All Forum Posts by: Zachary Piatt

Hi Corey, I am in a similar position and location to you.  BP has helped me a lot as a new home owner and will someday give me the confidence to buy some rentals.

@Adam L.

I'm not liking the property in question for a few reasons. Basement rentals are not very popular among investors, due to potential maintenance issues, lower rent prices in most markets, and increased turnover. I wouldn't pay much more for a sfr with basement potential than I would for a sfr without basement potential. If you would struggle to pay for the house with the basement vacant, I would not think that the risk is worth it. Take your time and wait for the right deal. Take what I say with a grain of salt though, as my market is different and I am barely a year into my REI journey.

@Adam L.

I am in a similar situation between buying a home, an investment, or house hacking. What came first the chicken or the egg? I am probably going to jump on the first deal that works for me. Right now that seems to be a primary residence that will allow me to work from home.

@Robert Murphy

My lender looked at the situation again after I found 3 other Banks that would accept private insurance. This time he realized that he could do it and was mistaken earlier. A lot of the banks that I called were unsure and it took a while to get an answer, only one bank out of about 6 or so that I spoke with gave me a quick yes.

Thanks to all of you for your help. I guess changes in lending take a while to catch on.

My lender told me that their bank will not accept private flood insurance for the property that I want to conventionally finance through them. He said that it must be government backed and that he doesn't know of any banks that will accept private flood insurance. I like the guy and trust him, but I wanted to see if anyone had any similar experiences. Yes I am contacting other Banks.

We have been quoted $2600-2900 for gov backed flood insurance and $700-850 for private.

I'm pretty new to REI and have never done a flip. I just looked at an REO today and there was mold in every room, on nearly every wall and most other surfaces. There was moisture damage to many walls and some ceilings as well.

Is it safe to assume that the house should be gutted? Or is it never safe to assume anything in REI and it depends?

The property is very close to a creek and likely flooded 3 years ago. There are many other issues that could explain some of the moisture problems, such as clogged gutters, damaged stucco, and perhaps some leaks in the roof.

Thanks

@Zach Robbins thanks for tip, I had no idea that this service existed.  I was also trying to use some township/municipal websites to find zoning maps and to research codes/zoning, and I quickly learned that some of our local gov sites are pretty bad.  But I suppose that's probably the case in a lot of areas.

@Mitch Messer Thank you!  I can't believe that I had never noticed that link.

Does anyone have any tips for new investors that would allow them to quickly find out where a property lies? Such as what township, borough, or even county it is in. I am currently finding a property, then staring at various maps and essentially guessing as to where it falls, then researching codes and regulations in that area. There is probably an obvious solution, but can anyone help me become faster and more accurate at finding this information?

Thanks

-Zack

I am new to real estate and I have been learning a lot, primarily through BP. I am currently living in an apartment and my lease will be up in about 8 months, I plan on buying a multi family with an FHA loan and house hacking it. I will will likely try to buy 1-3 months before my lease is up. My question is should I save my money and build my education for when that time comes or should I try to find a good deal to BRRR in the mean time to get my feet wet? Any suggestions are appreciated.

Thanks

-Zack