All Forum Posts by: Mark Y

Hi Daryl and welcome to the forums. I'm from Phoenix as well, only I have an outstanding credit score and money. Just can't find any 70-75% LTV.

Good luck with your future, congrats for getting off the drugs.

This sentence says it all. If you marry her, you're a fool.

Something I'm going to throw out there..... why refinance your current house with a worse mortgage than the one you have? Pulling equity out via a HELOC would be a much better choice IMO.

You and Mike are both in Ohio. Venture somewhere else and you won't be finding those deals "all day long".

Want to sell me one? :wink:

I'm not doubting you or anyone else on this board. I AM saying that I've never met a single person that has done it. The OP's question is a good one. However, some people haven't pulled the trigger because the target isn't in site.

My answer is simple.

By following the advice of several people on this forum, I haven't found a deal that would come CLOSE to the parameters posted by these people. Plus, of all the people I've spoken with and discussed these parameters, every one of them said I'll never purchase anything in Arizona if I continue to stick to them.

So, I'm actively on the sidelines researching, learning, etc. There are many investors in Phoenix, I can't believe all of them are losing money. I just need to find the right people to learn from.

MikeOH, your contributions are great and I enjoyed your book. However, as a person living in Arizona, ALL of your advice cannot be followed.

If I was to follow your "rule of thumb" regarding your cash flow formulas, or the ballpark formula of having to get monthly rent of about 2% of a purchase price (i.e. 100k house must rent for 2k), I would never be able to invest in Arizona.

You also give advice to NOT invest out of state. So if you lived in Arizona, you would have to move in order to follow your own advice. That just isn't possible for a number of people, myself included.

So, we must do more homework and work longer/harder to be successful. With respect to your restaurant analogy, there are a lot of "silent" out of state partners that own restaurants. You have to research and search out some trust worthy people.

No....... unfortunately. Most kids your age are lazy and looking for handouts. My hat is off to you. You'll do well.

Actually, I was mistaken. After some more research, rentals in Phoenix get about $.85 / sq. foot.

If someone has a home valued at $650k and only owes $121k, why wouldn't they refinance it before allowing it to go to foreclosure? They have half a million in equity in the thing. There has to be more to this story.