All Forum Posts by: Inderpal Chadha

Hello

This question is about structuring a specific deal. We have a house in Mt.Baker Seattle area which we have remodeled and is worth $650,000. We have a buyer whose credit has been damaged by the bank and they have won the litigation but credit will still take 5 years to fix. Both husband and wife have combined income of $400,000 a year and are willing to pay 20% down and need owner financing for next five years.  My partner is not willing to carry the mortgage for his personal reasons. I would appreciate if any one can point us to how we can help the buyer to get financing and help us sell the property.

Thanks

Inder

Update - it turns out that the hole is kind of sink hole. It is slowly eating away the side walls of the earth and will eventually get to the foundation. Looks like the original builder was aware of it and had filled it with debris. We have walked away from the house and cancelled the contract.

Hello

Thanks, we have hired a geo tech engineer, it is only $700 (Seattle area is expensive) and seller will reimburse. I believe the deal will go through. Appreciate all the comments

Thanks

Hello

Deciding between building two SFH or fixing and renting. I am in a dilemma. To fix this property it would take about $125K. Yes that would definitely add about $100K in equity and also the property will rent for $2500 a month. Also with refinance, I would be able to get all my investment out of the property and thus the returns are infinite.

Other option is to build two homes, the assumption is it will cost $150/ sq ft to build two homes of 1500 sq.ft.  And I believe there is cost of permitting, architect and engineer. The project will also take three times as much. It would require to bring in partners too, hence the profit will be similar to case 1 of remodeling.

What will you the experts do  in this scenario? Let me know what more information is required as this might not be enough to provide recommendations.

Thanks

Inder

Thanks

Hello

During the inspection, the inspector found a hole under the house. He has recommended to check whether it is a sink hole. Not sure how to proceed on this? Any recommendation is appreciated.

Thanks

Inder

Thanks a lot, I will check mark each as I move along the project.

Inder

Hello

I just bought a property in Central district of Seattle, the site is LR-2 zoned. The house is in a bad shape and looks like it will not be worth restoring it. The lot size is 2880 sq.ft.

I was wondering if anyone has experience with construction in this area. As per the guidelines one can make 2 low rise condos/ SFH/ Town home, 1.1 is the allowed area. Any references, advise, steps to proceed are appreciated.

Thanks

Inder

Thanks for the insights. I will watch the MSI as well as interest and bond movements , in addition to the local area feel.

Thanks

Inder