All Forum Posts by: Angel Ginnett

I am not a lender but from what I understand, even a primary residence you can use as a short term rental part of the time.   I don't believe you need to disclose to a lender that you intend to rent out your primary residence for a portion of the year after purchasing it. 

Looks beautiful and that is an interesting Niche market.  Hadn't thought of the needs of air crew.

Will you be flipping the properties?  If so they probably believe they will get the listing when you sell it.  If you plan to buy and hold I would ask the Realtor how they will be compensated for the transaction.  You should feel comfortable enough to ask them straight forward questions.  Better to have everyone's expectations out in the open.  Have you signed any documents with them saying that you will pay them a certain commission for any property to buy?  

I went to Jacksonville and Orlando earlier this year to explore investing there.  In Orlando I worked with @Tyler Gibson and found him very knowledgeable and helpful.  Best of luck.

Do you have any kind of relationship built with any local title agents?  Do you know how the title was held? Do you know if it was held as Tenants in Common or held as Joint Tenants with Right of survivorship?  If you get those questions answered first it might start pointing you in the right direction.  Sounds like you might have found a good property.  Now you get to do the hard work of solving peoples problems.  I hope you can get it figured out! And congrats on finding the first good one.

So did you make a profit or break even after realtor fees etc?  

I'm sorry you are in the middle of that.  I had that happen with my first rental and it was gross.  They left rotten food in the kitchen trash for weeks.  Im in the Phoenix area and it does not take much time at all to find a new tenant.  So I did not seek any legal action against these tenants for breaking their lease.  They texted and gave permission to keep the deposit, so I used that to pay for the clean up and got a new tenant in there within two weeks.  How long do you think it will take to get it cleaned up and get a new tenant in there?  

When I looked into house hacking a multifamily here I didn't find any in my price range that I was comfortable living in, that also had a good cash flow. Mesa has many older duplex and quadplexes, so you might want to include that area in your search. My son lived in Mesa in a SFR with four other guys. That is another viable way to house hack in this area.

Hi Jeff, 

There are a few areas surrounding Phoenix where you can still buy properties in that price range.  For example Maricopa, Casa Grande and San Tan Valley.  I live in and also have two rentals in San Tan Valley.  Right now you can buy a 3bd 2 bath 1200 sqft home built around 2004 for about $250K here.  It would rent for around $1400.  Let me know if you'd like me to answer any questions about this area.  I can also send you some listings or rental comps.

Angel Ginnett

With my kids I do a non occupant co-borrower loan.  My children have to get their credit score up in the high 700's .( pay their own cell phone, maybe get a utility bill in their name or get a prepaid credit card through their bank, it usually takes about 9 months to a year)  I've also had them get their realtors license so they can use their 3% commission to help pay the down payment.  I'm not sure if your parents would help you qualify for a loan like this.  My daughter just graduated and started her first job and is refinancing to get us off the loan.  I make sure they find a property that will cash flow enough for them to pay me back each month for the money I helped with the down payment on.  If its a single unit you want to ask your lender about the fha "kiddie condo" loan.  if its conventional its just called non occupant co-borrower.