All Forum Posts by: Alexus Wenstad

@Jennifer Pauyo late to the party but I'm a newbie from Phoenix, AZ, hoping to start investing out of state soon. Love that this popped up on my feed!

Good morning! I want to start REI soon, have some funds. I am in Buckeye, AZ and would like to find someone local to learn from. Goal is to eventually be able to leave my regular 9-5, but not 100% sure yet if I will want to do flips or get rental properties, or maybe a mix of both. I don't necessarily need something passive, but would like to get out of a 9-5 at some point. I am a single mom and would like to find a way to get more time with my son while still living comfortably.

If there is anyone in the Phoenix area, I would love to learn/watch what you do and maybe also do my first flip with someone.

Thanks in advance!

@Shawn Ziegaus there is a tiny home village north of where I live in Sedona, AZ. Not a mobile home park and I agree with most others that a mobile home park might not go far. But a tiny home village/park might work. You could check out Riny Camp Sedona, they are cute spots, and always seem to be booked.

@Alexus Wenstad in follow up to my original post, it looks like I will be going the I vestments property route, using cash from a cash out refinance of my primary home. Any agents in the warner robins, ga or surrounding areas that are familiar with working with people looking for good investment properties?

@John Underwood thanks John! My only concern is the risk involved with doing the second home route and ending up screwing myself with the lender down the road. I totally get the not renting to family bit.

@Dustin Allen thanks Dustin! I just got off the phone with my current lender and he says buying as an i vestments is probably the safest bet, to avoid issues down the road. He also said we could discuss with underwriting prior to moving forward with either option to make sure I meet the requirements for the second home. But with the amount I can take out with a cash out refinance, the 20% down will be doable without touching my savings, which was all I wanted to avoid- I have the money but would like to keep it.

Looking for some advice from experienced investors or those in the same boat.

I live in Arizona and visit family in Georgia pretty much every year. The market where my sister lives has some pretty affordable homes and I was thinking about buying a home there. A couple ways to go about it.

The particular home I found is about $80k. It is a 3 bed, 2 bath- has 1 bed and 1 bath upstairs, with a full kitchen, den, living room and 1250 Sq ft. It also has a basement with another bathroom, a standalone sink that could become a kitchen/kitchenette, and 2 rooms that can be used as entertainment areas or bedrooms as listed.

One option is to buy as a vacation home, with 10% down, and then use the basement as an airbnb rental. I also thought about letting a family members stay there on the main floor, either free or for well under fair market prices.But I am not sure the extent to which that would be allowed since vacation homes are not supposed to be rented out- altho I would think an airbnb type wouldn't matter if it's just a part of the home, since people rent out their primary residence all the time, but I obviously don't know. I did talk to a lender and she said that airbnb and renting to family isn't allowed, but I keep finding stuff that says it is allowed.

Other option is to just buy as a rental property, with 20% down. I am looking at refinancing my primary home so that I don't have to use my savings for the down payment. Then I would think I have more flexibility to my use - whether I want to do airbnb, or a long term rental of either the main floor or basement.

Also, it is near a military base, about 30 minutes away, not sure a long term rental to someone on base would be more worthwhile than airbnb.

Sorry this was so long! Just starting out and would love any feedback!

@Stephen Brown awesome suggestion, thank you!

@Stephen Brown thank you for these! I have never heard of Subject 2, any good resources I should look at regarding that? Of course I will Google and see what I find but if you have any good books or websites to learn more that would be appreciated! Loan assumption sounds pretty straightforward altho I will also look that one up. Wholesaling I have been looking at a bit.

@Paul Moore thank you for this suggestion! I will get my hands on that book!