All Forum Posts by: Chris Stone

I'm from Florida and now have family near there. The advice seems crazy. If you don't want to rent to spring breaker's, just block out that week. If you do, get a great deposit and upgrade with the damages.

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I bought a house specifically to invest in an Oxford House. my motives were both personal and because I felt it was a good investment. Your lease is with the Oxford House. in no way do you deal with evictions. You get the same rent every month. No need to allow for vacancy. They Tend to stay on forever.

The lease was sweet. They pay all utilities. Any repair under $100 is their responsibility. (We were soft on that and went ahead and fixed things'when we felt we should) They pay above market rent. 

When I needed to sell, I had no trouble selling to an investor on a real estate contract. he put half down and will pay the balance in 18 months. 6 percent interest only. I made a nice profit, but gave him a better deal than if I gave them their notice and rehabbed the place. I wanted the home to stay an Oxford house.

If you are  interested, contact your State Chapter. The homes should be able to make 5 bedrooms. We closed off a family room to accomplish that. Try to get three baths or at least two baths that can be entered from several bedrooms. They try to have at least 2000 sq. ft.

I'd buy another one in a heartbeat if I could.

We sold a rental a few months ago on an REC. The buyer paid $200,000 with 50% down. He will pay 6% interest only with quarterly payments. The $100,000 note comes due September of next year. 

The home is an "Oxford House" a group home leased in the name of the organization. They stay for years and always pay the rent on time. I believe the rent is now 1600-1700 a month.

This is my first REC and I'm thinking of selling the note. Are there companies that handle this? What would the note be worth? 

MODERATOR:  THIS IS NOT AN OFFER TO SELL THIS NOTE.  NO DEALMAKING IN THIS THREAD, PLEASE.

We are self employed and have used a 401k to help pay for real estate investments. That route works better for us. We manage our own properties and do a lot of our own work to improve them.  That is not allowed with a self directed 401k. Because our rentals are long term investments, we can take advantage of capital gains treatment on our profits.

So it just depends on your goals and circumstances.

Some times the urine is in the floor molding. 

I have made offers using both sites for my own investments. (I am a realtor) HUBZU was the worst! You would end up talking to some call center with people that didn't speak much English. Everything is outsourced. The entire process was really stressful. I insisted on using a local title company. (HUBZU said they wouldn't pay for that, but they ended up picking up that bill)

They don't let you turn on the utilities. This was a condo in pristine condition so the inspector did what he could. I ended up fixing a hot water heater and replacing the garbage disposal.

We rent out our condo furnished monthly mostly to travel nurses and the Santa Fe Opera. Our return is close to 10 percent so we are happy. The tenants are quality and we've had little trouble.

So maybe do as I say, not as I do. Be careful with HUBZU.

I just purchased a HUD home. All done electronically, no real signatures. I put $1000 earnest money down. My guess is I would lose that if I backed out. HUD had just reduced the price and it was a good deal if the house didn't need a lot of work.

The inspection period was really a joke. You have to get permission to turn on the utilities. I got the electric, no problem. Then the water. There was a leak in the back yard.I  had to get a plumber in to correct just to get water. All the time asking for daily extensions because they don't allow you to have utilities on for more than 72 hours.

In the end, I didn't turn the gas on to check the water heater or furnace. HUD makes you liable if anything happens. Of course, you have no liability insurance if any thing goes wrong because you don't own the house.

I lucked out and all worked. The project was mostly paint and carpet.

I'm not sure I'd buy a HUD home again. Both Fannie Mae Homepath and Freddie Mac turn on the utilities for you. My last deal with Freddie Mac was way less stressful because I had a real inspection.