All Forum Posts by: Chad Huffer

Thanks for the feedback on the BWI meetup @Steve Bradigan and @Ned Carey .  I've been planning to attend for a while now... I've just not made it there yet.

Thanks for the welcome everyone. Hope to see you guys around. Do any of you participate in any of the local REI groups in the Baltimore area?

Never did really follow them much.  I just can't seem to get into sports on TV love going to games but I don't have the patients to watch on TV.

The podcast info is at http://www.biggerpockets.com/renewsblog/category/p...

There is well over 100 hours there already.  I believe that a new one is put out every week; I'm still catching up.  You can subscribe and listen to them through iTunes, Stitcher, Swell, or via RSS feed.

Quick intro:

I'm Chad currently living in the Baltimore area.  Was in the navy for 15 years before getting out in 2012.  I'm currently a cyber threat analyst.

I've been an accidental investor for the past 13 or so years after renting out our home rather than selling after being transferred from my first duty station.  

Now, I'm ready to transition into a full time investing career to build a long term passive income foundation and potentially do some rehabs. 

Hey @Keith Ellis  I used to live up in Silverdale, WA not too far from you; just across the sound from Seattle.

I'm in a similar situation where I would like to transition from an accidental investor to a full time investor.

What I've found extremely useful is listening to the podcast series.  Its full of outstanding real world information from successful active investors.

There a a few books here on the site that are really great as well.  You should check out the Bigger Pockets Ultimate Guide to investing and some of the others that were written by some of the active BP contributors. 

I would also advise you to click on the "Learn" tab at the top of the page and explore the learning resources.

I do have to say that you've came to the right place to learn; the BP site is by far the best place I've found to research and get answers regarding REI.

I would like to close this as I am no longer looking for funding on this deal.

Paul:

You're right that is a protected group and I believe the difficulty would come from the fact that the law does state that a landlord is not allowed to ask whether you have a disability or illness, or ask to see medical records.

So, it looks like it may be difficult to specifically target disabled vets; but, it also appears that I may be able to provide it to just vets in general.

Marie:

The non-profit is an option, because some homes are exempted from the federal fair housing act, although state laws would still have to be considered as well. Here is a blurb concerning exempted properties.

Property Exempt from Federal Anti-discrimination Laws

Not every rental is covered by the federal fair housing laws. The following types of property are exempt:?

• owner-occupied buildings with four or fewer rental units?

• single-family housing rented without the use of advertising or without a real estate broker, as long as the landlord owns no more than three such homes at any one time?

• certain types of housing operated by religious organizations and private clubs that limit occupancy to their own members, and?

• with respect to age discrimination only, housing reserved exclusively for senior citizens. There are two kinds of senior citizen housing exempted: communities where every tenant is 62 years of age or older, or “55 and older” communities in which at least 80% of the occupied units must be occupied by at least one person 55 years or older. ?

Richard:

Thanks for the info, I wasn't aware of that program. I'll look into it as well.

I've been thinking of setting up a deal offering free rent for a year to a disabled veteran and their family who are in need of help to regain financial stability; they would only be responsible for utilities and a small amount of money each month to cover property tax.  I'm not sure yet how I would get the referrals or get the word out but that shouldn't be a problem.

The question I have is:  Would it be legal to make this deal available to disabled vets only?

I've looked at the fair housing rules and it seem that I could do it since I would not be basing the decision on any of the protected group.

Of course before I go forward I would consult an attorney.

Any opinions?

I'm looking for a private money investor for duplex deal.  I would like to use these units as additional rental properties.

My goal would be a short term loan with a conventional REFI on the properties when rehab is complete.

I have another rental unit in the same area with a great rental history for eleven years and a very low vacancy rate.

The units are deeded separately.

Quick deal stats per unit are:

• Built in 2007
• Not finished on the inside (Developer Foreclosure before completion)
• 1577 sq ft
• 3 bedroom
• 2.5 bath
• 1 car garage
• Projected rent is $1150.00/mo
• Projected Vacancy rate: 4% (Based on my personal experience with existing rental in the area)
• Purchase: $35,000 or less
• Repair: $35,000 ( My agent's guesstimate... Still awaiting official contractor estimates)
• ARV: $120,000 or more
• ROI: 41.67%
• NOI: 8,286
• CAP Rate: 11.84%

My personal info:

• We currently have two investment properties one in GA and one in TN. We currently own the TN property free and clear.
• We have been renting the GA property 11 years with hardly any vacancy. (usually 1-2 weeks between tenants)
• My total debt is currently about $119,000.00.
• Current income is $146,000.00/year.
• Credit score is 793

Thanks for the reply. Below are the numbers that were already calculated into the NOI, I just didn't list them.

I set the vacancy to 4% only because my other rental in the area has never been empty in 11 years for more than about 1 or 2 weeks (it's a navy town so there's lots of ppl renting).

• MISC:                   $60.00/month
• Mtg Estimate:      $385/month
• Insurance:            $600/year
• HOA Fee: 0
• Utilities:                Tenant pays
• Trash:                   0
• Taxes:                  $1500/yr
• Management:      10%