All Forum Posts by: Account Closed

@Gregory Walter

Thanks for your advice, I am working on finding a reliable GC now. 

@Taylor Pelzel  Thanks..I am waiting on a contractor referred to me by my realtor, however, this contractor seems to be having a hard time finding a GC to sign off on the paperwork. I will contact you if nothing comes of it in the next few days. 

@Josh Cuthbertson The estimated cost of repairs is a rough estimate. HUD did their own limited inspection and assessed 9K of repairs, however it was clear it would need more than that to look decent. I will have a much better idea once I have the contractor bid on the rehab.

...it could happen to you ! 

Well, I finally made the move to Charlotte, and met up with an investor-friendly RE agent, whom I had contacted prior to moving. He had been sending me listings so I got a good sense of the market and how fast properties were moving. Being a first-time home buyer, I had my sights set on a SFR, as multis are near impossible to find in good school districts in this area. So , I got a listing one morning while still in Florida, of a HUD home in a good neighborhood (Huntersville), that seemed to be a great value in terms of comps, as the realtor is great at putting together the CMA.

So, I think to myself, well great this will never last by the time I get to Charlotte an start my new job. Luckily for me though though, HUD bids are sealed for the first 10 days, and only available to owner occupants. So I get to town, and the next day, I ask my realtor to show me this HUD property. So we go and look at it, and this is day 7 or 8 of he opening bid period. Several others had seen been to look at it , based on the sign-in sheet, at least a dozen. So, property looks in decent shape, considering its a foreclosed home- most the fixtures still in place, some of the flooring missing, some rotting wood on the exterior, some updates already attempted, but nothing major.

So, we decide to make a bid, now mind you, this is the first home I had ever looked at to purchase my whole life, not to mention my first bid on a HUD home, and in a super hot market, so I knew I needed a competitive offer, so I put one at $500 above listing price, with pretty low expectation that that would be enough. Well, sure enough, a few days later, HUD notifies us that our bid was accepted as the winning bid!

Purchase price 200,500; ARV conservatively 260K; Work needed: appx 20K

Now, that I have it under contact , working on getting an Inspection, and getting the Loan processed. 

Just wanted to share a little of my foray into the REI world, from an owner occupied standpoint.

Cheers

Also: 

I am in need of a General Contractor to manage the rehab , as it is a Conventional Rehab loan I am taking, not 203K, but similar. We have a contractor in mind, but they may not have a GC to work with. Any referrals in the Charlotte area??

I'm certainly no expert, but I know someone who is  :-)

@Brandon Turner

https://www.biggerpockets.com/renewsblog/2013/11/0...

@J Scott, 

Do you know if there are any penalties they impose on you for refinancing to a non- NACA lender?

I am scheduled to go to one of their workshops, however , I am moving to a new area (Charlotte), and would like to purchase something in the next 3-4 months, so not sure if it could work. 

Do they finance the rehab part of a property? Also considering 203 K. 

Also , got your book J, nice work and hope to put it to good use soon!