All Forum Posts by: Daniel Pitner

I'm looking for a lender in the Phoenix area who can help me with a second home mortgage. I recently heard and Biggerpockets podcast where the guest was able to use this mortgage type to finance a short term rental property with 10% down. Does anybody have insight on where I can find this? 

@Kevin Andre I agree with John. The best thing that you can do with 10k is house hack.  Finding cash flowing duplexes/multifamily units in the Phoenix market can be difficult, however it's doable.  Keep saving towards that 10k mark and keep a pulse on the market.  Mesa and downtown Phoenix are the closest areas to ASU that will have the highest concentration of multifamily units. Let me know if I can help! 

My wife and I are looking to BRRRR a property within the next few months. We have a good grasp on the process except for one area of confusion that I've never been able to figure out. During the refinance phase do I need to wait a certain amount of time before getting a conventional loan? If so, how long is this period?

I've hear from a few people in the Phoneix-metro area that they are purchasing cashflowing new builds. Has anybody else had this experience? I'd be interested to hear if you've had experience further out as well (Casa Grande, Wickenburg, etc...) 

@Todd Goedeke, the property was purchased for 170k with around 17k down.  It's a remodeled small 2 bed, 2 bath unit next to a fairly busy entertainment district. The cash flow is the above is the bottom line after all expenses are paid for (which includes very conservative numbers on projected utility bills) 

@Account Closed I'm in North West Peoria, it's an older and smaller home.  We bought it 3 years ago as a primary residence. My mortgage is $810/month.  We honestly didn't know if it would do well as a short term rental until we tried it a few months before we first moved in and it did great so we decided to go this route with it as opposed to a traditional rental. It's right by the Peoria Sports complex which drives quite a bit of traffic to it. 

@Kyle Reedstrom I currently have a short term rental that went live 1/1/20.  We are booked through May and after estimated expenses (including summer utility bills) we are looking at an average cashflow of around $800.  

I recently heard a podcast on Biggerpockets where somebody was using Vacation Home financing at 10% down to purchase an Airbnb property.  I've looked for quite some time to see if this is a feasible option, however I haven't found any information on it.  Does anybody have input on if this is legal/a good idea? 

What is the best Cashflow you’ve received from the lowest amount of money you’ve put in? In other words, what’s been your best cash on cash return? What were the details of the deal?

Hello @Account Closed! My wife and I used Arizona School of Business and Real Estate for our classes and we were very pleased. At the time there wasn't an option to do it online, however, and if that option were available then, as it is now, we most likely would have gone that route.  I wouldn't suggest any supplemental training/study material.  My wife and I passed both our school exam and the state exam on our first try. Let me know if I can help in any way!