BiggerPockets

another day

Thursday, August 06

Good month this month.  All rents were in by the second.  Did have to go replace a toilet at the new place. It was a continuing problem.  A thorough cleaning with muratic acid would probably have fixed the old one, but I didn't want to spend a couple of hours over there dealing with it.  The old one will get cleaned up when I get a chance and wait around for a future application.

The refi continues to drag.  Turns out having an individual as the hard money lender rather than some entity is a major problem.  At least one bank has said they want one year seasoning with an individual as the note holder.

Comments

1. 

   Joshua Dorkin Reply
   over 2 years ago

   Jon -
   Is that a new problem you're seeing with your HML?

2. 

   Jon Klaus Reply
   over 2 years ago

   Hi Jon, how much do you spend on your toilets? Do you go lowest end or...?

3. 

   Jon Holdman Reply
   over 2 years ago

   Yes, this is apparently a new guideline for banks to refi the existing loan. Haven't bumped into it before, and neither has the mortgage broker. She originally said this would take 4-6 weeks, but we're over six weeks in and effectively aren't even started.

   Just basic toilets from Lowes. It was about $60. This house has two baths, and I replaced one of them with a basic one from Home Depot during the rehab. I wasn't very happy with the quality of that one, though. The tank bolts had wing nuts, and they didn't fit very well. I ended up having to buy replacements. And, the tank doesn't adapt vrey well to the bowl. This one seems a bit better made.

   You can easily spend hundreds on a "nicer" toilet. But I'm sure it would not affect the rent one penny.

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