All Forum Posts by: Stephen E.

It does sound like  you should look at B class neighborhoods. A class often have the  worst cashflow because people are speculating. But there must be a better area to invest in in Tuscon. Every city has neighborhoods that aren't good for investors.

This has been said at different points in this thread, but the quickest way to $10k monthly passive income is to have 1 million dollars and invest it in something that pays 12%.

I  don't think it's that  hard to do, once you have a million  dollars.

I have a tenant saying she's ran into Covid related hard times and I'm just flat out letting her out of her lease. I'm too worried about her not paying rent and refusing to leave with the eviction moratorium. I also think I can get more for the house then  she was paying. But primarily I'm too worried to have any conflict with a tenant right now. If they want to go they can go; I'm worried about the ones that stay, haha.

All of my best deals have been done without agents, buying and selling. A 10k discount to not use a realtor seems like a good deal for both sides. If you want to take 5k of that 10K discount and hire your own realtor/lawyer/whoever, you'll still come out 5k ahead and you'll have no problem getting a realtor to walk you through the process for 5k, which is 3%, which is really high for a buyer's agent.

People saying that the realtor doesn't cost you anything aren't reading your post correctly. The realtor would cost you exactly $10,000. The seller is trying to pass on their saving to you. If you insist on a realtor and  pay $10,000 more to the seller they're going to come out even on the deal. They really are  passing on the entire savings it seems. It's a good deal, at least that part of it.

I love @t @Account Closed trick. I'll be using that one. Finding good contractors is just the hardest thing. I haven't found it being about the tradeoffs mentioned. I've found it being persistence and luck. The best contractor often knows other great contractors. I lucked onto a very affordable roofer, now his brother in law is my electrician, and I'm about to do a sizable job with a general contractor he works for.

Where is this located?

I wonder if it's a terrible time to buy a condo-tel, or a great time because it's a terrible time?

Has anyone tried listing with an MLS listing service and offering 2 points to the buyer's agent?

I've seen services where you can list your property on the MLS for $300. If I put in the listing that the buyer's agent received 2 points it would save an incredible amount of money over paying a real estate agent 5%. This is an expensive house in a nice area with new construction, so it's not the kind of investment property one would market to the people looking to purchase FSBO properties. It's also in an area that's gotten very popular due to the current Covid situation.

But I don't want to give all my profits to the realtor, either. Especially if they're not bringing a buyer.

My plan would be to put up a sign on the property with a website full of great pictures. And get the property on the MLS, mentioning 2% commission in the description.

Anyway, I'd love to hear from anyone who has any experience with this. Thanks!

@Jazmine Printers Lenders are the easiest part. There's no secret to them, just set meetings and talk to a dozen and find the best APR or most creative sounding broker who understands what you're trying to do. I haven't found lender referrals to be very helpful. And a couple of times I've had lenders back out of a deal and so I just go find another one. The myth is that every lender is the same when in fact they are all different. But I've found the best way is to contact a bunch of people and see what rates they can do and if they understand my financial situation and can sell it to the underwriter.

Contractors, on the other hand, are a different story. A good contractor is worth their weight in gold, and they're very hard to find. Easy to find if you're willing to pay top dollar of course, but otherwise it's tough out there. And a lot of people saying they know how to fix something they have no idea how to fix.

@Josh Fannon Nice. The best deal is a good deal :)