All Forum Posts by: Kerry Arm

Warren, thanks for the quick response, I really appreciate it. 

I thought that it would be tough but figured there may be a lender out there allowing 20% down on investment property.

I would need to go back to my agent and request more clarification because the seller just ask that it be two mortgages. 

I will post the answer I receive.

Looking to possibly purchase a duplex as a rental property and looking for a lender that will allow 20% down and one mortgage in CT, anyone knows of any?

My second question some what ties into the first. Is there a reason why the seller would hint that they rather the buyer take two mortgages out to purchase their property?

Thanks in advance, all help would be greatly appreciated.

Brian, thanks for responding and the advice. I post it on craigslist and will do so on Offerup and letitgo to see what type of response I get. 

Thanks again.

We are removing the Hardwood floor

in our property. I believe it's Oak and I removed about 80 of  600 square feet so far with limited damage to the strips. I think I could remove most of it with no damage. My wife wants new flooring, can I re-sell this? My dad suggested I may be able to do so. 

Thanks in advance for your feedback/

We are removing the Hardwood floor

in our property. I believe it's Oak and I removed about 80 of  600 square feet so far with limited damage to the strips. I think I could remove most of it with no damage. My wife wants new flooring, can I re-sell this? My dad suggested I may be able to do so. 

Thanks in advance for your feedback/

Thanks to all of you for the valuable information you provided me. I really appreciate it, you have all been helpful.

Anthony Wick thanks for the information. I will stop by Home Depot today and see what they have. I plan to install some in the basement as well. So thanks for that info as well.

Thanks for the feedback.

The floor has a speed bump looking hill running from one wall to the next. It seems that they did not leave an expansion gap during the installation. During the inspection we did not find signs of water leakage but I will be able to see more when I remove the wood tomorrow, so am not ruling that possibility out completely.  

I will be doing the work along with a friend and we plan on installing about 800 square feet of Vinyl. I was thinking of the wood looking Vinyl strips. I reviewed some at Lumber liquidators and they seem durable. 

I budgeted for extra strips, just in case mistakes are made or we discover some imperfect strips during the installation process.

Ill post some pictures tomorrow.

First thank you for your feedback and advice. So, we just purchased a duplex as an investment property and it needs some minor rehab. The 1st floor currently has wood flooring  that needs to be replace. We plan to rent the property and was wondering if anyone have any suggestions regarding what type of flooring would be a good alternative to wood. We are looking for cheap but not too cheap, maybe a maximum expenditure of $2.50 per square foot.  

The neighborhood is quiet, not affluent and not a war zone and base on my research, comparable rental properties are between $1,300 and $1,500. Just thought I should provide some additional details.

First, thank you all for responding to my post, i really appreciate it. Sorry for not providing enough information but am bit of a novice. My Goal is to keep it as an asset and rent for around 2,300 per month and this number is base on a smaller 3 bedroom room house that was recently rented for 2000 3 houses down on the same street, sorry that's all i could find in such a short time . I had an electrician and a general contractor do a walk through. They estimate the total rehab to be between 30k and 40k on the high side. Myself and some friends will perform the demolition work to save some cash. The asking price is 125k, I plan to put in an offer of 95k but willing to offer up to 105. I plan to make this offer assuming the interest rate is around 4.4% on a 30year fixed rate. Closing cost is expected to be around 6,500. The ARV is estimated to be between 185k and 200. The lot size is 5000 sq ft and the average home value for properties in the area is 219k for a home this size.

I assume that since I will be performing almost a compete rehab, operating expenses should be relatively low in the first year or two. Tenant will pay their own utilities and I will be responsible for water pollution.  

Please let me know what I missed.

Thanks in advance to all of you.