All Forum Posts by: Angel Ginnett

I wanted to share a resource I use frequently for free leases and other landlord related documents in Arizona.

The website is h3lanlordlaw.com formerly drevictor.com   These are created by our local landlord friendly lawyers, and they provide them for free to the public.  They are under the document sections.

Hope they can help someone just starting out

With these two loans we did 5% down conventional, non-occupant, co-borrower loans

I am not a lender, from what I understand FHA used to allow this with their kiddie condo loans, but lender told me about 2 years ago they changed it to require 25% down. We've had luck getting around it in the following ways. If the second unit does not have its own electric meter it should still work (worked for us, we bought a home with attached apartment with our daughter who was a college student) also if the appraiser classifies the second unit as an accessory apartment or mother in law unit or casita instead of calling it a "duplex" We're taking a gamble on a property right now where the underwriter said he believes the appraiser will be classify it as a single family with accessory unit (fingers crossed) this property is two separate homes with separate meters, so there's a chance appraiser will say the dreaded "duplex" and we wont qualify. appraisal is pushed out to Nov 24, so a long wait for this one. But I'll keep you posted. This is a property we are buying with our college student son to live in and rent out other rooms to have free housing while in college.

I have purchased two properties at the same time.  From my experience it was best to use the same lender and the same title company for both transactions.  This way they have all of the documents and info in front of them.  Other than that it was no problem at all.  Just keep the lender in the loop as to your plans.

great first buy at such a young age!

Which area of Real Estate Interests you the most?  Property Management? Flipping Houses?  Working with Home Buyers?  Working with Home Sellers?  Selling Residental Homes or commercial properties?  I would narrow it down to one specific area of real estate, the one that sounds the most exciting to you and then write your paper about that area.   Real estate is one field where you can start right as an 18 year old.  So any research you do right now will help you be ready to start right away.

Is the $600 hoa a month or a year?

I would ask your realtor to obtain a copy of the leases. But from my limited understanding it's not uncommon with multi-family to not see the interior of the property until after it is under contract.  We have a tenant occupied property under contract right now and we did not see the interior of one until after we had it under contract.  We made the contract contingent on the seller removing one tenant that was month to month and was also creating a lot of mess on the property.  So seeing the leases ahead of time will let you know if this is going to be a long term issue or if there is time to have the unit vacant at closing. 

I'm curious if anyone on here has done student rentals in the Thatcher, AZ area.  I'm doing a kiddie condo type loan with my son who is a student there and he will occupy and also rent to other students.  Just curious if others on here have experience in that area.  

$400 isn't bad. And it sounds like you found a better use for the property as a STR. Silver linings around that cloud. Stay positive! You're growing and learning so much!