All Forum Posts by: Rashad Ellis

Buying a 3 unit im NJ using 203k loan. Deal is finally in preclosing department and we're anticipating a closing date. All of a sudden, my attorney and realtor notify me that the previous temporary Certificate of occupancy expired since January and I have to apply for a new one. We been in contract since late January and there has been alot of back and forth about the C of O. The last thing said was that it was transferable and i dont have to worry. You can tell from the timeline mentioned, that there have been alot of delays and extensions with this deal. We're finally close to closing and now they tell me this. I feel like either my attorney or my realtor dropped the ball on this.

@Matthew Paul seller not delivering vacant. That was agreed in contract.

2 out of 3 units are occupied. 203k closing is looking closer and clearer. They are month to month under market rent. Plus it will be a hassle renovating while occupied. Should I wait till after closing to discuss their options of leaving?

When getting contractor bids for a 203k project, do their numbers have to exactly match the HUD consultants write up ? Ive being told this. I thought they just take the blank bid forms with the work scope, then plug their numbers, and then I do my picking and choosing of who to donthe job. Ive heard its ideal to get 2-3 different bids. If so, what is the purpose of that?

Found a nice 3 unit. Good area. House could use updating. Didn't find this one thru my realtor and owner is a realtor, so no commision. I want to negotiate closing costs and vacancy. Owner says he can't deliver vacant. I know for FHA it should be vacant. How can I do this deal?

@Joe Villeneuve

I like that. Your words?

@Jonathan Greene

I appreciate the input

@Jonathan Greene

I say that because that's what I'm going through right now also. Any advice?

@Jonathan Greene

This proves difficult for the untrained eye looking at multiple properties before making offers. No contractor is going to go to 2, 3, 4, 5 showings with someone

Went to view some triplexes yesterday. Last one I viewed is great value and already has several offers after only a week on market. Fully occupied. 203k , needs some work but not an eyesore. Saw a big rat walking in the unfinished basement. Red flag or go ahead?