All Forum Posts by: Ben Gammon

Hey Guys N Gals!

Escrow is closing at my 4-plex on Kirby Ave in North Side on Dec 14th. I'm looking for a good, reasonably priced handyman to board up approximately 6 windows at ground level and 2 doors.  I would also like to have installed:

a smoke alarm: http://www.homedepot.com/p/Kidde-Battery-Operated-...

a burglar alarm: http://www.homedepot.com/p/Defiant-Wireless-Home-S...

a solar powered motion activated light: http://www.homedepot.com/p/Nature-Power-Black-Outd...

Any suggestions? Any suggested price range?

Hey Troy, 

I too am looking for a handyman in that area. Did you happen to find any? 

Hey Thomas! I just bought a 4plex in Northside. Which part of the city is your duplex? We should keep in touch. 

location: 

4715 Kirby Ave, Cincinnati

visible wiring: 

Copper

Breaker Panels: 

I don't think it's federal brand, it has "VW" on it.

Gutted: 

No, I am planning on gutting it

Hey Kids! 

So I am trying to figure out what and from whom I should get landlord insurance.

Can anyone recommend a good insurance broker/company in the Cincinnati, OH area? Any idea what a fair deal might run per year? $550? 

How about Umbrella insurance? 

My property: 

vacant, HUD foreclosure 4-plex, (I will be living in one) bought under $50K

Actual cash value or replacement cost?

I'm leaning towards replacement cost if it's not too expensive because the cost to replace would be a whole lot more than the actual cash value. 

What do y'all think of these terms?

dwelling: $100,000?

Liability coverage: $750,000?

loss of rent: $12,000?

deductible: $3,500?

THANKS EVERYONE!!!

I am in contract on a HUD property. The property has been winterized. They will not let me turn on the water. However, they said I could hire a plumber to perform an air test to determine the condition of the property. Any idea how much this might cost? Would a home inspector do this? Is it worth it to do this? i.e. are the results conclusive?

THANKS!

What range would you expect for an inspection of a quad? 

It is a fourplex....does that change anything? 

@Sean Cole, yes that is correct. I am not using a bank loan since the property is only $40K. 

Sorry, why would it not make sense to put it in an LLC? I would like to limit liability if someone trips on the property, etc. What type of tax paperwork would I need to do in order to not pierce the corporate veil.

Hey Guys! 

I'm looking at putting in a bid on a HUD property in Cincinnati as an owner occupant. The market is competitive and I missed out on a previous property. This will be my first HUD purchase. My real estate agent says that all cash deals have a leg up in the market. I have a relative that is willing to gift some cash and I can get some private money to cover the rest.

I recall a BP episode in which @Brandon Turner mentioned that he was buying  a property all cash but it almost got ruined because his cash was private money and he ended up having to take out HELOCs to save the deal. 

Can anyone tell me HUD's definition of 'all cash'? Would my scenario be an all cash purchase in the eyes of HUD? My understanding is that lenders typically ask for the last 3 months of bank statements. Does anyone know how far back HUD might look?

The purchase agreement states that I have to live in there for 12 months. However, the property has been boarded up and I'm currently out of state. I plan on relocating in the spring and will live there for 2+ years. The wording doesn't state which twelve months I am required to live there. Has anyone dealt with this? 

Can anyone recommend a home inspector in the Cincinnati area? 

Does anyone know if HUD has restrictions on me transferring title over to an LLC? I'd like to limit liability!

Thank you to anyone who can assist! 

HUD Cincinnati all cash first time home buyer gift cash Hamilton county