All Forum Posts by: Pete T.

I think the point is being missed. The zoning issue is if it is not zoned for duplex, but is grandfathered- lots of loan companies will not go through because of lack of security (ie-value not protected). Some things you could do-

Norfolk has a guy at planning that has been there since the 70s. Meet w/ him, they may be able to do a letter to the effect of what could be done in an instance of total damage, not cause by you.

-Work w/ the underwritters now to see if it is an issue, compare the cost of SFH t duplex there to see if it even creates a difference in value.

Bottom line- a good agent would have looked at this and made you aware in advance and you can view it yourself as Norfolk has one of the best sites for RE, which includes an entire zoning map. These situations might require a non conforming loan, cash purchase, or walk away as worst case scenario. @Edsiaren Ignacio

that is the next best thing to getting the perfect tenant, an easy NO.

@Dion DePaoli correct me if i am wrong, but my concern w/ title insurance is that it normally lists anything that would be a risk as an exception to the policy.

Location is going to make it different for everyone- however my first purchase was for 120k.

@Richard C. the interest rate is going to be at least competitive, if not better, than a 30 mortgage.

was the original quote, which is just not true. Also, everyone saying you can borrow against your house? Sure as long as you qualify- the same as you would for a new purchase- so the advantage is much smaller than it is made to be. Finally, if you are borrowing against your home, you just lost that "advantage" you had in interest rate from the 15 yr loan which reduce CF, increases DTI, and slows growth. If you invested the money available the same, you wouldnt be way ahead in 30 years w/ equity investing bc you would have a lot more house and a good portion of them paid off- which greatly increases the CF they provide.

@George P. I just forget about them, its easier. Similar places are selling in the 70s, just a year or so later though.

You could of course, actually buy the place as your PR and rent your current home and continue that cycle.

Become very familar w/ state laws first. Some will effect how you operate. In VA, we require an immediate holding fee (which can be non-refundable, a sec deposit can not be) upon selecting the best applicant. We collect the pro-rated first month and sec deposit NLT signing the lease at or near move in date. Some states have rules/laws/limitations on advanced rent as well, so be aware. I like communicating in writing- ie email/text, but use certified mail for anything official (pay or quit, cure of quit, lease violation, etc) in addition to anything required by law.

No great deals for me- 50k the cheapest, but missed out on a good one i could have had for 15k out of area.

Why will it be tied up 3-4 months? I would go w/ lender A, you are going to have some amount of reserves held back, regardless, right?