All Forum Posts by: David Avery

Plus Humble.

Ryan , its your lucky day, To answer your questions. Not to many problems buying HUD, have your agent walk you through it, pretty simple.

Generally HUD/FHA makes you live in the property, Home owner/occupant. But you can stay one night and say I did not like the next door neighbor and made it a rental!

Lot fee's can kill you if you have a deadbeat tenant, If your lot fee is $250 not bad but here in Phoenix some charge up to $800 a month.  ( just to use their space, swimming pool, etc, trash and water are included and sewer.

Sometimes the lot will have to screen your tenants, it can be very harsh at times.  Hopefully not the one you have your eye on.  

I would go to the property manager.  Generally a lady that runs the show and ask her all the above question about tenants.  And applications for such.

If you represented by your agent, he should have you  offer $129.000.  They will probably counter or they will accept.

Have you agent help you with all the above questions. He earns his money this way, no dis respect !!

Hot market here in Phoenix, crazy one day offers on almost any house that is somewhat clean.  Rents are high.

Hard to find a house to flip.  Prices are crazy.  

Money talks!

 Think interest rates are the factor, what a smart move.

Vote smart BP!

Its so sad that most tenants bug an owner to change a light bulb, put a closet door back on it's slider, or don't want to go the breaker box and push back the breaker that tripped!

If you rent to "skinny jeans"  then you will need to do everything!

If you rent to a blue caller type people they will not bug you as much.

I would have a handyman do 2-5 things at once.  I would have him not go out over little things unless it

ends up being several items.  Pay your handyman fast, like that day!  Always be fair to him so when the toilet floods

out he will drop what he is doing to take care of you because........ You pay fast and good!!!

My advice!

With over 2000 flips in my lifetime as a contractor!

Perfect smile!

Hot wife!

Personality that rocks!!!!

Fly me over.

Great hair!

Dave

I always get one of the best top real estate agents in the area, have a great conversation with him/her and see if they want to hock you up with wholesalers, great deals on the MLS, that they will tell you about and also a very good contractor if you need to buy a fixer upper that can knock it out fast and reasonable.

Top Agents know the right loan officers, also.  They are smart to get your business either on the front end of a sale or when you decide to move your property.

I would never buy property out of town or state, be within a hour drive. Manage your property , or have a close friend do it. Be able to drive by your investments. Keep an eye if someone moves out on you,  get your turn around /turn key so it never stays vacant more then a few days. 
  

So many things to discuss but a great real estate agent is a must.... They know your business and are hungry to find your deals.  ( plus they get a pay day )  and it comes out of the sellers pocket , not yours.

In Phoenix, have been looking at vacant office space that can be converted to apartments/condos.

Everyone needs a roof over their heads!

It pretty sad that a flu did this to our economy!  Election year and media average age is 28.

Please vote for the business man that understands money and how to make it work.

  Lots of California's moving here. 

Welcome.

Properties here are selling fast, residential and apartments going  very fast.

Ogden Utah,( 1995) bought a 5 plex , Re hab went very smoothly, cost, quickness, and turned out very nice with good high rents,  Here comes the buyer , above 800 credit score, solid employment, down payment.

Very great,  got all the units occupied prior to the Buyers offer.   One of the Tenants starting doing drugs, selling drugs, selling other  bad , bad stuff.  What do you do?   They are 2 weeks late on second rent, i have a solid buyer on my hock,   Help.  My father said give them "Cash to leave".  I thought he was crazy.

I told tenants that I would give them $300 cash if they were out by Monday morning and $400 if they cleaned it.

Druggies love cash!!!!!

They moved out and cleaned it and yes I gave them the money.  It did close and I made $56,000 K profit.

I did the work (Re hab ) with my crew.

Chow

Its hard to replace a 2 foot square. After time the full room will need replaced and I would not give them a penny more than replacing that full room of carpet.  Carpet prices are about $15 to $30 per yard minimum!

Door Knob is at least $25 and $25 to fix.

Painting (Crayons) is not common wear and tear so another $35-$50 on that.

Their are no Tenant Services that will go after you for those cost!

Unless your area has that "Tenant Services"   that service would probably agree that this cost are pretty fair!

good luck

Dave

Andrew, I have a pretty experienced contractor in my hip pocket.  

Finding good deals here is pretty competitive.

Getting a great down payment, money source, and earnest money ready in an hour is KING!  Cash talks in buying properties, sellers want their money quick and easy, no loans , if your contractor can save you all the inspection delay great!

Deals here go in hours not days,  tons of wholesalers, tons of properties for sale, if the deal is great the wholesaler is keeping the deal! 

But big money in this area . Lots of people moving here daily, lots of tech jobs here. Lots of California , and Nevada people moving here.

Great job you have, great city that you live in, One of the best in the nation!  I'm in San Tan just 20 minuets away.

Pick every ones brain and get a great R.E. agent to direct  you so don't make any really bad decisions!

Good luck

dave