All Forum Posts by: Bryan Field

@Account Closed - Plan A is to hold and rent, Plan B would be to sell. Hoping some local Phoenix contractors will see this post and chime in to share their contact info! :)

@Shiloh Lundahl - Not too well connected as of yet with other investors, but have a solid team otherwise. Minus a contractor(s)

Hi everyone!

I'm looking to buy a property in Phoenix from a wholesaler which will then be rehabbed, rented and refinanced. Hoping to hold for long term.

I am still in the process of building a list of contractors to use but have found that many are booked 6+ months out! Hearing that all the half decent ones will be this busy. This would definitely throw a wrench in the plan since I'm trying to get something under contract and start the 3-4 month rehab as soon as possible. I'm estimating an evg rehab cost in the 30-50k range.

Are other Phoenix investors experiencing this same things? (6 month wait to get a good contractor)

Holding a property (untouched) for 6 months seems like a rough way to start.

Any advise or feedback would be appreciated!

Hello @William Ray. I just purchased a primary residence in Gilbert and have the same questions you do about Hard money lending. Hoping to get started this year on a project so i'm curious to know what your recommendations are based on what you have found. What are your top two lending options in your opinion?

Hello @Chris Wilkening - i am curious to see how your property has been performing? Im looking at some options with bridge now and noticed their pro forma doesnt include insurance assumptions and the property tax assumption is way below my calculations within my own numbers. Are you seeing the type of cash flow you hoped for? a few of my numbers are coming in around 150/month after all expenses and reserves. Any insight helps!

I am still looking into this.... I havent been able to really find any 3rd party reviews on his program. @K. Shelton

Hi All,

  I just watched a webinar from Joe McCall about his systems for transacting virtual lease options across the country. I was just wondering if any one out there has worked his programs and had any success? Is it worth investing the $1,500 to get started? or are there other methods or programs out there that are better?

Thanks!

Hey @Jon Krombein

I’ve been watching the activity on Roofstock for a few months now and am in the process of saving for a down payment. This would be my first investment as well. 

Until reading this, I haven’t found really any case studies online to confirm buyers are doing well 6 + months down the road. 

I wanted to ask a few questions. 

What neighborhood/state did you buy in? Did you use the location rating as a factor in determining where it was best to buy? Did you worry about older homes having huge cap ex repair quotes from the inspection reports?

I tend to search the website for “newer built” homes but they don’t seem to cash flow very well from the projections. I’m worried if I go for an older home with good projected cash flow that I’ll get hit with the cap ex bills early on from property management. 

Lastly, have you thought about doing any upgrades to your Roofstock property to increase the overall value and get higher rents? Or even do lease to purchase options with tenants so you can sell and upgrade to better properties?

Any feedback is appreciated!

Hey Everyone!

I just wanted to put this out there and see if anyone in the San Diego marketplace has info on mobile home investing?

Is it a good market? do the numbers make sense? 

Any insight is appreciated. 

thanks!

@Tim G. im definitely not opposed to working and earning the money for a down payment. Ive calculated that at my current pace it would take about 2 years from now to save enough for an FHA 3.5 - 5% down to get a house hacking duplex. then i would do any value adding repairs over then next 1-2 years to refinance out of PMI and ideally rent out my live in unit to generate cash flow then repeat with a new duplex/triplex.

Getting my license, finding a mentor and co listing deals on the weekends may help speed up that process. Thank you!