All Forum Posts by: Leonid Sapronov

Please fix the image upload feature for new listings. I created one listing with pictures just fine. But now, if I try to add pictures to it or even create a new listing, I cannot upload new pictures. Yes, I tried different browsers and clearing my cache. If it matters, I have the "Plus" membership.

Hi!

Asking on behalf of a friend. He owns a duplex, free and clear, with a partner in Connecticut. Property is held in both of their names, not an LLC. Partner wants to exit. I'm still waiting on all the numbers, but the appraised value is ~$460k and it cashflows (sorry, will post more as soon as I get it). Partner's share is $320k. They have an untapped $200k HELOC @2% through the local credit union. Friend has good credit, but is self-employed, so reported taxable income is low.

How would you structure this buyout deal and which lenders would you try first? My thoughts:

1.  First, try to secure cash-out refinancing either through the credit union or a conventional bank.

2. Try to structure a deal with partner, using the existing HELOC + a note for the balance payable to partner. This is less than ideal because the partner is still in the picture, but may offer the best terms.

3. If that doesn't work, reach out to commercial lenders. But which ones?

My friend's goal is to hold onto this property, but he is willing to consider selling if financing cannot be secured.

Any advice is greatly appreciated!

@Ron S. Thank you!

Hi all! Here I go again, reaching out for communal wisdom. Asking for a friend, who is in a tough spot: her husband passed away unexpectedly, leaving behind a rental property that is under water. It's rented and just about pays for itself, but doesn't cashflow. Mortgage balance is 120k, value is 80-90k. She does not want to keep it, partly because it's under water, partly because she doesn't have the time to manage it (husband was in charge of PM). A few questions:

1. Husband bought the property before they got married (it was his primary residence initially) and everything is still in his name: title, mortgage. Is this mortgage automatically hers now?

2. In her situation, what would foreclosure look like? What would a short sale look like? Does she need to worry about the usual ramifications of going through foreclosure?

3. Are there any arguments in favor of keeping the property?

4. What's the easiest/best/recommended way for her to disassociate herself from the property without risking financial/credit jeopardy?

I've reached out to a couple of estate planning attorneys, but wanted to post this here as well, since BP has provided invaluable advice in the past. Thank you!

Ritch, thanks, I'm PMing you.

@Brandon Sturgill - thanks! It does seem like a lot, but I had no point of reference, hence the question. Do you know if an OH contractor can do work in IN? Because I think I've exchausted my Indy options as far as contractors go.

Hi all,

Have roughly 100' of 4" cast iron sewer line running under a building that has deteriorated to the point of needing either replacement or repair. Since it's all under the concrete, pipe lining seems like the way to go. I was quoted $18k to line the entire length of this pipe. There aren't a lot of people in Indiana who do this, so my options are limited, but I wanted to see if this is at least close to being a reasonable price. Thanks!

Thank you sir! Follow up: what are the pros/cons of installing over the existing asphalt shingle roof without stripping it first?

@Mike Reynolds

Mike, I need to replace the roof on this building (a small apt bldg):

I believe this is what they call a mansard or Dutch roof? My PM, who will be supervising the installation, suggested that we go with metal for longevity. Fair enough - we got some quotes and the price seems reasonable. He also suggested  that rather than using metal on the steeper sections, we replace them with siding to save a little money. Do you think this is a good idea? Or should we just go with metal everywhere? Anything else to ask/request from the roofing contractor before they commence work?

Thank you so much for being an active member of the BP community!

 Nothing. Waiting for them to open a US office, which they promised last year. Haven't checked to see if it happened. I suspect that will be the only feasible way to get a Dubldom in the States.