was posted at rental property 7/2/2018 for non payment of rent and to vacate by 7/31/2018.
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31 July 2018 | 13 replies
My evictions in the past have been mid-lease so this non payment coming at the conclusion of the lease is new to me.
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21 July 2018 | 17 replies
So he makes good rental income on the non-farmable areas near the roads.
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24 July 2018 | 4 replies
Yes you can use a conventional loan for an investment property, however, if it's non-owner occupied lenders will usually ask for 20-30% down.