All Forum Posts by: Nathan Murray

Investment Info:

Single-family residence buy & hold investment.

Purchase price: $164,000
Cash invested: $8,500

Moved to quad cities for a job and rented this home for a year until we purchased it from the landlord. Lived there for three years and Refi'd last year to lower % to make it cash flow where we wanted it. left the state but kept the house.

@Jesse BurnsThank you for that...greatly appreciated...being new to the area makes it tougher sometimes

will have some soon...all will currently be beforehand pics...

Looking for recommendations for a few local contractors. Currently looking for a plumber, electrician, window replacement (only 6 windows) and possibly someone to do some plaster repair work. 

If you have someone in the QCA you would recommend please let me know

Thanks

Nathan

Investment Info:

Single-family residence buy & hold investment.

First investment property...plan is to fix and use as a rental, refi or Heloc to do it again once complete and rented. There are plenty of sub 50k SFHs that will rent for 700-1000 depending on location within the Quad Cities.

What made you interested in investing in this type of deal?

Looking to replace my W2 income

How did you find this deal and how did you negotiate it?

HUD website...no negotiating with HUD, just happened to be the offer they accepted.

How did you finance this deal?

Traditional financing with rehab cost being provided by private capital.

How did you add value to the deal?

Will be fixing the all the hardwood floors, replacing windows, fixing the small cracks in the plaster walls, paint, landscaping, replacing the front stairs and porch surface.

Thanks guys...appears we have three breaks in piping but we will have to wait to see about the boiler. Luckily all radiators were drained, so hopefully all damage is located only in the basement to the pipes.

Has anyone ever had an issue with a HUD home winterization?

Situation:

Under contract with HUD prior the the polar vortex🥶 that hit last week. The house was winterized, includIng the radIators, and all utilities turned off.

The whole home inspection today revealed a bad sight, 12” icicles coming from a pipe going into the boiler system with the other side busted out as well! Complete and total bummer!

Here is the question, I know HUD won't do anything but by chance could the contractor that performed the winterizing have a warranty or insurance I could go back on? Or the managament company that was responsIble for the contractor?

ApprecIate any feedback...even If It isn’t what I want to hear

Thanks

Nate

Thanks everyone...I appreciate the info and advice. Our inspection is at the end of next week...fingers crossed

@Pat L. Thanks for the info but unfortunately we won’t be able to get back into the property now until after the cold snap...hoping for the best, planning for the worst.

@John Warren thanks John, that gives me a sense of relief and hope since I do have the reports from HUD when they took over the property, late last summer, showing all major systems were in working order and holding pressure. The plan is to wait a few days after this cold snap to have the inspection completed.