All Forum Posts by: Andrew Karlin

I bought a SFH in 2021. It's a 1acre lot that borders a school. I wish I could add a photo but on all the parcel maps and zillow, it shows my parcel as a rectangle as far back as my neighbors.

But when I purchased the place, the documents showed it as a rectangle with a notched out area for a small playground. The information/papers I got when purchasing is the only place it shows the boarder allowing the playground.

I’ve talked to some neighbors and they told me a teacher lived there long ago (was a foreclosure that was empty 3-4 years) allowed them to use the land for the playground.

What would the steps be towards figuring out if there was an addendum or on paper agreement giving them permission to build on the property. And if there wasn’t what are the steps you would take to resolve it. Thanks!

@Manley Woods

Hi there, two houses one built in 1833 and one in 1800! Structurally these homes aren’t goin anywhere and the main problems have been from previous owner’s diy renovations.

My real estate investing journey is just beginning, but a few things I’ve noted for older properties are the

following:

-Make sure the electrical has been COMPLETELY updated since the 40s. It is possible to splice it to Romex and still be running electricity through the old knob and tube.

-Check the main drain pipes and if they’re old cast iron check for soft spots or rust. I personally would replace asap because both properties for me needed them swapped already.

-If you have to cut the walls be super gentle not to loosen the plaster you’re leaving, or turn into something much bigger. In a lot of cases, I’ve found it a lot easier to get a good finished product by just tearing out all the plaster and sheet rocking it. (Either dusty as all, or expensive)

-Hard to keep little mice out in the winter months. Both places have old stone foundations, and one home has spray foam in the basement, one does not. There isn’t a mice problem but definitely more of a concerted effort not to leave food out on the one without spray foam.

-Remove all old chimneys as they just put weight on the house (I work in masonry so I was going to do it anyway)

Either way, don’t be afraid of an old house, it should just be a way to confirm you have a good inspector and practice your due diligence. Don’t get me wrong I definitely can’t wait until I own newer properties, but someone’s got to do it and if no one else wants to, that is your advantage!

I bought my first investment property a few months ago. I used the BRRHH strategy (buy rehab refinance house-hack) and just closed on the new mortgage. I have some cash from it so the down payment shouldn't be an issue for the next mortgage. The main issue I am facing is my age. I am 19 year old male so banks usually would laugh me off for getting a first mortgage. Although I was pleasantly surprised at how easily I got approved for a loan the first time (on my second bank with a 9% interest rate) I have a suspicion that it wont be as easy the second time. My debt to income ratio is about 1:3, I have a credit score of 698, but wont have two years of full time employment until June. I would wait until then, but even at that point multiple people said I wouldn't get approved. I know I have to go to a bank and try, but is there any advice on the second mortgage for a young ambitious investor?