All Forum Posts by: Dawn Fu

Thanks Edwin, yes, we feel a little strange that way. What if the owner shows when agent shows is the house? Is it ok to ask what's the highest offer so far they receive?

Hi BPer, We get a listing information from our agent. We searched the house owner and find the owners contact information. Is it ok to contact the owners directly and show our interest? We will still use the agents, just want to have a higher chance to buy the house. Is it ok? Or if it's fine, will it good for us? Thanks in advance!

Hi BPer,

I applied my mortgage in mid-June for 60 days and expired on Aug 23rd. My scheduled closing date was Aug 14th. The seller had to remove illegal construction in the basement and the application for CO took forever.

I already extended my mortgage for two weeks, and just told it need wait couples of

weeks to get CO issued. From listing agent there are 100 CO application in front of us. This is insane. And could it possible?

I'm still struggling with the property, it's close to a college, I already miss the best time to rent to college students, but if we get CO in one week or two, I may still be able to find tenants. What should I do at this point? I don't want to extend my rate for one month, the cost is higher than applying for a new one, and is it ok to apply for a new mortgage if I'm still purchasing the same property? And should I actually wait for the CO or better just walk away?

Thank you all in advance!

Jon O. Jason Bott thank you a lot! Now I think it's abnormal to ignore my requests, will shop around, thanks again!

Hi BPer, My 1st investment property will closing in 2 weeks, in last two weeks I was trying to quote the home owner insurance. I have statefarm home and auto insurance, I never claimed anything and thought it would be very easy. The agent sent me one quote then I asked to send me another quote with higher liability, but she never sent it again. I sent several follow up emails and also called today, still nothing. I have spent 2 weeks, and don't want to waste time there anymore. My question is if I start shopping around and find a good agent from statefarm, will he/she help me as new customer? Also do u know any reason an insurance agent would not have a new policy for the existing customer? Thanks in advance!

Originally posted by @Michael R.:

I am a fan of storage in rentals because a large portion of the population likes stuff.  Storage in a basement is inexpensive and low maintenance - and adds value in my opinion.

 One thing to consider is, what could you legally do with the space?  Does the basement have legal egress points? a separate entrance? If so - you may be able to make another room out of it if that were appealing. If it doesn't have those things - would it make financial sense to modify that space?

Other than that - if you finished it, what would it be used for?   What is your competition marketing their finished basements as?  

I hope that helps.

 thanks Michael, I think in the neighbor there are some landlords rent basement illegally, but also some just leave basement unfinished. I also think of maybe change to laundry room but I need to get higher rent then to cover utility cost.

@David Stefanovic Thanks David, I'm pretty sure it's not legal to make it another studio in the basement, but I'll check.

I checked several multi family listings this week, and found many of them have up fished basement. I was thinking of converting basement to storage. but since I have to renovate the basement anyway, are there any better ideas how could we make use of it?

Thank you all in advance.

Originally posted by @Brian C.:

Welcome @Dawn Fu  ! I hope you find what you are looking for. I search loopnet.com often but it seems there are only listings around the shore area that have been impacted by Sandy. In addition the website focuses on commercial property (4+ units). I hope you find the resources you are looking for!

 Brian, thanks for loopnet. Currently I don't consider commercial property, but shore area is good enough. thanks again.

Originally posted by @Regina G.:

Welcome to the community @Dawn Fu. There are lots of articles on this site waxing the merits of multi's versus SFH. Be sure to check them out. Plus there's a meaty podcast where Josh and Brandon talk with Ben Leybovitch at length about this very topic. I don't remember what number podcast but they cover a lot of territory in their discussion.

Greetings @Aly L. What are the challenges your encounter in Trenton. I was a contemplating looking down there as my business partners lives close by there and there seems to be so much inventory available.

Cheers everyone!

 Thanks Regina! I will check them out.