All Forum Posts by: Stone Jin

@Mindy Jensen @Matthew Moore @Doug Pintarch @Account Closed

Okay, all you advocates for sticking with the original plan.  When I move in and have to pay an exorcist to do voodoo on my children, I'm sending y'all the bill.  :)

@Account Closed The contractor said that some nights when he is working alone at the house, he heard footsteps going up stairs.  The neighbor has said she has seen "a blonde lady" and her son (16 year old) has seen "a man figure".  She also said that she prayed for the house and now there is no more "activity"

That's all I got.

@CJ M. Lol, I already have 4 roommates (my wife and kids), not sure I need more.  

My contractor called me yesterday on a house we own out of state and said "You should check to see if your lot used to be a cemetery, I think your house may be haunted".  

A little background, we bought a house in January that we were planning on using as a summer retreat from the Phoenix heat. It's a nice house on a big lot in a nice suburb of a city we are very familiar with. The original plan was to use it in the summer and then STR Airbnb it in the fall/winter/spring to help cover the expenses. I immediately contacted the neighbor on the lot over whom I've known 20 years and she said she has "seen some things, but they are not harmful".

So this leads to my question of what would you do in my position.  Here are my options

1) Sell the house, purchase price plus repairs total at 250K, I can probably sell the house for 290K.

2) Rent the house, my monthly PITA is $1400, market rent is 2200-2400.

3) Execute the original plan, make friends with the ghosts and move forward.  Airbnb nightly rates for a house that size in that area is about $300 a night.  To break even I need about 7 nights a month, everything after that is profit.

Let me know if I'm not thinking of an option.  I realize all options are not horrible.  

I would agree with @Paul Hansen. The SFR on MLS as on buy and hold rental would only break even with 20% down. With that said, there are wholesalers in town that occassionally will have a decent deal for buy and hold. Just network and get on as many lists as possible and wait for the right deal, but make sure you are ready to act when the deal comes in though.

First property was a 1 bed 1 bath 600sqft condo in Chandler AZ. Started as a unfurnished rental and then converted it to furnished after 2-3 years and then sold it 2-3 years later as the Phoenix STR market saturated. I wish I knew what small MF were back in 2009, I would have focused more buying in that category rather than condos and SF.

@Cyrus Jones Try to save the 40-60K this year and when everything goes on sale next year you will be in a good position to capitalize.  With no experience and no money, you will have a hard time getting loans whether traditional or non traditional.  You can try to partner with local investors and learn the craft first.  There are guys in Phoenix that will show you the ropes if you partner with them.  Best of luck!

It depends on your desired returns and desire for headaches.  I try to buy fixer upper homes that would rent to middle class to upper middle class.  Most of my houses in Toledo are in Sylvania school district.  We try to have the minimum rent be at least $1400.   Anything less for out of state would not be worth the headache.  Hope this provides some insight.  We also closesly monitor Perrysburg, Anthony Wayne and Springfield school districts for inventory. 

@Joel Carrasco

maybe look into subject to?  

@Eric Kump

If you are going to live in it, buy the house you want to live in.  Location is crucial for standard of living.  You need consider commute to work etc.  Also take a look at utilities in east mesa as water/trash/gas/sewer are all separate bills in certain neighborhoods.  You may be able to buy a better house in a better location with the same out of pocket expenses.

 Why wait 3-5 years to convert when you can house hack now?