All Forum Posts by: Scott R.

I have looked at several of the "banks will not touch these so ill finance" type properties.. but this one im looking at on the MLS is actually not too bad at all, doesnt seem to be any apparent problems. Its $50,000 owc with 20% down, terms will be around 10% I believe. Credit is ok, 670+ but, im 21 and just moved to a new town, started work yesterday ect, and I have another mortgage, credit card bills and a new car.. debt to income is pretty high, and the 20% is going to be a "gift" from parents and gifts arent allowed on investment properties according to the banks I have talked to. The owner himself is a retired banker.. I want to do it just not sure!? Gut says yes.. one of the only properties i can find using the 2% rule but its been listed for 48 hours so feel like i need to jump on it..
Thanks for the reply all cash!
any thoughts!?
-Scott

Yea I liked Tucson.. althought I like change do miss it some.. but man you cant really start out investing in a town where everything seems to be a negative cash flow! glad I moved up to Texas for a bit.. actually plan to move to Scottsdale in January, my g/f goes to ASU but myself i prefer the wildcats as well.. What made you move to Phx!? where are you up there actually phoenix itself?

Gonna have to try and stop by.. problem was im 12+ hour car ride away from my one rental.. eh.. but im here now!
-Scott

Welcome! this place is awesome..! good job finding it! lol
as far as your situation goes thats basically what happened to most beginner investors in Tucson as well.. luckly I didnt have the money to invest or i would of been there with you.! sorry bout your situation!
-Scott

Im debating between which to buy right now as well.. but it seems as if your planning on selling when the population booms (if it does) ? if so id think SFR are going to be alot easier to sell and the value is going to increase the most.. but then, the problem I look at here in texas is taxes which are high.. if you own one building with several units you pay taxes for one unit, although more cause its bigger and a duplex maybe, but its still cheaper than 2 sfr as far as taxes and insurance go.
but im in the same boat.. who knows.. as im not sure myself.

20.. although im 21 now and that first deal is sofar the only deal.!

Ryan.. Give me a call sometime thursday if you get a chance.. my phone number SHOULD Be in my signature as I BELIEVE that is allowed.. I hope.. lol. Dont got much planned except driving by a few properties.. really like that one on mississippi you have.. and i think it might be like the first property ive ever seen to meet this 2% rule that seems impossible.! hope it doesnt need much work though! lol
Thanks-

quick question.. might seem dumb.. prob need to ask the owner himself but it seems to me if I were to get a house with ownerfinancing then i wouldnt have to pay Private mortgage insurance correct!? no one property in specific just looking at a few.. owners requiring 10% down, but my mortgage calc im using is adding mortgage insurance.. so most likely I could subtract that for owner financing!?
THANKS!!!
-Scott

Heres the info from it..

Year: 2006
Scheduled Gross Income: $13,920
Vacancy @ 20%: $2,785
Reimbursement: $0
Income Item: $0
Income Item 2: $0
Effective Gross Income: $11,134
Est. Maintenance @ 5%: $696
Taxes: $527
Insurance: $500
Utility Expenses: $2,951
Total Expenses: $4,674
Net Operating Income: $6,460
Debt Service: $4,126
Pre-Tax Cash Flow: $2,334
Expenses/Unit: $1,558.00


Unit #1
SF: 660
Avg. Mo. Rent: $400

Unit #2
SF: 480
Avg. Mo. Rent: $400

Unit #3
SF: 270
Avg. Mo. Rent: $360

Debt & Equity Information
Debt Type: Proposed
Loan Amount: $32,000
Interest Rate: 10.00%
Amortized Over: 15
Due In: 15
Annual Debt Service: $4,126
Down Payment: $8,000

OWC, so my payment would be under $450/mo PITI, electric seems about $250/mo.. $700 roughly per month.. rents seem alittle high, but even if so seems like a winner to me? any imput!? well.. please imput!
THANKS!!!
-Scott
prop does look like it needs some work idk.. nothing major i dont think!

Few basic reasons i moved here was the avaibility and price of rental property compared to Arizona, and then I had some family here to help get me on my feet and get started. Just been watching the MLS and other websites here and cant beat the prices.! and Ryan I'd love to take you up on that.. still like that property on Trigg too.. :)
-Scott