All Forum Posts by: Nathan Richmond

@Heather Moreland

Welcome to bigger pockets. You won't find a better place to get educated about real estate. Everyone is so helpful. It's a great place.

So I talked to the lender today and received a little more information.  I'm going to mess this name up, but the lender can't get a "burn down letter".  With only 2 units permitted, they won't lend if all 3 units aren't permitted to be rebuilt.  The city is refusing to rezone to allow for the 3rd unit to be permitted.  And apparently we can't ignore the 3rd unit and just appraise the 2 units.  So frustrating!  

@will Clark  That's an awesome name by the way. I'm a Dodgers fan, but even I can appreciate it.  The city at this point refuses to issue a permit for the 3rd unit. It was a heck of a struggle to get a permit for the 2nd unit.

I inspect my own property. But instead of renewing the lease, the lease just turns into a month to month lease.

@Patrick Connell

I wish there was an investor scene in my area.  We are trying to get one up and going, it just hasn't gotten started yet.  But I will continue to shop around. Thanks.

@Patrick Connell

I've gone through 2 different lenders

@Patrick Connell  It's not even the appraising that is the problem.  The seller is willing to come down in price, and I'm willing to add more from my pocket. From what I'm being told, they aren't even allowed to finance the property if all 3 units can't be appraised.

So there is a great 90 year old property that I'm wanting to purchase. There is a house on the property along with a 2 bedroom apartment above and a 1 bedroom apartment behind the detached garage. I'm wanting to house hack and live in the house. The apartments are already rented. I easily qualify for the purchase. (I also already own 2 SFR that are rentals)

     Anyways, here's the problem. The apartments have been there for 60 years. The city is perfectly ok with them being rented, but they don't want to "permit" them on record.  After a little massaging, the city has given the current owner a permit to improve one of the apartments, but not the other.  So now, according to new laws that went into effect on October 1st, I was told by the mortgage company that they can't finance a property if all of the units cannot be appraised.  And with only one of the extra units being permitted, the appraiser can't appraise the 3rd unit.

Any suggestions?  Would love to hear them.  Maybe a private lender?  I wonder if I can get it under control with a private lender and then after some seasoning get it refinanced.

Thanks for any time you take considering my scenario.  😜

I'd be interested in attending. I'm a teacher however, so a lunch meeting would only be possible for me if it were on the weekend. I live in visalia, but would be willing to drive to Fresno.