All Forum Posts by: Stephen Dickey

@Adam Juodis, my partner is a full time investor, so he is pretty hands on when it comes to the rehabilitation. This does not necessarily mean you need to have a partner. From what i have learned through him, the best advice is to just go out there and do it. From the repairs you stated, it doesn't seem like too much of a high-end job. If you go to any home improvement store and tell them what you need, show them pics, etc, they can easily help you get the material. Then ask them for a deal, everything can be a bargain. Once you get that, shop around skilled laborers to do the floors, and most of the other cosmetic work you could probably do yourself. This will save you money by cutting a contractor out. I'd say just go out there and do it! Like @Darren Budahn said, you never know until you jump in!! 

Quit My Job

It really all depends on your goals/vision. If wanting to buy and hold for a long time, then i would open up the equity line to push it through. If it is more of a short term investment, I would look into an ARM, will the ability to refi at a later date with more conventional terms. Just depends on what you are seeking.

I am in a similar situation, and i have to admit, having a fully dedicated partner is huge! I have been investing for a little over a year, but most of the work I am currently handling is on the back end. The repairs you mentioned seem modest, so i would recommend using your evenings to shop contractors and finding deals on the material you will need. If you can get the material at a good price, use your resources to find someone who can do each part of the job. You might even find out that a contractor isn't even necessary, if you can find laborers to do this work.

Hello!

I am looking for some insight for anyone who has worked with the HOME Investment Partnership Program provided by HUD. I plan on contacting a local representative regarding the issue this week to receive more guidance, but I am wondering if anyone has any direct experience with this program. I have a pretty ambitious plan to newly construct Section 8 housing in a certain county, and discovered this program while doing research. To my knowledge, it looks like the federal government grants money to the state to be allocated for the use of funding activities such as building, buying, and/or rehabilitating affordable housing for rent or home-ownership or providing direct rental assistance to low-income people. The state is then able to allocate the funds to participating jurisdictions for these certain uses. There is a lot more to it.

Has anyone ever collaborated with this program? If so, would you please provide any information pertaining to it at all? I am assuming each state operates differently, but any info I could recieve would be vital. I really appreciate it!!

Thanks.

@Ryan Dossey, thanks for the heads up on becoming familiar with the zoning laws, etc. We are in planning stages of a knockdown and clearing about 3 acres land ourselves. It will be our first build, so it's important for us to have everything in perspective. Any advice?

@Andrew Jenkins Jr., I would say at the very least you would have to have an idea of material & labor, but the number could be too vague to really get a clear picture. I will be reaching out to a couple of builders soon and could fill you in on what I discover?

@Percy N. could you explain what is meant by delayed financing? I am not familiar with this method of financing..

@David Arnold, congratulations! Sounds like you got a pretty good deal on the 4plex. Since the owner is rehabbing three of the four units, it should improve the worth of the property. I would definitely consider an ARM, especially if you feel you will have some equity after 3-5 years. That way you could cash out refi and go get another one! But all this depends how much equity you think the property will have at that time, because ARMS can also get you in trouble...

I also love the spreadsheet layout, very clear cut & precise with the numbers! Good job!!

@Ryan Battista congratulations, it seems like the hard work is starting to pay off. I have enjoyed reading this thread and would love to be added to your buyers list. My partner and myself invest in single family homes currently outside of the Charlotte market, but we are looking for an in somewhere in the city! Looking forward to watching your success grow!

Wish I would have known about this 6 days ago! @Curtis Waters, does this meetup happen often?