All Forum Posts by: Steven Yow

 That is what I do not understand, this should be pretty simple. I word it just like in my post, is there a better way to communicate this? Thanks for your help.

I have acquired two properties that are currently zoned commercial. The zoning board does allow these properties to be used as LTRs with up to 4 people in each. I am having issues with lenders either not wanting to loan because I am using it as residential while zoned commercial, or because it is less than 5 units for commercial lenders.

Info:

House 1 4b/3b rented at $3200/mo

House 2 2b/2b rented at $1100/mo currently and $1800/mo in August

Self-valued at $800k together, $550k and $250k respectively.

Looking to cash out refinance DSCR at $500k 62.5%

Any help is much appreciated

Thanks Michael Ealy,

The nuance is that the bidding process is still open under upset bidding. 10 day period in NC. I talked with a law firm and it is ILLEGAL while bidding is ongoing. But after the auction closes it will be legal to assign the bid.

I have a high bid at an auction in NC. I was approached with a deal to assign my bid to them for a price of $xx,xxx. After reading up on this, it feels like fraud and illegal The proposer said that assigning the bid for cash was not illegal, but offering cash to not upset the bid was the only illegal issue. 

Either way I am not taking the offer, just need a little clarification from someone who has been in this position before. One day I might would rather have the cash than the house.

Hey John, I am very new to the Boone area but would be interested in this.