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All Forum Posts by: John Ivicevic

John Ivicevic has started 4 posts and replied 19 times.

Post: Property Manager Recommendations

John IvicevicPosted
  • Residential Real Estate Agent
  • Phoenix, AZ
  • Posts 19
  • Votes 6

Hi Chad,

I sent you a colleague request. I guess I'm not able to PM you until you're my colleague. I saw you live and do business in the area so I'm eager to hear you're feedback. Thanks Chad!

Post: Property Manager Recommendations

John IvicevicPosted
  • Residential Real Estate Agent
  • Phoenix, AZ
  • Posts 19
  • Votes 6

Hi guys,

I have had some serious bad luck with property managers in the Birmingham area so far. Can anybody fully recommend a great PM company that has great communication as I'm out of state and can get my properties rented? Anything will help. Thanks guys!

Post: Tech Startup is Buying Single Family Rentals (Phoenix, Dallas, Portland)

John IvicevicPosted
  • Residential Real Estate Agent
  • Phoenix, AZ
  • Posts 19
  • Votes 6

Hi Brand,

Yes Opendoor sent those remarks to me. I don't remember exactly all the info they ask on the questionnaire and no they did not see the inside of the house unless you count the pictures online.

Post: Tech Startup is Buying Single Family Rentals (Phoenix, Dallas, Portland)

John IvicevicPosted
  • Residential Real Estate Agent
  • Phoenix, AZ
  • Posts 19
  • Votes 6

Hi Jon,

I read this article as well and was curious so I immediately went on their site to get an offer on one of our rentals and also our primary home. I was actually very impressed with the replies I received. They were very thorough and filled with great info about comps and how to improve the property's value. Here's a little bit of the email so you can get an idea. I removed our rental property address for privacy purposes:

Opinion 1:
"In current condition I estimate the home to be worth $92/ft ($125,000). Lowest recent closing is 3958 W Cholla St which closed for $97/ft. This property seems to be more updated and in better condition than (rental property). I'm estimating a $15,000 upfront renovation for kitchen counters, carpet, paint, and redoing the bathrooms to match the condition of 10853 N 42nd Ave. In that condition, the property could sell for around the same amount $100/ft plus $5,000 for the pool."

Opinion 2:
"Current Value: $119,000. Renovations suggested: $26,000.
Based on purchase price and previous condition I believe this home most resembles 12628 N Rosewood (purchased by an investor through HUD) and 11454 N 42nd Dr. Those homes are essentially original like this home. It does appear that in the 80's or 90's the kitchen cabinets were upgraded. The tile appears relatively new. While there are some upgrades to the home there are still many things that were not upgraded. The kitchen counter tops are still laminate as are the bathroom vanities. To truly get the best yield this home will need some upgrades.

I believe the way to achieved at least $162K would be to enclose the carport and create a two car garage. Update the bathrooms and kitchen as well as take the wall down between the dining room and living room. I would also suggest lifting the ceiling in the kitchen as well. Luckily, it does appear that this home had tile work done as recently as 2012. This may bode well for there being additional tile available or the fact that it will be easy to match. I would try and create a home that resembles 3749 W Mercer. Also, the home located at 12628 N Rosewood is available for $179K. If they hit this high water mark it would significantly increase the marketability of this home. "

Post: Putting too much down?

John IvicevicPosted
  • Residential Real Estate Agent
  • Phoenix, AZ
  • Posts 19
  • Votes 6

Hi Steve,

Great post here and welcome to BP! I'm sure a lot of new investors are facing the same choices. I have never heard of an investor getting a 10% down payment except with the Fannie Mae Homepath program. This may be a great fit for you b/c Homepath is the only financing method I know of that allows you put down only 10% and does not charge you PMI. The only caveat is you have to choose from their selection of properties on their website. But if you find a property that meets the numbers you're looking for you may be in luck. We have purchased two through Homepath and I have no complaints. Also, you'll eventually be forced by lenders to start putting more and more down on your properties as you accumulate more. I've heard of investors having to put down 30-35% because of the number of properties they own. I have pasted the link below. Good luck Steve!

https://www.homepath.com/

Post: Anyone have experience with NexGen Invest?

John IvicevicPosted
  • Residential Real Estate Agent
  • Phoenix, AZ
  • Posts 19
  • Votes 6

Hi Ranjith,

Thank you for sharing your experience with this company. I would like to know more about your experience. I was thinking about investing with them but I'm very hesistant to do so. What happened when you tried to rent the place?

Post: Do Banks Finance Down Payments?

John IvicevicPosted
  • Residential Real Estate Agent
  • Phoenix, AZ
  • Posts 19
  • Votes 6

Thank you so much Jon. I'm going to start getting out there and seeing what's available.

Post: Do Banks Finance Down Payments?

John IvicevicPosted
  • Residential Real Estate Agent
  • Phoenix, AZ
  • Posts 19
  • Votes 6

Hello BP,

Has anybody had any experience with getting a bank loan to invest in real estate? I don't mean a mortgage I mean maybe a 20K loan just to cover most of the down payment or something like that. I'm struggling with sources to pull my next down payment from. We have terrific credit and everything. Your input would be much appreciated. Thanks guys!

Post: Out of state investors - how did you get started?

John IvicevicPosted
  • Residential Real Estate Agent
  • Phoenix, AZ
  • Posts 19
  • Votes 6

Hi Kimberly,

Congrats on the multi unit buildings! I've always wanted to get a triplex or fourplex. Hopefully in the future. As for my wife and I, we have 3 rentals in Phx and the prices rose so much that we decided to invest elsewhere. We chose Memphis b/c the prices were pretty low with high cash flows and I felt we could trust the turnkey company we went with.

I know it's not very scientific and we probably should've done more research and due diligence but I heard the heads of this company on two of my fav REI podcasts and decided to go with them. I definitely have not regretted my decision so far. I'm not sure what the rules are so I won't put them on this post but if you're curious I can message them to you. Also, they seem to do solely SFR's so if you're looking for multi units they might not be for you. Good luck Kim!

Post: My turkey disaster

John IvicevicPosted
  • Residential Real Estate Agent
  • Phoenix, AZ
  • Posts 19
  • Votes 6
Sorry to hear this Will. I just wanted to chime in and say that I have actually had a good experience so far with my turnkey provider in Memphis. I just closed in November but they have great customer service so far and the properties should have solid cash flow. One is already rented for 975 and was purchased for 87k and the other is in the process of being filled with rent at 800 and was purchased for 70k. I know it's not 2% cash flow like is mentioned a lot on this site but I think it should be solid.