All Forum Posts by: Micah Mcarthur

Call Greg Nally at Logan Lavelle Hunt here in Louisville, he is a KREIA member and investor. 

https://www.loganlavellehunt.com/

Agreed, the amount of knowledge and experience is amazing.  I have learned a tremendous amount by attending events when I can, learning and gaining confidence from people that are playing the game at a level I can aspire to.

Well, the renovation is going, albeit very slow.  

- last week we rented a dumpster and completed all demo, including kitchen cabinets, appliances, laundry room,  and main plumbing wall, and I had the old-inwall furnaces torn out.

- I was able to get all the electrical wiring repaired.  Several of the outlets didnt work in the house

-The window guy called today, and after they had about 75% of the windows in, realized they had the wrong order.  So, doesnt really effect me, but its a pain for them.

-all the plumbing for the bathroom was redone this weekend,  plus the hot water heater.   

-Also got the bathroom tiles repaired, that was a bit of work as well

-Had the initial floor sanding, that took out a lot of stains and odor, but still need some repair work done. 

- have now confirmed all the baseboards need to be replaced, the cat urine is down behind them-- another small bit of cash I was hoping not to spend.

-purchased the PVC core plank tiles for the kitchen and laundry room.

-purchased kitchen cabinets from another renovation -  need to find someone to install them

-Painters on hold until I can get a drywall guy in there, thats the next big thing.

I know we are going to blow right past our $8 estimated repairs.  Its a good thing this is a small house.   I am thinking we will be closer to $12K by the time its done.  

I added a couple more pictures to the album

@Nathaniel C.  do you have experience with urine soaked into floors and baseboards?   I am uncertain myself, but the floor guy thinks it will be ok.   

Thanks, will see how it goes....  its a mess at the moment, but that’s was the purpose of this project- to be a learning project, and if I make money great.  

first rehab

I am in the process of trying to get a copy of the lease.   

@Greg Smith  I do not personally have experience with the local Sec 8 housing dept.   I have been researching it for awhile now, and it is not the same as it once was, or is everywhere else in the country.   Do you currently have Sec 8 housing, what has your experience been here in Louisville?

So here is a quick run down of a property I am looking at.  Its in a C neighborhood, but not in the war zone, mostly families on section 8 rentals in that area of town. I  purchased another rental on that street a few weeks ago and I am in the process of getting it ready to rent.   Then I found this next house just down the street and started looking into it.

Tenant has lived in house for 5yrs, on Section 8.   

Recently Louisville Section 8 has been awful, and investors are fleeing the program, as they fail you for everything.

This house failed inspection in February, (its now late June) and owner has not received payment since Feb.  Rather than fix the minor problems, or get off the section 8 program and have her move, he has decided to just sell the property.  

My biggest concern is that he said the tenant is on a month to month lease, (and he has not been exactly truthful on several statements) and the tenant says she is on a 1yr lease and wants to stay.  Tenant told me she cannot afford the rent herself,  she relies on section 8.

If I purchase the property, What would be the process to move her out and how hard would it be?  I am researching the S8 program here, but I really dont think I am interested in getting into that program. 

I am feeling a bit excited, and a bit overwhelmed, as we just closed on our first property this week!    

We found a small 2bd/1 several weeks ago on the MLS, first day on market and we put under contract after looking at it that morning. It needs a good amount of work, mostly cosmetic stuff, but the price was right at $20K and we felt it would be a great learning project. Even if we screwed something up, we arent playing with big money.

It was a cat lady house, and has been closed up since last august, so the cat urine smell just punches you right in the face.  We ripped out the carpet yesterday, and the wood floors may or may not be salvagable.

I opened up the wall behind the bathroom yesterday to chase down a leak, and found some bad plumbing and some mold and rot.  I was able to fix most of the plumbing yesterday.  But have now torn out half of a rock lathe wall, will need to repair that, drywall is going to be tricky to patch in.   Need to get new windows, new water heater, flooring, all paint inside and outside.  I think the roof is good, but need to have another review.  

Next big challenge- finding local contractors.  While I can do almost all of the labor, (minus the licensed stuff) I dont have the time.

Purchase $20K

Rehab   $8K

ARV $45K

Rent $650+

thanks chuck, clay was one of my first phone calls.  But he is getting out of doing the roofing business 

Thanks Jay,  I didnt realize Dennis had a roofing company too, he told me he was setting up his own inhouse plumbing. I may see him tomorrow at the Rehab workshop and will ask him about it.   Will also try and call HKC tuesday