All Forum Posts by: Michael Chilcott

Hello BP. My family member recently bought a home in the York PA area. I have several single families but no multi family I am at a lost. This house was previously a doctor's house who had his office attached to it about 500 sq feet. Later on they converted the basement into a living area and added a full kitchen and bathroom with shower. My family member bought it in Hope's of turning the basement into an apartment and renting out the office to house hack. The basement would need a fire ceiling and what not. She has already installed egress windows. But to get the fire rating was 25k. My question is since it cant be a legal apartment yet what kind of implications would there be if she rented it out "by the room"? Or if someone rented both rooms? The basement is already walled off the house. To where they don't have access to the internal stairs but have their own outside stairs. Other then the fire wall it's pretty much a separate apartment. We got permits for the egress windows. And put up a few walls myself. Is this illegal? Should we take down our wall so it's still connected to the main house? I'm in alittle over my head and my family member is looking to me since I already have rentals. Thanks in advance. 

Hello BP,

I am under escrow to purchase a small multi-unit building that is zoned mixed-use commercial residential. Consists of two apartments and a 500 sq foot office area with two separate offices and a small kitchenette area and a powder room. I listed the office spaces as a rent out your personal office or rent both to get the whole area. Someone contacted me requesting for the whole area and told me he intends to use it as office and living area. There is no shower and only a mini fridge. I have no done any office rentals yet. Is this a bad idea? What should be my concerns? Am I even allowed to do this since he told me straight up he plans to live and work out of the area? Thanks for any advice.

Congratulations, what school district is this property in? I am also in the York area just moved up here. I have a few rentals in SC looking to get some here now. 

Any update? I have a similar situation where there are 10 homes but all empty for 50k. I am curious about your rehab costs? The potential deal I have at least three of the houses had 4 foot wide holes in one of the sides. Have never rehabbed a manufactured home and not sure even if its worth the hassle.  Would love an update and maybe even pictures?? Thanks for the great read

Jared, I choose this bank because they offer a fixed rate heloc. In your opinion is the fixed rate worth the out of pocket costs for appraisal?

The desk appraisal is how they got the 112k for their first offer.

I am trying to get a HELOC with a local bank. They gave me an offer 22k heloc with an automatic home appraisal of 112k of the house. I am fairly confident the house will appraise higher with a local appraiser my guess is atleast 125k. My questions are, is it worth the risk to get another appraisal or a waste of 500 dollars. Secondly is there something I should do to get a higher appraisal? Paint the house ($2500) or new roof ($3200)? Or just go the free of charge route and walk away with a line of credit for 22k?

Thanks for your time.

Hello Everyone.

I am a new investor located in Beaufort SC. Just got out of the military and looking to start investing as a part time income. Listen to the podcasts daily on my drive to work and learn as much as I can. Can not wait to meet other people in my area.

-Michael

Hello,

I am interested in a Tax Sale. I registered as a bidder not knowing if I will bid or not, figured the experience will be worth it either way. My main question is, the two properties I am looking at are fixer uppers, at least 40k will be needed. In my state of SC there is a year redemption period. If I put any money into the property and they redeem it, do I get that back if I can prove a dollar amount I put into it. Do I wait the year until the property is free and clear as mine, then fix it up? My goal would be to fix it up, rent, refi aka BRRR. Thanks for any help.

-Michael

Hello,

I went through the list of 1,993 properties and have it scrubbed down to about 45 with my top 10. Now what do I do next? I have not driven by any of them yet. Do I do a title check? Do I go to the sale and hope for the best? I have never been to a sale before. Most of them owe about 1,500-2,000 I only have a little over 10,000 so i figured if I left with two I would be ecstatic. Thanks in advance for any help