All Forum Posts by: Arthur Banks

--- I didn't click "Notify me..." in case someone responds.

This thread caught my eye because I was looking at a duplex to purchase and the pipes recently burst. Was hoping to see what repair costs ended up being.

@Raymond B. Holding shift and typing didn't bring up any colleagues. All that did was capitalize the letters. What are the steps? @? then hold shift and type colleagues name?

Thank you that link is great! Now to call, set up appointment and interview.

Thanks all. Yes, its a duplex I'm looking to owner occ. 3/1 and 2/1. It's really cosmetic (at least from my eye) and I could do the work myself, but then I'd take longer to get done thus taking longer to rent out but saving more money. The problem came when I found out the other day I can't go FHA as the boiler has just died. This is what prompted the 203K loan in the first place.

@Gautam Venkatesan Is a certified GC more than just being licensed, insured and bonded?

How do you determine when to use 203K financing vs conventional (fund repairs with your own money/OPM)? Is there a minimum repair amount you consider when choosing? Obvious this would depend on the price of the home. But if a property needs cosmetic (paint, flooring) vs say more overhaul/updating (paint, flooring, kitchen & bath update) vs (total gut or major system repair). I can't see financing laminate and paint for 30 years. Or would you use the 203K no matter what and keep and leverage your money?

Is this referring to 'ownership investment'?

@Liam Goble Explain 'ownership investment' please.

I spoke with a guy who said he puts each property under a separate LLC. I didn't quite understand why.

@Steven Hamilton II PM sent

@Liam Goble Sounds like a plan. Let me know how it goes. I'll take 4% over 10 years! Ha! Was that your offer because it was your family or is that the best you could offer to any investor? Can you explain to me how that would work?

@Liam Goble We didn't finalize anything. I left them to talk between themselves. My mom would simply give me the money and just ask that I pay it back whenever, no interest. But I want to treat it as a business and am waiting for them to decide on their number.