All Forum Posts by: Josh Mitchell

@Kenny Dahill Welcome to BP! My parents are in Mesa! You are in the right place to learn and network with some awesome people! Best of luck to you!

@Taylor Fender Thats not a rookie question at all. There are rookies and pro's that continue to struggle to find and keep a good team of people. This is an ongoing battle, and I think the best way to find good one's is word of mouth. Listen to others when they tell you what projects they are doing or have had done, do your due dillengence, and just network!!! You will find the right people eventually.

@Taylor Fender I think what @Troy Gravett said is a good way to go. However, without any experience or owning a home previously, another good option could be to get a 2-4 bedroom SFH and rent out the rooms to friends/co-workers/others, or "house-hack" as we call it here on BP. While you can get conventional financing for 1-4 unit properties as one in the same, it may eliminate some of the issues in getting the units rented, fixes, etc. and also may be able to fit your budget a little better, along with giving you more options to look at if your area doesn't have many multi family listings. This is the route I took, and it worked for me. Just my two cents!

@Chris Wienke welcome to BP!

@Justin Ashton I would continue to work on building your credit up so that you are able to obtain the best financing available for you when you go to purchase. You can purchase a 1-4 unit property using an FHA loan for 3.5% down, as long as you plan on living in it.

@Mike H. Don't know that it will happen, but I am hoping thats what happens by sending in the lease agreement to the association.... Not sure how they are going to treat that, but that is a good suggestion that I might have to ask them to do. I know that there are condo's there that can be rented to "family".... maybe I will suddenly get alot of cousin's or aunts and uncles!! HA!

@Mike H. You are right that it could go back to allowing 0% renters. We submitted the lease agreement to the association today, which was the first day you could do so to get into the 15%. We do not plan to move from the condo without a lease agreement established, and we are going to do this for a year to see how it works out. If next year, they decide to move it back to 0% (don't think they will since they have been working on getting everything together to allow rentals for 6+ months now) then we will simply move back into the condo, or sell. We have been looking to move in the next year anyway, and if it comes to it, we will sell the condo as an exit strategy and apply it to the new home, or a 1031 exchange into another property.

@John Thedford I 100% agree that you are at the HOA mercy with condo units, and that part of it really stinks! We are excited that they now allow rentals for the first time, and are going to see how the first year goes and go from there.

@Ariam K. We need alot more information on the property to be able to "help"..... Can you provide more numbers? Rehab costs? Rents?

The association for my primary home, which is a condo, just voted and passed on the ability to rent the condo's out (atleast 15% of them). Wanting and looking for ways to continue to grow my portfolio, I thought this would be a good opportunity for my wife and I to do just that. I am taking @Brandon Turner "house hacking" method, but doing it a different way. Instead of living at the home, and renting rooms, we have decided that we are going to rent out our 2/2 condo (which will rent for $1,300-$1,700/mo) and just rent a 1/1 apartment for a year. After running the numbers, we will be able to cut our housing expense down $200-$450/mo, which just means more money to invest with!

@Todd Whiddon and @J Scott I literally said out loud "WOW" from the before and after pics. Amazing work!