All Forum Posts by: Connor O'Brien

@Martin Neal how long did you wait before the refi? 

Also, do you have any strategies with regard to talking to banks? 

Thanks in advance!

-Connor 

Luke Kotulski with Get inland remodeling. DM me for contact info

Investment Info:

Small multi-family (2-4 units) buy & hold investment.

Purchase price: $130,000
Cash invested: $31,000

HUD203K Loan for a house hack. Took over a distressed rental in Chicago's historic back of the yards neighborhood. Rehabbed the property and now live free with a low interest FHA loan!

What made you interested in investing in this type of deal?

I have always been interested in house hacking and the HUD203K loan product. I was able to get a property for low money down.

How did you find this deal and how did you negotiate it?

This was a highly distressed property with a massive water leak non-paying tenant among other issues.

How did you finance this deal?

HUD203K loan

How did you add value to the deal?

Flawless execution of construction and tenant buyout.

What was the outcome?

successfully secured a low interest FHA loan with rehab 100% financed.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Luke Kotulski from Get inland

I'll be there

Offer 480k with tenants in place. Give me 10k and I'll pay each tenant $500 when they move out in 2 weeks plus cover moving expenses

You get 10k, I get 5k and the tenants get to move into a better safer residence. 

I'm only kidding but do you really see any of the tenants turning down $500 and the opportunity to move out of squalor?

I purchased a CHA property last year and was faced with this same problem. Tenant had lost their voucher and owed thousands. At that point eviction would cost $1600. I actually ended up paying all their move out fees ($800) and offering them$300 to move out by a certain date. They missed the date but still used the move out service. I cut my losses and would do it again in a heart beat. The feeling when the unit is finally yours again is amazing

cco cabinets

Chicago Investors

Does anyone know of a good contractor/engineer to support a sagging beam

Luke Kotulski

Inland 

Luke just completed my 203k and I was 100% satisfied (49th pl & Racine)

I've also heard Larry Lomax

Does really good 203k work but haven't had the opportunity to work with him

Dm me for contact info

I use Kim Niedbalec from first choice