All Forum Posts by: Michael Workman

Has anyone done this before? I have a deal that has been brought to me for 40k if it’s all cash. It needs about 10k of work and will be worth around 65k. After it’s purchased and rehabbed, anything special I need to know when getting a mortgage on it to pull all my money out of the deal? 

HELP! I have great tenants in Glendale, Arizona (greater Phoenix area) who want to own the home they are renting from me. The deal looks great for both myself and the tenants after I broke it down but I have no idea where to go get a lease agreement/contract.

Where would you start?

Awesome story! Cool to see that no matter where you are in the journey, there’s always something new to learn.

Hey @Jon Peterson any more details on the outcome of this?

I am currently extremely interested in a half way house the appears to be underpriced and cash flows very well. However, when looking at the lay out I have contemplated turning this 8 unit property into a Triplex, increasing not only the cash flow slightly but sky rocketing the equity.

QUESTION: Can a commercial loan be refinanced to a conventional loan if the property down scales to 4 or less units? What are the potential consequences of such a move? Does anyone have any experience in doing something like this?

What is the number one contingency (or contingencies) that you include in most, if not all, contracts that has saved you time, money, and headaches without scaring away sellers?

I found a house being advertised as turnkey and still passing the 2% rule. They even toted a abnormally small property tax for the area. However when I looked it up the property tax has been cut in half In just the last year because the tax assessment declined 50%. What does this mean? Why would the investor be trying to get rid of a lucrative investment that just happens to coincide with the year the assessment declined substantially?

@Nathan McQueen have you reached out to those potential renters and asked them why they chose a different way? Maybe there is an overlaying theme as to why no one wants to rent there. On another note, without knowing much about the property, have your looked at a BAH calculator? This determines how much the military will pay someone for housing based on their zip code. It factors in their rank, how many dependents they have, etc. so based on the house size and who your targeting the rent may be too high. If you want more info or to talk more in-depth about military stuff and how their rent is guaranteed, DM me.