All Forum Posts by: Benjamin Otey

 Hey Dylan! I sent you a DM, Lets Connect and see if this is a good fit!

Hey BP Family!

I am moving two recently completed flips that an agent friend of mine has in North Scottsdale, AZ. Both properties are 3bd/2ba, worth 920k-930k if they were sold retail. My friend is okay listing them himself, but I wanted to let you all have the opportunity first if you're looking to add to your portfolio. Their cash-flow potential is great, especially if you use it as a short to medium term rental.  Comparable Long Term rentals are going around $4500/month which would break even. Short Term Rentals in the neighborhood are between $300-$400 a night, but with the recent renovations, it'll be easy to market it on the higher end of that range. We are looking to move them quickly, especially because of the upcoming February surge of AirBnbs.  Phoenix Market will be incredible this next month because of the Superbowl, Barret Jackson Auto Show, and the Waste Management Open.  The properties are both located about two miles away from the Mayo Clinic Hospital- PHX 1, and about a mile from Kierland Commons. So this will be perfect for corporate rentals, travel nurses, or vacationers.  DM me if you are interested.  Pictures and walk throughs are available.  I'll remove the post once it goes under contract.  Whether these are your properties or not, good luck out there! I look forward to hearing from you.

 No, that's good to know! One of my questions was going to be how easily did you fill the units given the current rental market.  I'm glad you guys got through your grind and are able to appreciate the other side now that the rooms are filled. 

Alex,

Thank you so much for your post! I am currently in the early stages of doing what you and your fiancé did and its great to see a couple who actually made it work! This will be my first investment property and I really appreciate how you broke down the deal for us. If you don't mind me asking, what was the most difficult part of this deal and how did you overcome it?  

Hey everyone! 

Thank you all for the help, support, and advice! I've decided to walk away from this one and look for a better deal down the road. 

 Scott, 

Thanks for getting back to me! When I said the other buyers, I meant the previously interested parties. I would be buying the property. I have reached out to four different property managers to learn more about their experience but because of the time zone difference, I don't think I'll hear back from them until tomorrow. I have also reached out to the local PHA to inquire about their experience about section 8 housing in that neighborhood. Interacting with the agent concerned me because they really didn't have a lot of information about the property to begin with. He did not have an inspection completed and gave vague answers about the condition of the house. The agent started out the conversation by saying that I "probably wouldn't even call them back" after I heard the stipulation about the sale. The only stipulation that he explained was that they had to get $85k out of the deal because of the seller's debt, which I don't think would be enough to scare off other interested parties. I looked into the agent and they seemed to be a local with a small portfolio. That being said, I wouldn't be surprised if something came up during the inspection. I agree that this might be something that I should work with someone more experienced, or even hand over the deal to. Do you have any recommendations? 

Hey Guys!

I have a triplex for $85k in a rough neighborhood outside of a military base that I am considering buying to turn into section 8 housing. I have been learning about investing for the past five months but this would be my first deal. The current owner is the definition of a motivated seller and has dropped the asking price 30% over the past month. The agent told me that he needs to sell because he took out a hard money loan that is due. The median rent in the area is between $900-$1000 per door but the current owner is only charging $600. One of the three units is currently occupied. The property isn't in terrible condition but I estimate that I would need to put in between $10k-$15k of repairs to make the property appealing to live in. I feel like if I invest $100k into a triplex and back the property using section 8 housing, it would be a safe investment, despite the bad neighborhood. I told the agent that we would need to get an inspection done on the house before I move forward, but I'd like to hear your thoughts about section 8 housing, buying in tough neighborhoods, and what I am missing about this deal.  Several others have passed on the deal but I can't understand why. The seller's agent told me that the other buyers didnt like that the seller had to have 85k because of the loan. In my mind, I feel like I have found a great deal despite the issues with the neighborhood around the property and the repairs, but I am still cautious because I am so new. Thank you for your time!