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All Forum Posts by: Mike Mazzucco

Mike Mazzucco has started 7 posts and replied 18 times.

Hi,

My wife and I just recently refinanced our current primary residence a week ago. We may have an incredible opportunity to purchase an off market property that will allow us to rent a couple of units on site.

I know when you take a loan on a primary residence, your usually supposed to hold on to it for 12 months before you can qualify for a new one.  However I have been told by various lenders that sometimes underwriting can make exceptions if there are legitimate reasons... (ie job related, need for more land, etc).

In this case, we would be moving to a property which has 4x as much land as ours currently, and will be zoned for horse rights.   Has anyone been in a similar situation where they tried to take a new primary residence loan so soon after their last purchase or refi? I’m hopeful that the land + horse rights can add enough justification for underwriting but I don’t know what to expect.

We aren’t supposed to selling our current house, but would like to rent it out if possible down the road..

How would you handle this?

Post: Emotional Support Pets After Move-In

Mike MazzuccoPosted
  • Realtor
  • Gilbert, AZ
  • Posts 20
  • Votes 15

I put in my lease that I change AC filters out monthly.  Gives me an excuse to enter he property on a monthly basis.

Post: Emotional Support Pets After Move-In

Mike MazzuccoPosted
  • Realtor
  • Gilbert, AZ
  • Posts 20
  • Votes 15

Already did my follow up.  No pet.

Although I did make friends with the fellow investor next door whos keeping watch for me now :-D

Post: SFH Rental Property Search Tool

Mike MazzuccoPosted
  • Realtor
  • Gilbert, AZ
  • Posts 20
  • Votes 15

@Sam Shueh, From what I understand, rental properties listed in MLS should have the "actual" lease amount updated in the system when the listing closes. Therefore, my algorithm is using actual rent price.

-Mike

Post: Emotional Support Pets After Move-In

Mike MazzuccoPosted
  • Realtor
  • Gilbert, AZ
  • Posts 20
  • Votes 15

Just to follow up to my issues.  I ended up providing the following 3 resolutions to my tenants:

1) Provide me documentation from a doctor that shows prescription.  If not dated prior to lease date, the first month of rent would be handled treating the animal as a pet.  As such paying a full pet fee and full months pet rent.

I did indicate that failure to disclose and the month of lease non-compliance would likely affect my decision to renew her lease. In this case my tenant is on a voucher program... They tend to like to plant their roots as its hard to find SFH that will work with the program.

2) Get rid of the pet.

3) Find somewhere else to live.

Conclusion:  She decided to get rid of the pet.

Post: Emotional Support Pets After Move-In

Mike MazzuccoPosted
  • Realtor
  • Gilbert, AZ
  • Posts 20
  • Votes 15

Wow, one of my first post and I cant believe how fast you all jumped in to help.  I totally appreciate it.

If she does in fact produce documentation for it. I have a feeling that it will be a prescription dated after the incident.  I think because I was not disclosed of it, and if it was prescribed after the animal was brought to the property, I should be able to treat it like a "pet" up to the point I was provided documentation.


What I was thinking... I should be able to collect a "Pet Fee" & pet rent since it was technically a pet for the first month. Your guy's thoughts?


Also, can I evict a tenant for having an animal on the property that was classified as a "pet" prior to them being prescribed?  So in other words, if she gave me proper documentation tomorrow... Can I still evict based on the fact that she had the pet at the premises prior to the doctors prescription?

-Mike

Post: Emotional Support Pets After Move-In

Mike MazzuccoPosted
  • Realtor
  • Gilbert, AZ
  • Posts 20
  • Votes 15

Hi Guys,

Brand new landlord here and was hoping the BP family could help.

I had some tenants move in and signed a lease indicating no pets and making no meantion of any emotional support animal.

One month after move in, I drove to the property and they had a dog.  When I confronted her about it, she says “I’m waiting on a letter from my doctor for one of those emotional thingys”.

My questions:  Do emotional support pets have to be disclosed before hand?  Do I have any grounds to charge her fees to make up for the month that she didn’t have the note for? 

Really i would love to hear how an experienced landlord or prop manager would handle this situation.

Post: SFH Rental Property Search Tool

Mike MazzuccoPosted
  • Realtor
  • Gilbert, AZ
  • Posts 20
  • Votes 15

Hi Guys!

New member here! I started listening to the podcasts last week!  I am a full time engineer by day, and Realtor/investor by night.

I wanted to get some input from the community on a real estate software/algorithm project I am currently working. When I started looking for my first SFH (buy & hold) property, I noticed that doing rental analysis & comps for each property was taking up a good amount of my time. Being an engineer, I decided to automate it!

I have developed a tool that analyzes every single SFH in my area on the market, and determines all my rental benchmarks like cash on cash return, cap rate, cash flow etc. I do this by pulling in rental data on MLS using near by properties with similar characteristics. My analysis also automatically factors in closing costs, mortgage payments, interest rates, etc in my analysis. It even pulls in HOA fee information and Tax information and factors those in as well! It also allows for me to enter % vacancy, cap ex, repair costs, insurance, etc to my liking!


A quick caveat. Being that its an automated piece of software, it can only evaluate the home from a purely statistical average. Therefore, it takes some sort of human oversight to vet properties that have things like: new AC, new roof, recently remodeled, etc.  However, since I can analyze every property in the market, and rank them by their returns, it puts properties on my radar that I would have normally overlooked.  

This tool has been a real game changer for me.  From what I understand, large investment groups have tools like this.  From what I am told, they have it automated all the way to the point where they can even fire off automated offers!  However, I have found no one who currently has a tool like this, accessible to probably %99 of the investors on hear.

My question for the community...  Have you heard of a tool like this before?  Has it been accessible to you?

-Mike