All Forum Posts by: Eric Greenwald

Hey Joey-

Sounds like you're in a good situation.  The way I would do it would be to refinance and pull out the equity from one of your properties.  Interest rates are at an all time low right now and the cost of money has never been this cheap.  You said properties are hard to come by and even though the market is insane right now, this sounds like a deal I wouldn't pass up.  If you refinance, it allows you to keep the current cash you have in hand for any major repairs or hiccups in the market.  And with these purchase prices, you can have these things paid off quickly if you concentrated on it.  Good luck!

Don't partner.  Go with seller financing or just save up the capital for the down payment.  If you're looking for a turn-key property, partnering will lower your net income to the point that it's not worth it.  I would suggest finding a realtor in the area you want to invest who does a lot of flipping and investment properties.  They will have the contacts for sellers who are willing to seller carry the loan until you get it seasoned with renters and then can refinance.  This is how I got into a property when I didn't have the money I needed for a traditional lender.  Especially if you find a property with tenants already in the property and under a current lease, it's a no brainer for a seller and you'd be surprised how many are willing to do it.

If you have any questions, feel free to reach out to me.

Austin-

I good friend of mine works for The District.  He might be able to help you out, his name is Chad Vice.  Chad's helped me buy my last two rental properties and he's got a ton of connections in Phoenix with contractors, property managers and everyone involved in the RE business.

Hi Loran-

I am a realtor in Flagstaff, but have family and friends who are realtors in Phoenix.  I also have one rental in Phoenix and plan to buy 1-2 more this year.  A good friend of mine works for a wholesale company and he's helped me buy my last two properties in Phoenix and has a ton of connections with contractors, property managers and anything you need.  If you're interested, let me know and I can give you his contact information.  I've also been curious about investing in real estate in the Houston area, maybe we can share info?  Thanks and good luck.

I have a rental located at 3131 Cochise Dr, which is a decent condo complex.  There's also an adjoining complex at 3118 Cochise Dr.  These condos are inexpensive and seem to come up onto the market fairly often.  My rental has been there for 3 years and I currently get $999 a month for a 2 bed/ 2 bath.  I bought it for $75,000.  It'd be a few minutes commute but it really close to the I-17 and lots of restaurants in the area.  If you have any questions, feel free to reach out.  I'm a realtor in Flagstaff, but have family and friends who are realtors in Phoenix who would be happy to help you.

Isaiah-

Keep doing what you are doing...asking questions.  Start talking to everyone you know in the Raleigh area about what you are looking for.  Ask them if they know any realtors, ask them if they know any wholesalers, just keeping asking questions and talking about to people.  You'll be surprised how many people know someone who can help you.  When you start putting that out into the world, it will generate momentum.  It's like when you buy a new car and all the sudden you start seeing that same car everywhere you go.  

I have a cousin who lives in the area and I'll ask her if she knows anyone who may be able to help you.

Good luck!

Investment Info:

Condo buy & hold investment in Phoenix.

Purchase price: $75,000
Cash invested: $26,000

A 2 bd / 2 ba condo in Phoenix, AZ.

What made you interested in investing in this type of deal?

Wanted to get into another deal and had the opportunity and money.

How did you find this deal and how did you negotiate it?

My friend is a wholesaler in Phoenix and been engaged in the real estate investing business for a long time.

How did you finance this deal?

Initially was an interest-only seller carry loan.  We put $26,000 down. Once it was rented for six months, refinanced to a fixed 30-yr loan.

How did you add value to the deal?

It was nearly turnkey. Spent $500 in minor fixes and cleaning before going onto the market.

What was the outcome?

Currently renting for $1099/month. Cash flow after mortgage, insurance, taxes and property management is $435

Lessons learned? Challenges?

Investing in condos is good and bad. Would prefer a SFH for better appreciation, but condos are easy to rent.

Did you work with any real estate professionals (agents, lenders, etc.) that you'd recommend to others?

Look up Chad Vice with The District in Phoenix, AZ.

Contact Chad Vice with Venture REI. He's keyed in on the investor side and typically has a lot of connections with off-markets properties.

I'm looking to purchase a rental property in Glendale, AZ that is already established as a section 8 rental.  Does anyone have experience with section 8?  I'm curious as to the contracts with the city, in terms of length and the likelihood of the city pulling out of the program (assuming everything with the agreements is in compliance and maintained).