All Forum Posts by: Michael Shadow

If the offer gets accepted I'm just going to go with a commercial loan. I wasn't sure how that all worked out.

Thanks for your input.

-Michael

I'm looking at a property that has 6 units in it but only 4 are "permitted" by the codes office to be used. Can I purchase the property with a residential loan? If I can and I then get the other two units permitted by codes to be rented out and keep the residential loan? I think the tax assessment office has the property listed as a 6 unit.

Thanks

WOW that's awesome. What do you have to spend the $100 on to convert it from 4 to 5 units? Are you just moving a partition or adding one some where?

I just looked at another property today that had a leaking toilet that was attached to a cast iron water closet flange. Are these flanges notorious for leaks? Are they that much harder to get a toilet sealed to than the modern pvc ones? If they are are there any tricks to it?

Thanks

Thanks, We're already eyeing up our second deal. Going to look at it tonight. We have about 3 more weeks to finish all the rehab and we already have a tenant living in one side. I told my wife (before we found this other deal we're going to look at) we won't know what to do with our time when we get this rehab done. We don't have a choice but to find another property.

Renters do you prefer painted wood floors or carpet?

Help me make a decision on whether to put carpet down in one of my units or if I should paint the wooden floors.

Thank you

From what I read on hud's website I'm thinking that you do not have to live in the property to qualify for 203(k) financing for it? Is this correct? I saw in some earlier post here that some people were saying it was for owner occupied housing only.

Does anyone have any clarification on this or has anyone here ever used a 203(k) loan before?

Thanks

I think I'm going to go with toping the tank off and having a company come in every month to top it off.

So the oil in the tank could go against the security deposit?

Does anyone know if rentals qualify for the energy efficiency tax deductions for commercial buildings?

The website where I found this info is at:

www dot energystar dot gov/index.cfm?c=products.pr_tax_credits

Thanks