All Forum Posts by: Stuart Cairns

I have been attempting to close on a property for a few month and we have hit a snag with the zoning. This is a parcel split off from a much larger parcel. The zoning office is saying it is agricultural with a variance for the building. The building is a 3 unit. My lender states that he cannot do a 203k on agricultural. This would be owner occupied with only one unit needing minor renovation. Anyone know if this is true or is it just the lender? 

I forgot to mention, I will be living in one of the units.

I will be closing on my first investment property mid August. It is a 3 unit but one of the units requires renovation. It has been stripped down to the studs. I have applied for a 203k loan and in the final stages but my insurance company just turned down the policy due to the construction. Does anyone have a company they use and can recommend for a similar situation.
2 units just need cleaning and painting, the 3rd unit needs drywall and the kitchen replaced.
Thank you for any advice.

I think most has been said but my first thought was; what is this realtor doing, allowing it to list as pending. Surely he/she should be burning a hole in getting that fixed. The other thing, that jumped out at me, is that it is a beautiful house but a few minor details need to change. Namely the electric box. It is framed like it is a feature, I would have kept that drywall only and hang something over it, a frame, a little pretty curtain anything to distract from it. Remember this for your next rehab. Also, some of the photos make the rooms look large and some look small. Different angles, take out any which do not highlight large and open. Buyers like that. Get them in the place first. Let them decide if it is as large or smaller than they expected once inside.

Well I am disappointed to say the least. I have plans out of town and the other half would disown me if I changed them. I just got an acceptance on my first investment and would have lots of questions. :(

I have to say @Engelo , @Brandon has me worried. Your 3rd behind Hugh and Russell. What happened to this bevy of beauties.

http://www.imdb.com/list/ls003614346/

I am not sure if this the right place to ask but I am looking at transferring money from a UK Retirement Plan into a Solo 401k. 
Related to this I have a few questions, one of which was unclear from an earlier question.

1. The money is coming from a UK retirement plan, can I transfer it directly to a Solo 401k without using it has income?

2. If that is the case, do I have to watch the salary amount i earn for that business (what if it generates a loss)?

3. Can I have a RE business and run a solo 401k within that as long as I keep my personal RE separate from the Solo 401k RE?

I am presuming a max cost and I am being over with this, that the unit would cost $20k to fix. The bathroom is intact and the kitchen cabinets are there but have been removed from the wall. It is only an 800sqft unit and my best friend would be the contractor. Being conservative I think materials and labor will cost me only between $5-10k. I believe an aprraisal could easily get this place to $160 when complete, so if I can do for under $10k, I am hoping $162 500 would get me out of PMI.
I have to be able to get in it to begin with though. :)

Forgot to add, this property, listed for $120k. Triplex with rental income of $550 per unit. Two units are rentable, 1 is down to the studs and needs renovating. I would live in one with a renter already lined up for the 2nd unit. Leaving me to fix up the 3rd. Having the unit needing work is a problem but the bank said they would work with that. It is also on 3.5 acres and only 18 yrs old. Not sure why the 3rd unit is why it is. Cannot find any signs which would indicate why. The taxes list value at $200k. Open to suggestions???

Hi Guys
I recently looked at a property with great potential. I have some personal issues which this would have addressed (would have been owner occupied). It would be my first investment property and this was a perfect investment for me. I have been working with a savings and loan and was all set to make an offer on the property when I was informed that a bankruptcy from 2.5 years ago would prevent me getting PMI insurance.
I was putting 5% down and doing an inhouse loan. This bank doesn't do FHA only Freddie Mac which I was told I wouldn't qualify.
Now they are saying I would qualify through the bank but the PMI insurance company requires 5 years post bankruptcy. This bankruptcy was due to a business failure from 2007 but an attorney was hounding me over payments and was attempting to garnish my wages, so I finally filed. Now I am wish I had just filed immediately.
I had declared everything upfront to the bank I have a decent credit score, above 660 which was the cut off for this loan but I have never heard of PMI Ins having stricter criteria.
Anyone know of any solutions or if there are PMI comanies who I could go through?

FYI, you cannot get a SS#. Years ago it was possible to get a SS# with a not for employment stamp on it but I am 99% certain that has all gone away. Most loans through a regular banking institution also need you to be a citizen or resident alien. I am sure there are other avenues but it would be some really non descript loan of which I do not know of any.
Stuart
ex-Pat