All Forum Posts by: Andrew McGuire

@Joey Chrisman  

Its all about the criteria you are looking for and how you manage them. I'm looking for non HOA, ample parking, good areas, opportunity to split or add units. I also rent room by room or as STR. It has been tough but with prices dropping I'm seeing decent cashflow deals. Its more work but you can find cashflow for sure.

Phoenix BP Community,  

In need of architect recommendations. This specific project is expanding a 2/1 SFH in Scottsdale to a 3/2 but have a couple of other similar in the pipeline. TIA

Andrew

Monthly Meetup, we will be discussing recent deals  for first time investors, 1 House Hack and 1 Duplex Airbnb Listing. 

@Jesus Ramos

That is enough down payment to get a fixer and house hack it. I would save another 10-15K for closing cost and reserve, something always goes wrong when you buy a fixer....

@Dominic Holt

I've invested in a couple of small mf properties here, can't speak to any larger than 6U but the simple answer is no. It has been quite simple to by and operate 6U. 

@Jake Schleppenbach

Numbers are not great as they used to be but you can still find 4plex (it won't be in great condition) for under 800K. Ballpark #'s here you rent out each for 1K with share of utility expenses, your mortgage is 4K. You are 1K out of pocket a month for owning an 800K property with 50K into it including closing cost (assuming conventional 5% down). Still a much better option than going and buying a SFH to live in yourself. You will have appreciation, tax benefits, mortgage paydown. You can do this with a 4 BR house (even better if with casita) as well and #'s would be similar if not better but I don't know how you feel about sharing living spaces.

@Bonnie Lou Senftner 

Find anything good? 

@Andres G. Hernandez

Didn't read every response but I would just go get pre approved for a conventional 5% down, if you don't have that Heloc is not a bad option, I would just make sure you run your #'s to make sure renting todays primary would cover your existing mortgage + new cost of Heloc with some buffer. If that's the case I don't see a lot of risk in doing and taking that to buy your 2nd. Market is shifting to where deals are sitting on longer and sellers more likely to take lower down payment or even FHA?

Cory, 

I've found all of my cleaners on TurnoverBnb bidding out jobs. I'm moving over to a property manager. Vello is who I am using, they do full service including cleaners, stocking supplies, handyman, furnish, decorate....everything for 20%. Worthy it for me. 

How long is the lease? I would imagine you can increase rent when you rock/turf it but you are not obligated to as others have said. The return on small improvements such as landscaping have always worked out for me. Say you can increase rent by $100 that will pay you back in about 2.5 years. I take that every time.