All Forum Posts by: Justin Hammerle

Agree with the sentiment on finding the right RE attorney.  Its unfortunate but RI is highly political and depending on what town you are in the right attorney and civil engineer can make all the difference in getting your approvals.

Is there an executor/administrator in place?  They are charged with disposing of the asset or transferring it per the will and may or may not need your approval to do so.  I would get in touch with them immediately and if they intend to do anything that you are not in agreement with you may have to seek legal guidance and submit an objection to the court. 

nice deal! been looking at a few properties and thinking along the same lines, turnkey/comestic value adds are looking more and more attractive in this market where premiums are nearly unavoidable for any condition.

I believe what can be done and what is done commonly in this situation is to shop it "off market".

lower leverage while projecting limited value appreciation over the next 2 years.

@Murray Reginald - if you are occupying the property you generally have the same financing available for MFH up to 4 units as you would with a SFH. If you are not occupying the property you will need to seek out conventional financing with higher down payments. If you don't qualify for second conventional loan; you could consider selling your existing home and rolling any profit into a MFH where you occupy one of the units and rent the other.

@Trevor Candice - what I'd like to think is the most commonly thought of multifamily on this platform is an attached multifamily home; meaning multiple dwelling units within the same structure.  A 2-4 unit MFH would be a great target assuming you are occupying one of the units.  Anything in addition to 4-units you would be forced to seek out commercial financing.

 yes absolutely, particularly if you are dealing with land acquisition.  If you have an idea of the time its going to take to get the permits you can use that along with any extensions you think is necessary to protect you.  Its all dependent obviously on what the seller is willing to accept.

great post, thanks for the info!  You could also use approval/permit contingencies to help mitigate risk.

Congrats on finishing the flip and good luck on the sale!  Love the marketing flyer showing the amenities.