All Forum Posts by: Sam Ohanesian

Hey guys thanks for all the input! He wouldn't do any kind of seller financing I already tried that lol 

Brian, I did my numbers based off my last deal in the 85716 area code. I'm getting 1000 for a 2/1 that's much smaller than this 2/2 and i couldn't believe it but I rented a studio for 700. Talking to people they said finding a place to rent is difficult right now and they were willing to pay more for the right place. I planned to manage myself.

I agree and think I could do better! Im going to step away from the deal. 

P.s. Brian I would really like to learn more about how you get deals for 70/sq ft in this market.

So I've had my eye on a detached triplex. It is being sold by owner. He has been trying to sell it for over a year now! He is very unwilling to negotiate on his price, he wants 317k for it. It is located in a very good area here in Tucson close to the U of A. 

In order to cover the downpayment of 85,590 i plan to use a heloc @ 6% intrest. The mortgage with the 25% down is going to be somewhere in the ballpark of 1550. With a heloc payment calculator I'm guessing my payments will be around 540. So my cost to own the property each month will be $2090.

The property is composed of 3 seperate structures. A 2/2, 1/1, and 1/1. Im thinking, conservatively, I could get 1200, 850 and 700 for rent, coming out to 2750 per month. Again, those numbers are very conservative and I think i could get much more. 

figuring out the cash on cash return was a little difficult due to the heloc, the place does need some money put into it, and the uncertainty of how much rent I could get. But I came up with it falling in the 9-11% range. 

the market here is extremely competitive and there isn't much worth considering out there right now. My concerns for this place is having to use a heloc just to cover the downpayment. My entire heloc will be tied up in this place so I probably wont be able to do anymore deals anytime soon. 

Really going back and forth over this one. If anyone with some good experience could message me and help me out I can share more specific details on the deal. 

Appreciate it! 

Sam

That's awesome. I ended up going with 3.125% with about 6k in lender credits. 

It's for a primary residence.

Planning to house hack.

I'm under contract for a multi family in Arizona. I'm doing an FHA loan and I'm working with a lender I've worked with the last couple deals I've done.

He initially offered me 3.25 par with no credits. Then I talked to another lender who offered me 2.875 par or 3 with 800 in credits. I told my lender about this offer and he came back by offering me 3.25 with 1,500 in lender credits. I accepted his offer and moved forward with him, mainly because I didnt want to start again with a new lender. 

Now I am being offered 2.99 with 4,000 or more in lender credits!!! I really want to switch lenders but we are scheduled to close in a couple weeks, the appraisal has already been ordered. 

Should I switch lenders? My current lender asked for the loan estimate to see if he could do better than what I am currently getting but I dont think he will get close to 2.99/4000 back. 

Is it too late to switch and close on time? We are schedule to close on March 16th but we were going to push that date back a few days.

I am in the inspection period of a non-conforming R1 zoned triplex located in central Tucson. The 3 units were built in the 40s and there is no permits associated with the properties. I am trying to use a FHA loan to purchase the property but I am not sure if the home will pass inspection due to the the zoning issue.

The listing agent is confused why I am concerned about all of this. I just want to make sure everything with the property is up to code or "grandfathered in" and I am able to rent the units out without any issues and pass FHA inspection.

Does anyone have any experience that could give me some advise for this situation? 

@Gary Parilis I suppose I could cash out refinance but my rate on the property is 3.25 right now, I'd really hate to lose such a low rate. 

It is a rental property and I live out of state. I doubt I could find anyone willing to do a HELOC on it.

I own a property in California that has similar equity in it. I owe about 225k and it's worth 400k or so. I ended up renting it out and buying another home but I wish I would have got a HELOC on it before I moved out of it. It's a great rental property for me but all that equity is just sitting there and theres no way to access it besides selling.

I personally would get a HELOC on your property and use it to fund your next deal. Then move out and rent it out.

I am definitely interested! Keep me updated please.