All Forum Posts by: Ian Hooper

3/8

Utilities are on, as of today

Home Inspection Info:

Electric Panel is wired properly, but some breakers show signs of deterioration, and should be replaced.

Vertical water pipe is leaking behind a wall in the utility room. There are signs of fungus.

Plumbing should be inspected further by licensed plumber, for repair needs.

No detectable structural issues

Furnace works properly (2015)

No evidence of termites

Crawl space needs vapor barrier

Roof in excellent condition

All electrical outlets operate properly

There are few gutter/flashing/siding repairs to be made

I'm using the inspection info, to complete a scope of work, using a template from the J. Scott flipping book. I already have one appointment with a contractor referred to me by @Jay Leisten, I'll be scheduling more tomorrow.

There is much optimism in the clean-up of the nicotine mess, as well. I've tried Purple Power degreaser in a few spots around the house, and it works. Those yellow walls are actually white!

More to come

Hi, I need a dumpster, tomorrow, in Louisville, KY. Who do I call? Thanks

Patrick Wheeler The other reason for not getting an inspection was that there were no utilities, because of high, late account balances. It would be a waste of money to get an inspection without the gas/elec/h20.

Patrick Wheeler it was an As/Is estate sale purchase. I could have had the inspection done prior to closing, but I elected to wait. I closed today.

March 1, 2017

The local portfolio lender turned out to be a much more affordable deal than the Hard Money Lender. 

The appraisal came back two days ago, and the square footage is less than I thought, so his ARV is $75,000, as oppose to the $85,000 that I was hoping for. This still shouldn't be a problem. The lender is funding 80% of the total projected projected costs.

I close in 2 days!!

@Jay Leisten 

Zac Banta at United Citizens Bank. He's usually at KREIA.

February 5, 2017

Sent loan application, personal financial information, and Bigger Pockets BRRRR analysis worksheet to three local lenders. 1 conventional, 1 portfolio lender, and 1 hard money lender.

Conversed with 2 Bigger Pockets members about strategies to remove the cigarette smoke issue.

Received a cleaning quote from a contractor that specializes in removing smells. I was connected to him via Thumbtack. All he seems to do is run a ozone generator after everything is already clean. He does no dirty work.

My lungs are burning from being in that nasty house, yesterday.

February 6, 2017

Received pricing info from title company that the auction house referred me too.

Feedback from lenders:

Conventional lender: Not enough time

Portfolio lender: Their average closing time is less than half of the time that I have available. I will check back in with the loan officer tomorrow. Officer with I spoke today was positive.

Hard Money Lender: Went over the deal with him for 20 minutes after which he agreed to do the deal! He suggested that I exhaust my cheaper options before I agree to his fees and high interest rate. After a post phone call analysis I've determined that even with his higher fees and rates, this is still a great deal!

Communicated with another contractor about his company's deodorization process. His company actually does the dirty work before running air filtering machines. I'm glad that there are people who do this work, because I wouldn't be able to stay in the house long enough to do it.

This is going to work out just fine.

Kentuckiana Real Estate Investors Association Monthly Meeting

2016-2017 Tax Updates for Real Estate Investors
With Mike Grinnan

New Investors Encouraged to Attend! 

February's meeting will cover

• IRA's and retirement plans
• Real estate taxation and investments
• Choice of entity
• Limitations on loss deductions
• Repairs & improvements
• Bookkeeping and records management
• "Extender Bill" - Last minute changes

For more information, visit www.kreia.com. $30 registration for non-members. $20 for members. First time guests are invited to attend for $10 with a ticket from a KREIA member. Please contact me for more information. Tickets include a buffet meal, pre-meeting information session starting at 5:30pm, networking opportunities with local REI experts. Monthly meetings start at 7pm and run until approximately 9pm. See you there!

Welcome. I'm curious; which hospitals are you interested in investing near?

February 4, 2017 Successfully bid on an estate auction property. Property to sold as/is, and will close in 30 days. The clock is ticking. I have 30 days to either: a. Find another buyer, and arrange a double closing b. Secure financing through a hard money or other private source. c. Secure bank financing. House, at the very least needs a serious paint/nicotine removal job, new carpet/flooring throughout, some junk removal in garages, new refrigerator. More will be revealed during inspections. Big questions for the day: How can I get useful inspection & repair quotes with utilities turned off? How can I present a useful scope of work to a bank/hard money lender without an inspection? How can I get utilities turned on in a property that I don't own? Can I just call and put them in my name, like I would if I was a tenant?