All Forum Posts by: Drew Hittner

@Alan Robert Litz To find what you are looking you may have to expand your Phoenix area to a 2 hour drive radius.

@Ryan Swan 

You make an excellent point

The property manager I am interviewing now suggests the tenant in the main house would submit the power bill and we would reimburse them for 25% of the bill. He currently is managing a similar property, and they had a GC create enough privacy to alleviate the feel of having strangers wondering around the property(doesn't allow the short term renters access to pool). They did this with a combination of landscaping, a gate, and updating the private entrance. 

How much of a premium could you expect with your recommendation? 

I am currently doing a house hack in Moon Valley Phoenix AZ. Pretty much the same model Ben Leybovich outlines in his book (which is terrific). I had a question however. Would it be possible/practical to rinse and repeat this model? For example; I have my current house hack setup with my family in the main 3/2 with the short term guests visiting the detached guest house. I am thinking about holding this home, and long term renting the main 3/2 portion while continuing to short rental the detached guest house simultaneously. Numbers are attached in the link. My main cause for ruling would be STR zoning law changes. Would this would be possible/practical I'm going to look to purchase another primary residence with %5 down and a detached casita?



https://www.biggerpockets.com/calculators/shared/1618499/c42c72d8-817b-4968-8d97-fc1c61e6b463

@Bryce Deeney Still looking to partner with anyone?

@Chris Moss would you think the typical approaches?

I have been itemizing my title search criteria on exactly what I want to hunt for. I have been strictly searching for duplex, triplex, quadplex REO's by OOS investors in certain areas of the US. The reason I am doing this search is because I want to offer to buy these properties before they hit the market. Would the natural progression still be a mailers and skip trace route? Any advice would be helpful. It seems with all the searching I have done on skip tracing and mailers they always go to owner occupied homes in distress. Basically looking for a more budget friendly way to contact those investors.

I have been itemizing my title search criteria on exactly what I want to hunt for. I have been strictly searching for duplex, triplex, quadplex REO's by OOS investors in certain areas of the US. The reason I am doing this search is because I want to offer to buy these properties before they hit the market. Would the natural progression still be a mailers and skip trace route? Any advice would be helpful. It seems with all the searching I have done on skip tracing and mailers they always go to owner occupied homes. Basically looking for a more budget friendly way to contact those investors.

@THU NGUYEN Is a huge player too. If they make changes, all the small lenders will follow suite.

Pricing could change overnight, but guideline/overlays will not. Because if you think about why, when a lender makes a guideline/overlay change to make their applications cleaner(higher FICO, reserves, strong DTI, low LTV, shorter terms) they know application count will be way down. When the app count goes down so do the income, then the employees. It happens fast, I saw loanDepot walk out 30 processors in 2018, only to offer them the job back 6-8 months later.

What I think will happen is HUD will come out another program similar to HARP. Although you could argue this point forever, the government will do something for the people that own and are barely getting by.

 @Mitch Messer

I'm a mortgage broker by trade. Just a mere 6 weeks ago it would be considered normal to write 4 streamline refinances a day. Seems like the lender overlays and costs went up over night. This one really hurt the primary only residence homeowners just looking to get out of their high rate. 

I know it may seem like most homeowners would have at least 3 months of reserves, but typically it's not the case.