All Forum Posts by: Doug McVinua

@Adam Smith Personally I find it best when a buyer is using a solid in-state lender. Many lending programs are Federal programs but each state practices slightly different.

Example: in Arizona, we rarely use attornies on anything residential however in some states attornies are commonplace.

In the Realtor Community, a good local Banker/Broker pre-qualification will help you get an offer accepted easier than if you were with one of the large banks etc. Service from the big banks is not known or revered by most Realtors. Of course, big banks get it right once in a while, my experience gives it a 50/50 shot of turning out well.

Thanks for the question!

@Danny Overfield Why don't you close on it your self?

@Price Paramore Yes, I work the east valley, the SE Valley heavily. I have some Phoenix, Tempe, Scottsdale (south), lots of Mesa, Gilbert, Chandler, Queen Creek, San Tan Valley, Florence. Working on 2 4-Plex's right now in Apache Junction.

A 4-Plex by most standards is a residential transaction and treated as such by most all parties. Commercial deals tend to be a bit more buyer beware and have fewer disclosures. I just completed a commercial building on the west side so I dabble in commercial occasionally. A commercial deal is done differently with letters of intent, attornies often draw up the contracts etc. We are completely equipped to do a 4 plex with standard residential forms and rarely do we need attorneys.

If you are going to finance the 4-plex the residential forms might be easier for many lenders also.

Happy to look at rents etc for you and will pm also. Thanks, Doug

@Price Paramore Welcome to the Phoenix, AZ real estate market! I happen to be a Property Manager and also know of other quality managers depending on the location of your investment in the Valley of the Sun.

It's a good idea to involve a property manager as you evaluate properties, a 2nd opinion with your brother regarding the rental side of the property. Sometimes a property manager brings in an element of thought that comes from a different perspective than a straight sales agent. Clearly, you have trust with your brother and that has great value, the extra look would just be a value-added bonus.

Thank you for your service to our great country!

@Nathan Olds I Completly agree, the Marijuana issue is a hot topic for many reasons, not the least being that it's still a Federal Crime.

In AZ we haven't seen any Federal enforcement action for the small time, medical user or regular user. Of course, the Fed's are chasing the larger dealers etc, being a border state we see our fair share. Trump has indicated they may take a stronger position but our attornies haven't seen any action yet.

AZ is watching closely to see how cases go etc, right now we just deal with it! Knock on wood my properties have been pretty trouble free, we screen well and filter out most. I had one nice single family tenant that was smoking on the patio and irritated the neighbor, I found out after they moved out so it was a mute issue at that point.

One area we place in the Lease to bring some levity to a very broad topic is the "Crime Free Clause". The Crime Free covers a much broader base and isn't offensive to any particular point or right tenants may have.

Medical Marijuana is legal in Arizona, one way we manage that is with a no smoking clause. It won't stop the edibles but at least we control the smokers.

@Jay Truong Jay, those condos should add value to that unit in the long run. The construction will be a negative just due to the noise and the mess. Once completed they will be competition to your building but most likely at a much higher rate which will actually make your units attractive and allow you to raise the rents some.

Of course as you already know that area is exploding with growth and demand. The ASU demand has increased as has the employment sector along the lake exploding.

Will that land your building on eventually be used other than housing or newer housing? It's possible they could want this parcel in the future.

@Jeremy Dube Property Mangement is a specialized component of real estate that I provide to our clients. 

We are skilled at taking over a property like yours, marketing for tenants, screening tenants, completing the leasing correctly, move-in and then ongoing monitoring of the tenant, property etc.

You want someone local that has Chandler properties, vendors etc. We also are paperless, all docs are completed online, owner Portals etc so it doesn't matter your location you will stay informed.

@Neil Patel Something seems off kilter given you have a vacancy issue in the Phoenix market. The Phoenix rental market is tight, we have zero vacancies of properties we manage and have been able to raise rents almost across the board the last few years.

Why do you think it's taking time to rent your units? Are they not marketing them properly?

Happy to answer questions!

Credit Unions and the big Banks are probably your best bets for a HELOC.