All Forum Posts by: Chris Lo

Quote from @Joe Norman:

Asbestos siding is common on houses in Baltimore built in those years and is a non-issue (at least here). New siding shingles can be purchased that are made of non-asbestos material to replace any original ones that are damaged and they are easy to paint - we do that for cosmetic purposes but we don't replace or encapsulate the entire house.

That said, I would talk to your Realtor to determine if there are any Michigan-specific rules/regs regarding asbestos siding.

What kind of rules/regs are we talking about?

In Michigan, the location i'm looking at has mostly houses from 1920s to 1950s for my price range, at least so far in current market.

My realtor has mentioned about the asbesto Sidings which i didn't know about before.

What are your thoughts on renting out a SFH with Asbesto siding?

Quote from @Harjeet Bhatti:

@Chris LO You can explore another program FHLBC opening funds on January 16, 2024. The funds for this year is exhausted already. 

 Even though im in michigan, FHLBC option?

I dont think i meet the requirement since my income is higher than 80% of median income. 

How do I go about finding grants? From googling I haven’t found too much. One of the realtors I met she had told me that her family member owns a mortgage company and the company is coming up with a new down payment assistant program. Is this some kind of a scam?

Quote from @Michael Smythe:

Check out MSHDA first time buyer programs.

 Thank you for your reply.

Here's a little background. I have an excellent credit score. No debt. Residing in Michigan. The areas i'm interested in is NON-targeted area. Interested in a house price ranging 230,000-300,000$.

I make just below 135% of median income in the area i'm interested in. (For Chenoa fund).

Currently i'm aware of MI 10K DPA, MI DPA and Chenoa Fund.

But the houses i'm interested are above "$224,500" so i wont be qualified for MI Home Loan and MI Home Loan Flex programs.

For MCC, the areas i'm interested are non-targeted. One of the areas is Royal oak, but Royal oak township is the targeted area.

Quote from @Michael Smythe:

Garage is usually not a big deal to most tenants.

 Even in an area where it snows or rain a lot? long winter season

I see there are some benefits for a first time home buyer. I'm interested in a house that is in a Non-targeted area. I may not meet requirement for the cash asset amount, max price of the house and such.

Are there any benefits/grants i can still get?

I found this one house that i liked. My plan is live in it for 1 yr and rent it out to maybe 2-3 students.

The location is good, the house has lots of potentials for an improvement (i think), and the size is good.

Built in 1925 and renovated in 1962.

3 bed 2 bath 1500 sq/ft. But it doesn't have a garage. This is something i really don't like about for myself.

So i have a couple of questions.

1) Not having a garage, is it a huge deal breaker for the future tenants or students? I'm in michigan. It snows a lot and cold, and i won't be living here forever so i can live with not having one for a bit.

2) According to my friend, the exterior is cedar wood which looks very worn. By the look of it, does it look like in a bad condition or this is how it's supposed to look?

3) 9 houses away from this house, there is a large Senior Apartment building which offers Studio/1 bath, 1 bed/1bath, 2 bed/1bath and such.

Would they have any affect on me when i start leasing/renting out the house?

Quote from @Daniel McDonald:

Hi Simon, what area are you looking to buy in? Is it an investment property or house hack? 2x house hacker in the North Shore area. Happy to help where I can! 

 what's the difference between an investment property and house hack?

Quote from @Dwayne Poster:

Is there a motor involved?  A staring motor often has a high draw. If so, there are ways to possibly overcome that

not sure what you mean by staring motor.
Besides the machines running ~3800 W 24/7, i only had a computer, 1 floor lamp, refrigerator, small wine cooler, and Ring Security system running.
I don't even know what couldve spiked. 

Quote from @Dwayne Poster:

Your loads are within the existing panel capacity.

 i'm keep tripping the main breaker. something must be spiking from time to time to trip that.