All Forum Posts by: Jared Haxton

@Josh Young Thank you for the reply! So our mortgage is at 3.375% so it wouldn't cash flow if we did a full cash out refinance. We are strongly considering taking out a second mortgage to purchase the next house and renting this one by the room for $4,300. 

@Lauren Kormylo Those are a lot of good thoughts on it! This home was actually rented by a dentist prior to us buying it but it does not rent out for enough if you do it long term as a single unit for us to afford the next home. And my wife is our realtor. Mulling over thoughts of seeing if someone would manage the rental for us!

@Joey Banasihan Yeah. The timing is killing us on this but we had to have our current home listed to get under contract on the next one we want. Christmas has been brutal for listing this type of property but we did it to snag the good deal on the next one!

@Jamie Banks From trying to advertise the unit as a whole, it struggles to get even $2,800/mo. Renting by the room seems to be the ticket here being right next to the university. 

@Bonnie Low I have looked at insurance placement but didn't et much traction. I need to revisit it along with the Corporate rentals ideas! Have you had any luck with specific sites if I am not in a major city? 

Question for all: Do you think the home would be more attractive to investors if I had a $4,300 rental agreement signed? Or at least proposed? Not sure if I am in a fantasy land altogether! Thanks! 

Hello everyone! I am trying to get some ideas on marketing my primary residence that can be a killer rental. It is a 2,634 sq ft, 4-bed and 3 bath luxury townhome with views in Prescott, AZ. Also, it is a four minute drive from a pretty expensive Aeronautical University and hospital. We put out feelers a number of months back and 4 students/recent graduates offered about $4,000/mo to rent by the room.

One of the identical units a few doors down sold for $669k in December and we listed ours for $645k. No bites yet and we are now listed at our bottom dollar of $599k. If I didn't need the cash to buy our next home I wouldn't dream of selling it because of the great rental potential. And this area has a lot of students with parents who foot the housing bill.

The group of students offered us the numbers below but traveling nurses would probably pay more. Any ideas of how to get this house in front of the right buyers? Lots of parking too! Thanks!!

Owner's Suite: $1,300

Secondary room next to bathroom: $1,200

Bed 1 downstairs: $800

Bed 2 downstairs: $800

Sent from Yahoo Mail on Android

@Christopher Leone Did you ever get a hold of the paperwork for this?

@Zane Cress Thanks for the reply! I have been eating up all the subto podcasts and Pace's interviews for his new book. So I am right there with you! The property just expired and the tax records only show an estate. Any ideas on how to find the executor of the estate/seller? Thank you!!

@Hunter Reed Hey! Thank you for the reply! I have been mulling around how to make this deal work and just checked today and it is expired! The property is owned by an estate and I can't find the seller info. I am new to tracking down info like this! Have any pointers for this?

And it turns out that the owner that passed away bought the property all cash so I am assuming no mortgage. I want to offer $1500/mo interest only with a 5-year balloon (with balloon extension baked in per Pace Morby's advice). Have any thoughts on this? I am hoping the seller is just sick of paying the $500/mo in taxes, HOA, and Utilities. Then they might go for it. Need to find them first!!

Thanks!

Hello! I am wondering if anyone has some creative finance input for my situation. Here it is!

We own 3 residential properties and want to make an offer on a fourth but don't have the down payment and can't or don't want to afford it at the current rates. It is a 4-bed, 3 bath house in a premium neighborhood and has an attached Casita. It has been on the market for 280 days (possibly due to a sewer pump setup??). The owner is a trust representative and might live out of state. Previous owner possibly passed away. Price started at $849k and is down to $699k now.

My wife is an agent but I want to go to the listing agent and say, "I will hire you to represent us so you get the full commission. Can you convince the seller to let us take over the mortgage and finance the remainder of the price interest only with a 10-year balloon payment?" Or some variation on that.

Not sure how to pay the agent commission in this scenario but does anyone have any thoughts or tweaks on how to take this property down? Thank you!!

@Brock Mogensen Thanks for the reply! So can those metrics be calculated with the numbers I listed above? I'm new enough to not be sure if I am missing a piece of the picture. Thanks!!

Hello! I need a quick hand converting my numbers into investor-ese. I was able to talk the sellers down to $1.4M from the $2M they started at and want to post the deal on the deals part of this site. So it is an industrial park with a lot of room for future development but as it stands, it currently takes in about $10,000 in gross rents every month and if someone were to pay cash for it and collect the rents (many unchanged since 2013!) themselves, about $8000 of it would be profit. 

So with a sales price of $1.4M and annual net rental income of $96,000, what would my headline numbers look like? What is the cap rate? IRR? Cash on cash return? I hear all these terms but am not solid on their meaning yet. Would love some feedback on which numbers are the most important when pitching it! Thank you!

@Bruce Woodruff I am setting up a call with them tomorrow to introduce the idea. :) Sent you a message to connect since we are in the same neck of the woods! Thanks!

@Bruce Woodruff

@Eliott Elias

I quoted you above but not sure if it tagged you. So tagging now. Thank you!