All Forum Posts by: Kevin Kennerly

Thanks for the input guys. I think I'm going to build the room to suit both purposes and let the tenants decide what to use the room for.

Is turning a dining room into a 3rd bedroom a good idea?

I'm in the middle of an extensive turnover of a large 2br unit. The potential bedroom would be 7'x14'. Doing this would sacrifice the dining room. The kitchen would only allow for a small dining table. I could possibly build the room to use as a dining room or bedroom. Thoughts?

I recently purchased a 203k property as a longer term live and flip. My 6 month deadline to have the house livable is fast approaching. I have yet to take a draw from the bank and have been funding the other renovations out of pocket. The house needed much more work the the bank required. It's a 90% gut. All of my big projects are mostly complete. But I still think it's going to be tough to make the deadline. Has anyone run into a similar situation? Or know what the banks reaction will be to the overrun? Thanks in advance!

Natalie Kolodij thanks! Anything that will help reduce the holding cost is worth looking into.

i managed to get the settlement date pushed back to make the 203k possible. Thanks for the input guys!

I am okay with having the PMI. I need the the 5% down to have money left for renovations.My issue is because of the rough shape of the home my realtor and broker feel getting someone to underwrite it for PMI will be tough.

Hello. I currently have a single family foreclosure under contract and I'm looking for a creative way to get into it without a %20 down payment. The home is in need of mostly cosmetic repair and should appraise for the agreed sales price. It is in rough shape though and not live able to most. Due to a near settlement date I am unable to do a conventional rehab loan. My hang up is the PMI underwriter. Thoughts on a way around this?

Hi I'm Kevin. New investor from just outside Philly. Closed my first deal a little over a year ago. An owner occupied triplex allows me to live rent free while putting a few dollars in my pocket. Currently I working on my second deal. Recently had to walk from a 99k triplex due to a leaking heating oil tank buried next to the house. Disaster averted! Trying to get into my second deal before the end of summer.