All Forum Posts by: Daniel Lehrman

Hi everyone!

I just closed on a house in Tempe that I intend to live in and Airbnb the guest house.  I also intend to convert my current Phoenix condo into a LT rental.  

I'm looking to meet with knowledgable CPA (preferably in the area) that can guide me on Section 179 Bonus Depreciation and validate my tax strategy for 2021 and beyond.  Is anyone working with someone they can refer to me?

Thank you so much in advance!

Thanks @Doug McVinua.  That’s what I’m doing to tomorrow with a contractor.  If I find out its the latter situation, I’m out.  But I’m optimistic.  

I do.  It's still seems to be a great investment for househacking.  

Hi BP Community,

I'm under contract for a home in Tempe, Arizona.  It's a home with a room addition that I plan to househack with Airbnb.  Given the crazy demand in this area, I submitted an offer without appraisal or inspection contingencies to win the contract.  

I recently learned that the room addition was not permitted and thus was not included in the square footage, which resulted in an appraisal far below the contract price.  Listing agent did not disclose in writing that room addition was not permitted until after offer was accepted without appraisal contingencies.  In seller disclosure, seller claimed that the room addition did NOT require permits because the work done was “cosmetic”, even though there were structural renovations, plumbing, electrical, etc that the seller admitted to overseeing.

Do I have the right to demand a cure even though I waived my appraisal contingency?   What would be fair?  

I'm sure the sellers and listing agent would want to avoid potential legal action for material misrepresentation.  What do you think? 

Thanks!!

I'm interested.  Can you email me some more information about the property? 

[email protected]

My goal is to generate $10,000 in monthly passive income in 10 years.  

I currently have $30K ready to invest.  It's taken me 2 years to save this up.  

In my area (Phoenix, AZ), I could househack or a BRRRR, but it's unlikely to cash flow with comfortable margins because of the price/rent ratio in A-B neighborhoods of Phoenix.

I'm thinking I'll do some flips here in Phoenix and then eventually invest money into Turnkey investments in the Midwest, where cash flow is way better. 

The problem with turnkey is they require 25% down, so it would take a long-*** time to hit my goal of $10K per month.  

Am I missing something? 

I've heard people that buy 1 property the first year, 2 the second, 4 the third, etc.  But I don't understand how the financing works for that... can someone explain that to me please?

I understand BRRRR is a way to acquire property and potentially retain cash, but it's infinitely more complicated investing out of state. Does anyone do this without any previous connections in that state?

I appreciate the help!

Phoenix, Arizona.  Great opportunity to buy & hold or fix & flip. Two individually parceled single family homes for less than 80K Per House! Property sizes are estimated, they were measured from satellite images and are believed to be accurate. Footprint & roofline of the houses are the same, one has had the carport converted to livable SqFt. Western house is a 2 bed, 1 bath w/ kitchen, living room, bed & bath and exterior laundry under roof, Eastern House is a 1 bed, 1 bath w/ a kitchen & living room & laundry in shed. We believe highest & best use is to purchase & sell as as-is as a seller carry. This is a PRE-LISTING, Tenant Occupied price!!!

https://mailchi.mp/homedealhub/80kperhouse1200more...

Hey Matt,

I have a wholesale deal in 85021.  It's rent-ready, so best use would be BH, but it could also use some cosmetic rehab.  Probably a long shot, but did you want to take a look at it?

To play Devil's Advocate, I heard similar headlines about Phoenix in '05 and '06.  We all know what happened then.  The problem with Phoenix is that there are virtually no natural boundaries for growth, so it can be very volatile particularly on the outskirts.   When the next recession comes (they historically happen every 5-10 years and the last one was '08),  I'm not confident that the population growth will outweigh other negative macroeconomic factors...

I strongly doubt we will see anything like the '07 crash, particularly because of the affordable housing shortage, labor shortage, lending reforms, and all the positive migration, but that doesn't mean we won't see a pullback.  We will see another buyer's market someday.

Until then, I'm looking for buy-hold properties that have value-add opportunities to provide some cushion if we see prices depress in the next 1-5 years.  

Thoughts?

Off-market opportunity for a buy-hold investor: 3/2 SFH in the 2nd fastest growing city in America! Existing tenant with 18 month lease for $1700/month. PM services 40% off for 1st year! We have in-depth analysis, inspection report, and more pictures available. This deal may not last until next week, so please reach out ASAP if interested!

Price:  $297,990

Rental rate:  $1,750

ARV: $325,000

Pictures:  https://www.dropbox.com/sh/5s6hfjpqivr99om/AADDmVU...

Call/text for more information: 734-904-6100

E-mail:  [email protected]