All Forum Posts by: Dee Bowers

I got all of mine. I was never really that worried about April as most people should still be getting paychecks even if they were fired in late March. My worry is May if the unemployment checks get delayed.

I did a new build hoping it was going to be a quick build and sell. That did not happen. I had a construction loan that obviously came due. i tried to get a traditional mortgage and didnt have success so I ended up paying cash and now own the place outright. I have now rented the house and have a signed two month lease. I never intended to have all this cash in so I'm looking for a way to get some out. I am thinking HELOC may be the best way to go but when I went to my banks WF and BOFA they made it seem like the process was going to be in line with a regular mortgage which I am hoping to avoid as its such a pain. I was told once that there was a loan for investment properties tied to the rental revenue. Basically they will give you the amount up to X% of your monthly rental income. I have never seen anything like that though. Is anyone familiar with that type of quick and easy loan? I am just looking for something quick and basic as I own the place 100% and have plenty of rental income to cover the amount I want to take out.

I had a listing expire today and my phone has been flooded with calls. I don't usually sell but the house next door sold for a great price so i put a high price just to see. I didnt get the price so I just continued to rent it. Anyways how do I get my number off this list? Should I give the listing agent a bad number in the future so i dont have to deal with this crap again? Any help would be appreciated as this is infuriating.

On a side note do these calls ever work. I would like to believe they dont but my gut tells me agents wouldnt still do them if they didn't. I can somewhat understand calling first thing in the morning and hoping to get lucky, but its now the afternoon and Im still getting calls. Do these agents really think I'm going to pick the 50th one that calls??

I have a brand new build near Old Town Scottsdale. I am trying to decide if I should furnish it and short term rent it out and take advantage of the peak season or just take the sure thing and long term rent it and not have to furnish it. Anybody have any experience that they could share or any agents that specialize in either that could give some advice?

I have a house for sale and have received a contingency offer. I dont think the contingent house is going to sell soon and it's not a great deal for me so I am in no rush to sign the offer. I have had a lot of showings of the home. My question is as agents when you see contingency offers in the MLS so you not bother showing them to your clients? If you have a client that has seen the house but can't make up their mind do you push them harder when you see it has a contingency offer. Just wondering what I should do.

I have a couple of new builds that I am looking into all my options of selling or renting. These are house in the 800-900k range. Does anyone have any experience in the corporate rental space that could give me some feedback or help me with where I should look to get info?

I have done 2 tear downs and new builds in Phoenix/Scottsdale. I financed both deals with hard money. I did 1 deal which finished last summer. I got an offer right away and went into escrow.  On the 29th day of a 30 day escrow the buyer backed out of first house. Long story short the listing went stale and I had to pay off my hard money loan which I did with my own cash. That house is still unsold and I own it with no debt. 

After going into escrow I bought the land for my next deal and set that process in place. That house just finished and has been on the market about a week. Having some traction but nothing of substance so far. I have a hard money with a 10% monthly interest payment. 

I am not very versed on financing options so my question is what should I do to save the most money. Should I refinance the first house to pay off the hard money loan. Should I try to rent the first house to cover most of the interest payment. The high end rental market is not that great in PHX but something is better than nothing I guess. Any creative strategies that people could share? Any advice is appreciated. Thanks.