All Forum Posts by: Ryan Sweeney

@Bob Okenwa Sounds like something similar to a Zestimate.  I have a 1960's home.  The prices and finish levels differ drastically in the subdivision.  Hopefully they are open to make adjustments if it is low

@Bob Okenwa Thanks again.  I'll reach out to each them and see what kind of rates I can get.  Hopefully they will accept photos and other documentation if they are not going to value the home in person.

Hey @Bob Okenwa thanks for the quick response. Ideally I would like the most LTV I can get to have more capital to put to work. Have you worked with Credit Union West, TruWest or Bankers Trust? If so, which did you have the best experience with?

Bought my home in the Scottsdale, AZ area as a foreclosure back in 2009.  Was house hacking for years and now it is kind of a live in flip.  Between the work I have done and the recovery in the market, I have about $200K in equity right now. 

Thinking a HELOC would be a great way to finance an income property. My goal is to buy at least 1-2 income properties in the next year, likely outside of AZ due to the cap rates here.

Assuming the big banks like Wells Fargo will not be nearly as competitive on rates as some of the smaller banks but there are so many options in Phoenix, not too sure where to start.  Any recommendations would be great!  Thank you.

@Matt Murphy The original link is no longer working.  Watched the video you posted and would love to see the finished product.  Do you have another link?

It is all about knowing your renter.  If you are looking to buy in the suburbs, you're likely to attract families.  There are a lot of factors when it comes to renting a property but schools are typically high on the list for families.  

I suggest reviewing the school ratings at www.greatschools.org. 

The shows can certainly be misleading.  It seems like no matter what goes wrong, they still end up making a serious profit.

They also do not show the carrying costs involved with properties that take months to sell (ex: insurance, HOA, financing, etc). Did you incur these carrying costs in addition to the expenses listed above?

Getting it for the back taxes sounds like a steal but it all depends on what market value and rehab figures are.

Typically not a good idea to buy in a bad neighborhood.  You can turn a single property around but not an entire neighborhood.  Better to buy the worst house in a great neighborhood.

Extensive rehab in a bad neighborhood can also lead to theft.

@Sean Ray I agree with the comments in regards to staying away from properties in the $250K range.  In my experience, these properties have a much smaller pool of renters and their days-on-market can escalate quickly.  As a result, there are typically fewer comps to justify a rent that would make the deal work.

In addition, these homes are usually larger and come with increased costs (rehab, maintenance, HOA, taxes, etc)

There is a lot of competition in DFW and tough to be the strongest offer without being all cash but I suggest you stick with the $140-$190K range if you want a property that will cash flow for years to come.  Try being more aggressive on the terms rather than the price.

Just like to confirm the location.  On Google Earth the address mapped to a complex near Hayden and McDonald but a Google search came up with a community clubhouse near Hayden and Raintree.