All Forum Posts by: Judd Campbell

Thanks @Roy N. , I will change the service to 3/4 in. 

@Roy N. , 

do you mean like in a PVC pipe ? I can do that.  I was planning on putting it on a bed of gravel and putting sand on top of it.  

The house I bought a few weeks back had Pex run throughout.  I do not anticipate any issues with that but the neighbor begged me not to turn the main water supply on as he said it floods his basement. My meter is about 10 feet from the front of the house (which is on a crawlspace)

I was going to do some exploratory digging with the help of two local laborers. The supply line is currently cast iron and I am just going to plan on replacing it with pex.  

I am planning on hooking it up to the supply and running it 36" deep until it gets under the house.  anything else I should plan for? 

sure thing @Stanley E. ,

My last two places have been bought at a steep discount due to the repairs required.  Buying properties like this do a few things:

- it removes retail buyers, they want a ready to go property

-it removes those who do not have 100% cash to buy and rehab the property, rarely will a bank loan on a property like this. 

-if the place is lower end it removes the big investors and hedge funds ( even at a huge % ROI big investors do not want to make only 3-500 bucks a month)

As an example here is what I am in the process of doing

1.) Buy a 15k distressed property

2.)Put 10-15k in repairs into the property (this has taken me 3 months)

3.) Rent the property for $800 / month (just started to advertise) 

4.) Use a local bank to get a portfolio loan after owning the place for 6 months. They will appraise the property and loan up to 75% LTV. I anticipate the property appraising for ~50k. This means I can get a loan for more than I have in the property if desired.

The loan terms I am looking at are 20 year fixed. 

I have another place I bought for 26k that am running concurrently.  I will bundle both together for one loan using them both as collateral. 

I keep the good tenants and only up the rent at turnover

My nicest place has a stay at home mom it it. For the first month she texted me every 48 hours about an issue. "The toilet filling is too loud", "the linoleum has black marks that won't come up" etc. she complained about my repairs and kept saying " I feel like you would fix more if you lived here"??? I had to call her husband and tell him only to contact me. It was driving me crazy.

Love it! Congrats! I have 9 units but I am targeting 25 before I can retire

Here in Kentucky most use heat pumps.  They function fine down to  25-30 deg F but below that the electric resistor heat strips kick on and heat the place.

That room has 3 exterior walls , more than any other bedroom (or room for that matter)

Space heaters are quite common as I have a brick house built in 2009 and my two kids bedrooms are on corners of the house and they are cooler than the master bedroom.  I run space heaters in those two rooms every night.  I also have a heat pump system. 

Also, I am talking this room is 5-8 deg F cooler than the rest of the house, not 20 deg. 

Welcome!  Keep me posted on your wholesale deals, I bought a cash property just 3 months back from a local wholesaler. 

@Joe Villeneuve I like your style. I am doing just that now. I sold a car and used the cash to buy and rehab two properties. When they are done and rented I spoke to a local bank and they are going to do a 20 year fixed portfolio loan for me on both properties together. ARV will be over 100k and I only will have 60k in the houses after rehabbing them. I will get 75k+ to go look for more, I am never going to lock up my principal again.