All Forum Posts by: Kim Hud

@Andrew Smith wow sounds like a great product that I will consider for the future.

Is it possible to do on another property after I close on this property with an FHA?

@Chris Mills yes that helps thanks

@Pat L. That’s what I’m thinking too. Thanks!

@Isiah Ferguson thank you! I’m learning to look at it that way 😊

@HB Jenkins thank you! It is wild to think that I am going to own a home that old.

The tenants are on month to month leases that state the landlord can give 30 day notice that the lease won’t be renewed. All the tenants are going to get 30 day notice and some might get longer based on when we are going to renovate their unit.

The tenants can reapply to the apartment once renovations are complete

@Caleb Johnson I agree that it sounds like a tight deadline. Two reasons we are thinking it won’t take the full 6 months:

1) Unit #1 just needs lipstick improvements. The bigger jobs will be Unit 2-4 and since those are smaller my contractor anticipates they will be easier to complete.

2) My contractor does a lot of 203k renovations in this area so he has experience doing big jobs in a small time frame.

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Since the home is unique we couldn’t find true comps in the area. At this point we are hoping that it appraises for the post renovations price but if it doesn’t my realtor and I go back to the negotiation table to lower the sale price.

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We are renovating the units one by one. With a 203k you have to move into the property within 60 days of closing. So during those 60days my contractor is going to work on exterior and then when the tenant moves out renovate unit #1 since that requires the least amount of work. Once that is complete I’ll move into that one. Then when the next tenant moves out he will work on that one.

I’ll hop around units until renovations are done on each unit until he completes the one I’m actually going to live in. I’m also thinking about listing units for rent as they are complete so I reduce my vacancy.

@Michael C. I agree. The installation and maintenance wouldn’t be the best strategy for this property

@Henriette Camara thank you!

@Elisa Huckvale Noyes thank you! Definitely going to document the renovations

@Chris Mills that’s a good point. With the layout of the property I don’t see a viable location for a coin operated laundry room. But I’ll take a look at the floor plans again to see if one could be squeezed in.

What is your experience with coin operated laundry rooms? Do they generate a good amount of income? How about maintenance?