All Forum Posts by: Bob Okenwa

I've been using Stessa and am happy with that. Not a lot of bells and whistles, but it gets the job done and is free.

Find another deal. A $300 cushion before expenses means you'd be in the red once they are added in. I'm not an appreciation gambler and the goal of investment properties should be cash flow. If it doesn't cash flow on day one, I'd move on and find something else.

If you intend to buy a semi-custom home from a builder, I'd be wary. I've read numerous reports where people who signed contracts 6-8 months ago are seeing that same model home sell for upwards of 50k less today. You might end up underwater on the property before it's even completed.

New construction has near-zero maintenance costs since everything is new and that is a relief, but you might end up paying more for this comfort that with an existing home. 

@Isaiah Gabaldon

Welcome to Phoenix. I made the move from San Diego to Phx a long while back and can say you chose the right time of year to make such a move and avoid moving in the heat. 

Ranking cities is very subjective but I'll add Tempe, north Peoria, and parts of north Phoenix as pretty good places to live as well. I lived in Tempe for about a decade and the proximity to everything makes it an ideal location for living and owning rentals.

Yes Scottsdale is kind of the desert equivalent to La Jolla, so you can expect to pay those prices for that fanciness as well. Gilbert is annually ranked as one of the better places to live in America and isn't as pricey as Scottsdale so I'd probably start there.

@Chibueze Nwadigo

There are a lot of folks here with great knowledge on the Cleveland market. You really have to have a great team to be successful out there as you can find yourself in a tough situation if you choose the wrong submarket within Cleveland. Everything that looks good on paper doesn't equate to a good investment. It can be street-by-street so it's crucial to know which areas to avoid.

The housing stock can be as old as 100 years or more so be aware of that as well. Lead, asbestos, knob-and-tube wiring, galvanized plumbing can be common in some homes so one must be accountable for cap-ex early on. 

Also, some cities have Point of Sale inspections so be aware of that as well as these homes must pass city inspection. When a seller is thinking of selling their house they order a POS inspection with their city if required. The city will do an inspection and produce a list of items that need to be addressed/fixed upon sale of the property. The repairs need to be made by the seller prior to the transfer of title or assumed by the buyer upon sale. Once the house is sold the repairs that were documented on the POS inspection report need to be completed within a certain amount of time, which varies by the individual city requirements.

Sounds like it's time for the happy clause. Inform them that since they seem to be unhappy with the residence, you'll let them out of the lease and expect their written notice to vacate within 72 hours and from then they would have 30 days to vacate, or whatever your state laws call for in both written notices and the amount of time to vacate.

https://www.biggerpockets.com/...

@Ashley DeLoney

If it were me, I'd wait. Prices are coming down here in Phoenix and the winter is a good time to buy, although "good time to buy" is subjective right now as prices are falling yet rates are still rising.

15% down on anything here isn't going to be cheap, let alone for a MF so be patient and get your finances in order first.

@Michael Elliott

Here's a good guide to get started. 

You don't need a book to run comps. Just go to Google or YouTube and search "how to run comps" and go from there. Once you learn what you're doing, you should be able to get comps in under 5 minutes on a standard SFR.

@Reid Griffith

Redfin has been a good source of data for me for getting comps out of state. As for closed rental data, you'll have to get your license or have your agent provide that for you. Looking on Zillow and Trulia should give you a good baseline on what rent in the area is as renters tend to search those sites first and most often.

BP has a rent estimator tool and rentometer.com is another one that seems to be pretty accurate for the areas I look at.