All Forum Posts by: Sam Ohanesian

I have struggled to find good handymen/contractors in Tucson. I'm up to 14 units now and desperately need good reliable contractors to help me with my portfolio. Does anyone have any good contacts they wouldn't mind sharing?

Thanks!

I have a portfolio of 14 units. Looking for a investor friendly CPA. Any recommendations would be appreciated!

 I'd definitely like to attend the next meetup! Please let me know the details. 

So here's the details, property just appraised for 235k. Seller wants to sell off market and is willing to finance it for me. He does have a 115,500 loan on it at 5.5% interest rate, PITI of $905.94 and a maturity date of 11/1/2043. The property is a duplex with one tenant paying $725 and on a lease till 11/15/2021. Other tenant is paying $750 and lease is till 8/31/2021. owner also pays water/trash/sewer which averages about $105/month.

The property is in great shape and needs no repairs. Owner is current on his loan. He didn't give me much guidance on the terms he is looking for, just told me to send him an offer. He is an older man, probably in his 60s and I think he just doesn't want to deal with tenants or maintaining the property. 

Here is what I offered him:

Purchase price: $215,000

Existing loan amount: $115,000

Mortgage payment: $905.94 @ 5.5% Interest, 23 years remaining on loan

Buyer down-payment: $15,500

Seller financed amount: $84,000/15 year loan

Interest: 0% for the first year, then 3% interest for the remainder of the loan. (With option to pay off sooner without penalty)

Payment for the first year to the seller: $466.67

Payment to lender: $905.94

Water/trash/sewer: $105 (Estimated)

Total expense: $1477.61 Rent from tenants: $1475.00

Buyers cash flow: -2.61 (Not including maintenance, vacancy, etc.)

Payment for the remainder of the loan to the seller: $572.08

Payment to lender: $905.94

Water/trash/sewer: $105 (Estimated)

Total expense: $1,583.02 Rent from tenants: TBD

Buyer cash flow: TBD

I think I can raise the rents to $1000 each side. I realize this deal isn't the greatest out there but it could be low money down and I left my w-2 job so him financing the deal is a big benefit for me right now. I wont make any $ the first year but will cash flow well soon as I can raise the below market value rents. 

Looking for advice on how to structure the seller finance terms. Any help would be appreciated..

I am helping a friend with his first FHA house hack. This will be his first real estate purchase. I've shared a lot of knowledge with him and introduced him to my real estate agent and lender. He has been looking for a place to house hack. I found a 4plex for him that I think he could live for free with. The 4plex does need a little work and the rents are under market value. He will most likely need to find new tenants for 3 of the units to get the rent to make the house hack work. I have a lot of experience in rental management and finding good tenants and told him if he wants we could work out a partnership. He was very interested and I think it could be a beneficial for him and I. What would the structure of a partnership look like in your opinion? I will not be contributing any money, just managing the units, finding tenants, helping with renovations, providing contacts like contractor, lender, etc. Basically ill be his guide through the whole process.

Hey Andrew, I'm just looking to expand my search for deals. Tucson is definitely a great market and I'm still actively looking in Tucson.

@Jason Crittenden Hey Jason, I'm looking for any kind of deal I can get. I don't have much experience with wholesale deals. I've just been looking MLS. Setting me up on a drip would be great. I'll send you my email in a pm.

Thanks Jason

I quit my job in April this year. At the time I only had 3 rental properties. It was one of the scariest/hardest decisions to make but i am so glad I had the courage to do it. My stress levels went way down and I feel so much better physically and mentally. I used my free time to dive deeper into real estate investing. I'm closing on my 6th rental property this month and life is great. 

My advise is if you have a budget and the numbers all work, do it! You won't regret it. 

Hello! I am hoping someone could give me some advise on investing in long term rental property in Phoenix. I live in Tucson and have invested with some success here but want to spread out a little and give the Phoenix market a shot. Problem is I don't know know the area at all! What areas should i be looking at? Areas to stay away from? I'll have somewhere in the ballpark of 50k to work with. Possibly more if the deal is right. I usually invest in small multifamily but i'm not opposed to SFH. Any information/help would be much appreciated!

So i am planning to refinance my duplex, worth about 200k and i owe roughly 108k on it, currently at 4.5% interest rate. My lender gave me a few options;

1. Take 32k cash out, 3.375% rate, mortgage would be $776 and i'd cash flow $624/month.

2. Refi at 3.125% they would cover roughly 80% of the $1,800 in fees with the 3.125%. mortgage would be $619 and id cash flow $781.

3. Refi at 2.875% but i would have to pay all the fees. mortgage would be $605 and id cash flow $795.

A little about my current situation/goals: I am currently under contract on another duplex, property #6, and after i close i will be very low on money. I will have bought 3 properties this year after i close on this duplex and would like to keep this momentum going. I think i could definitely use the 32k to get another solid rental but i'm not sure if its the smartest move to make. I've considered looking into HELOCs but most banks are reluctant to approve those with everything that has been going on. I had a friend mention looking into Figure for a HELOC so i'm considering that as well.

What do you guys think?