All Forum Posts by: Colby Fryar

Awesome-  @Armando DeGuzman- thank you!

@Jim Garrett, @Sam Ohanesian and @Kyle W.  This is great to hear the interest.  I am currently looking for venues and will update you all soon.  

Hello fellow Tucson BPers. I am reaching out to gage interest in a real estate meetup in the Vail area. Topics will be multifamily, BRRR and value-add real estate but am definitely open to other asset classes and investing types as well, including flipping, notes, wholesaling, mobile home parks, etc... There will be no sales pitches here- just education and networking. Most importantly, it will be tailored to (but not limited to) those of us that live further out of town in the Vail and Sahuarita areas. I'm looking for ideas on interests, topics and venues. Thank you in advance and look forward to hearing from and meeting you soon.

Thanks Jay- I will let you know how it goes.

Investment Info:

Single-family residence buy & hold investment in Huntsville.

Purchase price: $85,000
Cash invested: $85,000
Sale price: $140,000

This is a BRRR outside of Huntsville, which I obtained through my awesome broker there. I am expecting this to be my best BRRR ever in terms of cash flow and hopefully infinite returns.

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

My main interest in this deal was the neighborhood it is in. It has very good rents.

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

Through my awesome agent. We offered cash and a quick closing.

How did you finance this deal?

Hard money- in progress. Will let everyone know how this goes/

How did you add value to the deal?

Rehab- TBD

What was the outcome?

TBD

Lessons learned? Challenges?

Plan for more down up front.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

I recommend John White to anyone investing in the Huntsville area. He's awesome.

Ditto on John White. 

@Jeremy Morton It's called a refinance.  To get the full 75% Loan to Value to recoup the cost with a conventional lender, you will need to wait 6 months.  You may be able to get a 80% or higher loan to cost refi with a portfolio lender after 3 months or so.  You would need to make sure that the rental is providing enough to cover the refinance mortgage monthly payment, hazard insurance, taxes, maintenance, property manager, etc..

Hassam-  I would say you are probably looking downtown area, UofA and northwest Tucson to find those properties.  They will primarily be larger multifamily though.  If you are looking for small multifamily, those will be tough to find, though not impossible.  

Hi Hassan-  that is a good question.  I would recommend calling the Pima County Assessor to get that information.  If you need to estimate taxes, go to Pima Maps.  In the search window at the top, put in the address.  Click on the parcel to open up the parcel detail report.  At the top left corner click on Property Tax Statement and it will show you what the taxes were in 2019 for the property.

I am looking for a Structural Engineer in Tucson to evaluate cracks in a brick wall.  Does anyone have good recommendations?