All Forum Posts by: Nate Wightman

what is cousin paying for rent or mortgage??  what is grandmothers payment??  It seems like their should be an opportunity here.... maybe not.  what if cousin moved in with grandmother and rent out cousins house then spend monies on grandmothers water heater ($1200) and furnace ($1500) +-  @Joe Smith Do you mean a boiler with baseboard  heat and not  a furnace with floor registers and hot air blowing out of them..... boiler has copper pipes everywhere and furnace has big galvanized boxes around it.  ??  My older clients  I ask how old they are then multiply by 365 and tell them how many times they have spun this earth around.... 95 years old has spun earth 34,675 times... it usually puts a smile on their face.  wish you luck

@Davon Lowery Thanks for the story... it's easy to get sick of the no's and give up looking for the yes...  keep it up.  have fun. smile...

@Joe Smith the old furnaces are pretty tough... are you sure it is dead and not just needing a band aid??  if the furnace filter gets old and real dirty it will pop a couple limit switches but normally can be repaired.  might be worth finding someone to look it over..  also, I thought that the reverse mortgage groups were very stingy on giving out much equity.. sometimes seniors don't fully understand the deal... it might be worth calling them yourself and see if it really is that bad.  wish you the best of luck and sorry for this situation....

@Eddie Mateomaybe look into communal living  built like a dorm...

@Art MaydanHi Art, I would keep an eye out for the sleepers.. an odd commercial property zoned multifamily mixed use..  the comm. taxes are higher but you can fight those down sometimes when you convert to residential ... confirm this before you jump here... also look for a multifamily designation on a single family home...a ranch with a basement or crawlspace where you can turn it into a duplex... here i can go on city zoning maps and pick out the areas with multifamily zoning and focus in those areas.... lastly if you see a building in an area you like look up the owners on the assessor's site and mail a letter to them and ask if you could buy it.   Make it personal.  we all love being human.

@Brian Kraft here is one link .... lots of them  so you know what you are battling   https://www.youtube.com/watch?v=GWd5dBdyqVc

If you youtube bed bug traps there is a little trap that emits CO2 you can make that catches them.. now that it is vacant I think I would be putting those out in the near term and catch as many as possible and try to keep them on one side.  exterminate in the crawl space also if you have one....  AND don't bring them home....  I also really like painted floors a couple rugs and a painted border.... all sorts of fun stuff .. it might even be cute.  a lot of porch and floor paints have grit in them so you may look to find some that do not.. good for porches not so good for inside.  Just a TIP also... porch and floor paint dries real fast and hard so you can also use it on bookshelves or any shelves and the books don't stick... 

Hi Tim, do you own a house??  If you don't then start there and maybe look at a duplex and live in 1/2 of it.  If you do own a house then maybe think about renting yours and buying one to move into and fix it up then sell it or rent it.  good luck

Watch some of the podcasts and webinars on this topic.  Then you have a calculator in tools up above that you can use to fine tune your offer.  Also, there are some rules of thumb you will hear about.. these are fast and furious numbers... rent should pay 1% of the cost... some like 2%.  Then everything is specific to your area and NYC may be hard to use any rules of thumb.  I think you can only use the calculator 5 times so wait until you have a deal or time to watch webinars.

Hi @Anthony PatriziIn colorado the appraiser had to provide 3 types of appraisal. One was as you have there with comps. One was based on income (I think). I don't recall the last type. If you read thru your old appraisals you should compare the old ones to the new one just to see if they are done in the same way. The appraiser may have done your appraisal as a single family home which I think would be wrong but easy. If your market in general has gone up the last 2 years and the fact that they left out your garages and if it is a SFH appraisal. This seems to me that you need another appraisal done. You really need an appraiser to chime in and give some feedback on this. Kinda like that movie... if you ask it they will come... I think since you have lived there more than a year you may be able to get another FHA loan without refinancing... again I am a bit unsure on this item also. @Bill S. is a wealth of info and maybe he can chime in here.  My initial thoughts are a new mortgage broker who is more helpful and then a new appraisal.   but get some more feedback first.   good luck.