All Forum Posts by: Bob Okenwa

@Chad Price

Purchasing new is going to come with a higher price point vs existing housing stock in pretty much every neighborhood in an apples to apples comparison, unless the existing home has been fully renovated or has some amenities that are better than the new build.

Where are you looking to purchase? HOA's and STR's typically don't go hand in hand so you may be better off buying in a neighborhood where you are not beholden to HOA rules and restrictions.

House hack 100% if I were in your shoes. Easiest way to get started is to leverage your advantage and being able to move yearly can help build a portfolio with little money down.

Moving out after 1 year is not complicated. You'd just refinance and go about your business since you fulfilled the 1 year requirement.

I'd reach out to ADRE for guidance or maybe something like https://azpublicreports.com/ to help you get started.

If I can go back in time about 10 years, I'd house hack. Lower down payment, gives you time to fix up the property a bit, and is more scalable for first time investors.

As for FHA, even in this market it's seen as something sellers don't tend to prioritize over cash or conventional loans.

@Allen Yang

What you're looking for is a CLUE report. A CLUE report is a summary of a person’s home insurance claim history. The CLUE database lets insurers see any claims that a new customer has filed within the last seven years.

Under the federal Fair Credit Reporting Act, C.L.U.E. reports can be accessed only by the owner, insurer, or lender of the property so I'd put that in the offer contract if it isn't already in there.

@Linder Bennett

It's helpful to network with other active investors in the area and get some suggestions. Most people like to hold onto their contractors since contractors are the lifeblood of a flip so it may take some digging.

You can also talk to agents who have sold flips or are investors themselves as they are sure to have recommendations as well. 

@Molly Paprota

Try https://www.theplugohio.com/. They have pretty decent pricing on used appliances.

What is the expected monthly payment on the student loans? Factor in a monthly payment of 1% to see if that additional payment would be too much of a burden.

I am unsure if there are fees associated with the other sites or not, so you'd have to check.

Not sure why you'd get mostly CA applicants. I haven't really seen that before where the majority of applicants are out of state.

@Francisco Milan

I'm not sure how you're marketing it, but you shouldn't have trouble renting in Surprise. It's a nice, quiet family area where if you're priced correctly and the home is in good shape, it should rent somewhat quickly this time of year.

Your ad should be clear and concise as to what is required so you can eliminate as many tire kickers as possible. 

Realtor.com, Trulia (should feed from Zillow), Hotpads, Homes.com, Rent.com, Apartments.com are some other popular sites as well.