All Forum Posts by: Patrick O'Shea

Hi, I bought a 6-plex in the south side of Pittsburgh in February and I'm trying to get various aspects renovated. I have a 2-man contractor team working thru the units. I've nearly got 3 of 4 four units updated, but I have some exterior work that needs to be done. I figure a handyman could help with exterior doors and painting. I also have some bricks that were removed in small, consistent sections around the building that need to be re-added to the exterior.  I'd appreciate it if anyone could refer someone they could recommend. Thanks!

@Marc Winter, excellent information. I bought a property in my own name and was discouraged I would have to pay another $20k to put it in an LLC. Thanks!

 @Marc Winter, if you do this transfer do you have to pay the stamp tax again with the transfer of title?

@James Masotti any idea when the "more solid the underwriting (i.e. more you put down and more experience you have)" kicks in?  I got my first commercial loan earlier this year and was slightly disappointed with the terms (5/20). I'm looking forward to when my "interest rate will typically start to go down and you'll qualify for fixed fully amortized 20 and 25-year loans." Are we talking 2nd or 5th mortgage? Just curious if you could add more color to that post... 

Zion Bank just gave me one. I got a rate of 5% for about 30% of the value. Tom Kewell from their South Jordan branch helped me. Best of luck!

Zion Bank just gave me one. I got a rate of 5% for about 30% of the value. Tom Kewell from their South Jordan branch helped me.

@Don Hampton, it didn't work out so good for me. I'm in the Pittsburgh area now and I was required to come into the Zion's office to do the closing. I didn't know that at the onset so I chose to walk away. Tom Kewell was the Branch Manager at Copper Hills Financial Center. DM me if you want his phone number.

I've taken a loan out on my 401k a few months before leaving my company. Some plans require repayment, but others allow the loan to be repaid on schedule.  You could also roll that 401k money into your new 401k plan (assuming there will be one) and then take a loan out on it. I'd talk to HR on 401k rules since plan details/rules vary. Good luck!

Thanks @Laura Safayan! Basically I should target a good lender and they should be able to figure things out.  

Unless others have suggestions in the area, I think I'm going to reach out to some mortgage brokers and see how that goes. I'm pretty determined to make this work since this probably is the last opportunity for me to do some house hacking. I'll update here with what I find.

I'm looking to house hack and help my mother at the same time.  My goal is to buy a multi-family, she live in one of the units, and she can live much cheaper than if she rented elsewhere. She can't afford to to buy a home, but my wife and I are in a better financial situation. Is anyone familiar with this type of loan (family opportunity or kiddy condo)?  I suspect most lenders aren't going to be familiar with it and I'm hoping someone can point me to lenders or broker who is experienced with it for a property in the south hills of Pittsburgh.

Thanks!