All Forum Posts by: Jana Crum

@Christopher Walrod Welcome to the Phoenix real estate world! House hacking in Tempe is a great strategy. There are some great properties on the market plus Tempe's city council is looking at expanding the rules for ADUs. I'd love to connect!

Hi @John Carnicle I'm highlighting new build communities in my newsletter this month to my database. I'd love to connect & learn more about your community and highlight you all as well.

@Dawn W. Welcome to investing in the Phoenix area! Have you looked at the Laveen area? It's on the Southwest side of the metro area & is experiencing A TON of economic growth! Banner Health, the largest hospital system in Arizona, just bought land in Laveen to build a hospital plus a retail developer is building a new shopping center/outdoor mall. There are also over 7 new build communities in the Laveen area.

I have an out-of-state investor client currently looking to purchase a new build in Laveen due to all of the economic activity! I'd love to connect, I'll PM you.

Hey @William Strom, yes all lenders can do a rate buy down. I'd suggest asking your lender to mock up what it would cost to get your rate to 5% and then do a cost-benefit analysis to determine if that's the best use of your funds. 

I also know that a lot of builder's lenders a doing a 2/1 rate by down. In which the builder contributes 2% in seller concessions that are used to buy the rate down by 2% for the first year, 1% for the second year, and then for for years 3-30 the loan has the actual locked-in rate. A lot of lenders are starting to offer this product as well in response to the economy.

Are you looking to purchase a condo in the Phoenix area as an LTR?

@Cory Kleiman Welcome to the world of real estate investing! 

Tucson & the surrounding area has a ton of potential. If you are looking at Southern Arizona, I'd also suggest looking at Casa Grande, Florence, Maricopa, San Tan Valley & Coolidge as well. All these cities/towns are on the outskirts of the Phoenix area & are seeing massive investments in manufacturing plants and companies investing in the economy. Plus each of these areas has a much lower price point than the Greater Phoenix Area. I'd love to connect, I'll PM you!

@Vamseedhar Vuppu Most of my out-of-state clients rely on video home tours & video calls to run through numbers. Once we find a few properties that work, we put in offers. Some of them have the desire & extra cash to fly out to attend the inspection. Others don't want to & elect to have it done via video call. It's not a requirement for my out-of-state clients to fly in. Please don't let anyone pressure you to fly in, it's a bonus but not necessary!

@Jason Xenakis You've gotten some great advice so far. I'd add that when you interview possible Realtors, ask them to take you through how they lead their investor clients through a transaction. Do they run numbers for their clients? Do they have vetted connections for Property Managers, Contractors, etc.? Do they know the economic pulse & news in their community that will affect their investors' deals? When I work with my investor clients I come from a place of education and make sure they are armed with all the information needed and understand the information. You can also ask the agent to walk you through the last investor deal they did, what went well, what problems came up, and how they addressed them for their clients.

Ultimately you'll have to feel comfortable building a relationship with the agent you choose & find confidence in the strength of that relationship.

Hey @Tomas Nuno, one of my friends is in a similar situation. Her significant other bought their residence while she bought an Airbnb (very successful!) and pays rent in their primary. Technically it's a house hack since you are reducing the expenses coming out of your personal pocket.

However, if you guys are looking to build your finances together as a unit and you look at it as all money coming into the home is in one pot- then no it's not a house hack. Since from this viewpoint money is coming into 1 pot & coming out of that same pot to pay for your housing expenses, there's no discount on the household housing expenses. For your situation, I think it is all about how you look at your & your girlfriend's money. 

Why not look for a duplex or a property with an ADU so you can do a true house hack & just live together with your girlfriend without trying to force a house hack from a roommate situation?

Hey Brady, you guys are in a great position to house hack a multi-family property! I'd also suggest doing furnished STR/MTR for the unit you guys take so you can maximize your profit.

Hi @Brent Warner! First thank you for your service, I have family in the Navy & understand the sacrifice, so thank you for serving in the military!

Since you have access to the VA loan & you and your wife are open to house hacking, why not consider a Live-in-Flip/BRRRR hybrid? Where you purchase a property that needs some work, live in it for 2 years, fix it up (either DIY or hire contractors), and then refinance & rent it out. This would let you guys live in Florida like you want and force appreciation to set yourself up for a great rental when you move out. Plus after the 2 years, you avoid capital gains tax on the profit under $500k and get the ability to use your VA loan for your next primary residence.