All Forum Posts by: Greg DeFeyter

@Tavan Skaggs @Bob Okenwa

That is going to be the back up plan, I have house hacked with my first primary by having a roommate and then AIRBNBing during major events. I wanted to explore the ability of acquiring a MF home through my primary and take advantage of supplying a lower down payment than an investment property 20%. From what it seems like, its going to be quite risky, and rare to be able to find a deal that I can BRRRR and then house hack into. Just trying hustle all available avenues with some creativity and able to afford the extra risk while I'm young and single without dependents. Please continue to send some "Tough Love" to my plan or other thoughts! I love all the advice and suggestions.

-Greg

@Ryan Swan Thank you for your expertise! Do you have any lenders that you suggest using?

@Ryan Swan In your professional opinion what other strategies would you suggest? 

My thought process was that MF housing would be less emotionally price driven and more logical pricing since i would be competing with investors instead of "The Jones that absolutely LOVE the house and MUST have it." I would expect to see less competition and bidding wars than with SFH in the PHX market.

I would like to be able to reduce my living expenses if not cashflow from my primary residence hence the plan i had created to execute. I understand a 4plex is least likely but in your opinion based on your knowledge of the PHX market would a tri or Duplex be achievable? 

I would need a hard money loan to initially purchase the property and hold the hard money loan until I can refinance the property into an FHA loan once my renovations are completed and occupancy has been filled with year long leases. Once I refinance I would pay back the Hard money lender.

Am I not able to acquire a hard money loan through this strategy? 

Good Afternoon!

I am looking to throw my REI business into the next level. Currently I have one cash flowing property that was my primary residence until last April 2021 when i began renting it out. I am looking to purchase a small multifamily to call my next primary residence in the Phoenix area. Based upon reading several threads and strategies of others it appears that I will be looking for specific individuals in the following fields.

I will need advice and assistance with: Private Capital or Hard Money lenders, HElOC loans, Mortgages, and a REI savvy CPA. Any and all advice is welcomed! If you know someone who fits these expert ices i would love to reach out to them and pick their brain. Below is my current plan. I would love any critiques and tough love advice!

I would like to buy a 4plex in the Western Mesa, Tempe, Phoenix or Scottsdale: eastof I 17 and north of I 10.

Currently I make $67,210 = 48,880 regular wage 18,330 OT
I am a W2 employee as a restaurant assistant manager at the Phoenician Resort, Marriott International

To purchase this property I will use a hard money loan to purchase the asset at 10% down payment.

My down payment will be financed by a HELOC loan taken out of my rental property 3534 Hartford worth conservatively 375000-207000=168000 in equity or 93000 of HELOC.

After acquiring the property I would do necessary renovations on three of the four units. After renovations assign tenants with one-year contracts. Once occupancy is filled refinance the loan with a mortgage either FHA loan or conventional.

Once the mortgage is set up i would pay back the cash lenders and HELOC. Keeping any residual money to remodel of the fourth unit that i would be renovating as i live in the unit. Exit plan 1 to 1.5 years. And keep property as a cash flowing investment. and Repeat.

Currently I make $67,210 = 48,880 regular wage 18,330 OT wage

I am a W2 employee as a restaurant assistant manager at the Phoenician Resort, Marriott International

If each unit rents for 1000 each 1000x3=3000 per month or 3000x0.75=2,250 lendable income.

Good evening!

I am getting ready to rent my property and in need of cleaning services and carpet stretching. How have you gone about searching for all star operations?

Thanks for your assistance,

Greg

I am looking for a few property managers in Phoenix Arizona. I would also like to know your strongest story for using a PM or not using one.

Thank you kindly!

 My current property is located in North Phoenix near 32nd and Bell. I’ve owned a home for three years and then looking potentially and moving to the east Mesa area around the 202 and 60. Avondale certainly is a hotspot. I am a home inspector so it puts me all over the map of Phoenix and get to see different trends through the market.

Happy new years eve!

I am looking to turn my primary residence into a rental property while i live at my brothers house. I am curious what steps I will need to take in order to make this process seamless. I live in Phoenix Arizona and would love some experienced opinions and advice on possible pitfalls to avoid. 

Do I need an LLC?

What companies do you use to screen tenants or would you suggest to do it your self?

Who will I need to notify? (Mortgage, taxes, insurance, ect.)

What appliances do you suggest to leave?

Furnished V.S. Non furnished?

Thank you for the assistance in this daunting transition!

- Greg DeFeyter