All Forum Posts by: Bret Habura

Hi,

I am in the process of closing on a property and my lender informed me that my debt to income ratio may be too high. I live with roommates and in total our rent is $3600/month. My portion of the rent is $900. It sounds like he is going to use the $3600 amount. Is there anything I can do to fix this so that the deal goes through?

Thanks,

Bret

Hello,

Purchasing a duplex in the Madison Area of GR. Will need to make some repairs to the place and am looking for contractor referrals. Specifically will need contractor(s) who have expertise with (in no particular order):

• -Chimney repair
• -Drywall repair/replace (two patches on stairs)
• -Flat roof repair
• -Plumbing - complete replacement
• -Update/Clean Up Electrical
• -Washer/Dryer hookup installation (basement)
• -Replace both water heaters
• -Baseboard installation in attic (to make into a legal 3rd bedroom)
• -Structural corrections to exterior stairs leading to 2nd unit
• -Structural corrections to front porch
  

I've received a quote from a GC, but want to interview a few other contractors.

Thanks,

Bret

When you’re in the process of saving up for a down payment (20k-100k)... what do you do with the funds?

1. High yield savings account the whole time

2. Invest in conservative stocks/bonds, withdraw when needed

3. Some combination of 1 & 2

4. Other - please explain!

Curious to see how others choose to invest (or not invest)!

I think I might have the answer. Inspection report states:

Flashing is missing between the 2nd floor stairs roof and house wall.

It looks like there is some indentation in the roof, which is right above the stairwell. I'm guessing it's water related. Does that make sense @Keaton M. @Matt Lord @Theresa Harris @Aaron K. @Mercedes Smith @Mike McCarthy

@Bob Okenwa thanks! You're right. There is a 6 month waiting period

@Keaton Munsterman can’t say, but I didn’t notice anything unusual about them. Just the wall in the picture

@Matt Lord thoughts on cost? Under $1000?

@Keaton Munsterman yes they are. I did notice a slight give in the stairs when walking up, but nothing that would’ve made me think they were unsafe to walk on.

@Mendel Edelman buyer

Hi,

I am in the process of buying my first multi-family property. We expect it to appraise for about $20k more than the purchase price without any repairs. What's to stop me from purchasing the home and immediately refinancing to get some of my cash out of the deal? Sure, it would cost me ~3k in closing cost, but I'd possibly be looking at ~$10k back into my pocket.

I know most (all?) lenders require 25% down at closing, regardless of appraisal. But it seems a bit backwards if I could then immediately refinance. My lender has stated there is no required waiting window for a refinance.

Thanks!