All Forum Posts by: Jared W Smith

I know there are always budgetary concerns, yes, however there’s a difference of stabbing in the dark for a solution versus a calculated approach. 

What if the the walls can’t support the truss system? Or the beam is undersized? I don’t know your market but $2k may be a little much but you get a certification that the resolution will work and if there is a failure and damages the property or injuries someone you’re not responsible as an unfamiliar laymen. 

Tread lightly with recommendations. Maybe try another local engineer or architect.. that can look at the whole support system and recommend a solution. 

To do this he would need to understand tributary load areas, average material weights and then how to transfer the load down to footing/foundation.. AND be sure of it all. 

@Ben Sears has the basics down on an approach I’d also recommend however this forum is not the place for speculation. If you don’t know how to calculate the load on the LVL then you should get some help from an architect or engineer. 

I’ve done this process in several homes and it’s the AOR/EOR ‘s liability on the certainty that the load will be held by a certain size beam, post/support combination. 

By the way, I’ve not seen more than a 3-piece LVL utilized in this type scenario, therefore limiting to a 5.5 may not work.. but I ask you why you’re limiting yourself to this depth? The LVL doesn’t have to match the joist that are attaches to it. This is a pretty simple and straightforward thing for a pro to handle, however you being reluctant to hire an engineer (or architect) is making you spin your wheels with speculation and however much time you’ve been trying to figure this out. @Brian Ellis 

Thanks @Shavar G., very insightful. I have begun the conversation with lenders, so this is good. 

Greatly insightful @Clint Shelley. That would an ideal situation for sure. I will have to inquire on this option. 

I am kind of opposed to @Christopher Phillips. I wouldn't completely discredit the original inspection report. It's not like this inspector was hired by the LA. This was hired by another buyer/investor therefore the report is accurate as a third-party property review at a least. I am not saying you shouldn't have your own inspection but this depends on if the report is detailed enough and if you are knowledgeable on buildings and their systems.  

Overall, I see it as the LA just trying to get the property sold. He sounds as though he's trying to be transparent so any other interested parties don't back out. Do your due diligence. If you still need to add an inspection contingency, then so be it. @Stevan Radojevic

Thank you for your insight @Jay Hinrichs & @Nate Marshall. 

@Joe P. Yes, very true. Thank you 

@Joe P. I wasn't asking the right question when I posted this originally. I now know my thoughts were to buy a property that needs some renovation work. Yes I would utilize HML for the purchase and rehab and then refinance out of that into permanent financing. My biggest struggle thus far has been wrapping my head around funding my first deal purchase. Thanks for chiming in.

As @Ned Carey mentioned, the HML would only be for the initial "first" purchase. Then ideally I'd use the equity (HELOC non-owner occupied) on that first purchase to then attain more funds/properties. It depends what's the best route when the time comes. @Brent Watanabe

@Brent Watanabe- Thanks for chiming in. I am actually looking to HELOC my single family home for the down payment for an investment property. The HML strategy is mainly so I have the financing for the rehab of the property. It seems very viable from my research.