All Forum Posts by: Nate Wightman

@Ghenia Flewellyn  Good Job Jennifer.... now drink lots of water and best wishes for next 3 weeks

@Pavel Sakuretsbe careful with the vapor barrier over a zip wall barrier  might check with zip wall first and make sure you do not create a trapped zone where moisture can not get out  ... enjoy this post...thanks

@Tim Beasley Hi Tim if you type the @ then MAR you will see Mark Mathews info pop up in your box then click on that and it will send a note to Mark that you are talking with him...  Probably the starting point is finding your credit score on one of the 3 credit agencies... this is free and you can do it once each year.  good is near 650 I think and higher is better...  if your score is OK then see what kind of loan you  can be qualified for and you can get better loans if you are first time buyer or veteran.... check with your bank or a credit union then the loan officer will give you a number that you can shop up to that they will finance (pre approval ) and how much money you will need in cash to put down  this should be free also.... now you have a starting point  to start looking around....there are lots of ways to finance properties but I think this is how I would start... have fun

@Joe Smith It seems that your grandmother would stay if the boiler was fixed.   this old house has worked mostly ok on fuses for 90 years and should be ok for a few more.  if you haven't already ...  My suggestion is to get a boiler service guy (probably a smaller company)  out and get an estimate of what it will cost to repair the boiler so she has heat.. you don't need it working like new just want it to heat..Then you can make more decisions...OK My knowledge on boilers is not great but basically you have a oil or gas burner, a pump and pump motor,  piping and zone valves, and pressure gauge.... so, thermostat calls for heat then boiler fires up and tries to heat water .... then temp of water high enough to heat with.... then pump kicks on to circulate water to and from boiler...      now it could just need water added to the system.... or the main pump and or motor could be shot...   I just had a pump replaced here and it was $450 for parts and install. and the motor was OK... all in all the boilers are pretty basic that is why they last so long.  

in your situation could it be easier to get a commercial loan.... you need 5 units for commercial..could you split one unit into 2 to give you 3 big units and 2 small and then finance on income ..... just tossing ideas

@Steven Silva are you done with repairs on second half?  If not then scale back and get them all rented. If things got real tight could you move in for a while??  I am thinking the banks like to see 2 years of experience and history to start loaning on your 4plex income... but seems like someone could see the obvious and work with you.  Might check with Bank of the West they seem a  little more interested in fringe loans.  best of luck .   

@Mike Wood Hi Mike I have been thinking on some similar levels... Live work space may be of interest also in that it can be more flexible for the landlord. it also may hold down the tax from a full on commercial bottom unit.   you may also get away from a sprinkled building by using live work instead of commercial.  just thoughts

Had to look this up so here it is for the non-recourse loan definition  http://www.investopedia.com/ask/answers/08/nonrecourse-loan-vs-recourse-loan.asp

@Pavel Sakurets thanks for that link... only makes sense to insulate the wall this way.. suppose it also acts as an air barrier the way it is taped up.  So Pavel, are you only building single family or are you building multi family also....  seems like we should also be adding thermal mass to interior walls for the storage of energy.  just a thought.  thanks again. nicely done.

@Joe Smith Hi Joe, go on zillow and see what they think this house is worth.... It may even tell you if it has hot water heat or a furnace.. also, these reverse mortgages I think work on equity.  So if there is more equity in the house than she owes.. when it is sold you keep the equity... So... don't just give it back until you have a better idea of what it is worth.... just because it is a mess does not mean it has no value.... jump on zillow and put in her zip code or address and zoom in on her street.  click on her house and it will give you a whole bunch of info including the assessor's site link.