Yitzchak Eliezer ben Chanan
Mixed Use Investment Property Face Lift in New Hope PA Help Request
26 August 2024 | 3 replies
After the fix I want to put it on the market so I can pursue other real estate opportunities.
Brad Birky
Buyers can't get financing due to zoning
27 August 2024 | 12 replies
Here are the Fannie Mae guidelines for legally non-conforming properties:If the Property's characteristics are legally non-conforming, you must:ensure the Borrower executes the Modifications to Multifamily Loan and Security Agreement (Legal Non-Conforming Status) (Form 6275);confirm whether, if fully or partially destroyed, the Property's Improvements can be fully rebuilt to the pre-casualty condition per current laws, zoning requirements, and building codes; and if the Property’s Improvements cannot be fully rebuilt to the pre-casualty condition, evaluate if the as-rebuilt Property will support the Mortgage Loan at the current Tier, and document your analysis in the Transaction Approval Memo.To assess the Borrower's ability to rebuild Improvements on a non-conforming Property to a level that will support the Mortgage Loan at the current Tier, you should consider: conducting a threshold analysis to determine the resulting actual amortizing DSCR if the reconstructed Improvements cannot be rebuilt as-is per current law; the likelihood of a casualty event (e.g., wind, earthquake, fire, flood, mine subsidence, etc.); the percentage of damage to the Improvements at which the Property’s jurisdiction will require the Property be rebuilt to current zoning and land use requirements (i.e., the destruction threshold); which Property characteristics the destruction threshold percentage applies to, such as market value, assessed value, replacement cost, or unit count; for Properties with multiple buildings, if the destruction threshold percentage applies to each building, or all buildings as a whole; the replacement cost to rebuild per current requirements for zoning, and land use; the Property’s continued marketability, and economic viability; the amount and type of Borrower-maintained insurance coverage required per Part II, Chapter 5: Property and Liability Insurance, Section 501.02C: Ordinance or Law Insurance; insurance loss proceeds payout, compared to increased rebuilding costs, including from building code changes, Americans with Disabilities Act compliance, and the municipality's local zoning requirements (e.g., green compliance for new buildings, etc.); the sufficiency of estimated insurance proceeds from ordinance or law insurance and other coverages to repay the Mortgage Loan in the event of partial or full casualty, or condemnation; and for a Tier 3 or Tier 4 Mortgage Loan, if requiring execution of the Limited Payment Guaranty (Form 6020.LPG) would mitigate the risk of the as-rebuilt Property not supporting a Tier 2 Mortgage Loan.
Jonathan Morgan
Any experience using Zest Property Management in Detroit (Tim Moore)?
27 August 2024 | 3 replies
I would recommend Logical Property Management they are a member here on BP and not only be a good PM but Drew can help you with a lot of knowledge that he has with all the years he has been doing it.
Jayson Tripp
SMK capital management
27 August 2024 | 2 replies
yeah. you can reach out if you're serious and before you do...
Martin D.
Pros and Cons of wrapping your car with your realtor marketing material?
27 August 2024 | 7 replies
Can you remember any wraps you've seen in the last month and what business they advertised?
Carlos Lopes
Buying STR in Destin/Fort Walton Beach
26 August 2024 | 25 replies
That makes the beach area tight for the many guests that Destin West can hold as an overall complex.If you have any further questions, feel free to message me if I can help.
Natasha Rooney
Thoughts on Alabama as an initial spot to invest?
26 August 2024 | 7 replies
I would make sure you have a good team ready to go and be ready to pounce whenever the opportunity presents itself.From the lenders perspective, it can be kind of tricky because there are plenty of properties that cash flow well, but even fully-rehabbed they are less than 100k, which make them difficult to lend on.
Nia Booker
Funding my First Duplex
26 August 2024 | 20 replies
Then it can be dangerous in regard to several factors.
Wai Chan
Providing tenant alternate accommodation when i need to fix the house
26 August 2024 | 23 replies
The work is pretty extensive so I want tenant to move out temporarily while the contractor can do the job easier.
Jordan Benty
Seeking first investment property in central Oklahoma/Edmond!
26 August 2024 | 8 replies
Hey Jordan, I would find someone you can work with as your "boots on the ground" in the area to help with leads.