All Forum Posts by: Jessica Jay-Maleski

Hello all! I've recently joined forces with a colleague who has some excellent off-market properties available. I will be posting a few more later but wanted to get this one out there to the marketplace ASAP :)

Please reach out to me with any questions about this property and please connect with me if you would like early information on the other properties we have available. We are primarily in the Phoenix, AZ market now but have plans for expansion so let me know your investing criteria and I'll get you on the "short list" :)

Super ROI, 3 Yr+ Long Term Tenant Like a fine wine, retirement communities are valuable w/ age!

$69,984 Property Details: SqFt: 576 Bedroom:1 Bath: 1 Lot Size: 576 Features Mo 2 Mo Tenant, willing to sign lease Perfect Buy & Hold, Just Collect Checks! $625 / Mo; Tenant has no Missed Pmts! People Love Living in this Building Amazing Park Across the Street Veterans Center is 5 min walk

3033 E Devonshire Ave #2022, Phx 85016

Click Here for Photos!!! Click Here forResearch

This is as close to guaranteed cashflow as you can get!!!The tenant is month to month but seriously hoping our buyer is a investor. Considering a low risk cash flow machine??? Imagine this, for as long you can foresee, you will look at your phone and see a extra $625 a Month in your bank account! We did some work when we purchased this property some 3 years ago and hate to sell it except for a unfortunate situation w/ our capital partner. Our tenant is happy and would love to sign a lease for as long as the new buyer is comfortable. The building is great, the pace is slow and the residents love it - especially the HUGE Los Olivos park across the street & Devonshire Senior Center next door!

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Dustin DeFrates E:[email protected] C: 480.744.6294 www.DeFratesGroup.com

Important Information: All prices are based on cash or hard money sale only with $5,000 non-refundable deposit to escrow All properties offered are owned or under contract, selling equitable interest or offered in conjunction with business associates One of the managing members of selling entity is a licensed real estate agent in the State of Arizona All values are estimated, based upon interpretation of MLS & Tax Data& can not be relied uponfor yourpurchase consideration. Buyer pays all closing costs Real estate agents MUST use a unrepresented seller agreement, add your commission to the price Seller can cancel contract at any time for any reason without recourse from the buyer Investors, Buyers and Agents are encouraged to conduct their own due diligence. The members of the selling entity are not tax, legal or financial advisors. You should consult with a certified financial & tax advisor and/or attorney on any investment your are considering. Dustin DeFrates is a licensed real estate agent with Sterling Fine Properties, but does not represent seller or buyer. Mr. DeFrates is selling as either owned property or equitable interest (Owner/Agent).

DeFrates Group, 7001 N Scottsdale Rd , Scottsdale, AZ 85253, United StatesClick here to unsubscribe

I recently purchased a 4-plex with Section 8 tenants in place. I knew ahead of time there was going to be a tremendous amount of paperwork and hassle - which there was! @Patti Robertson's comment about ensuring you submit your ownership change documents immediately following the last payment to go out to the old owner is critical - they need 15+ days to process the change and if you don't time it correctly there is a good chance the next payment will be issued to the old owner. That said, once you get everything going the rest is pretty simple. Above market rate rent (I agree with the comments here - reach out and renegotiate the rate) and very few required repairs/etc (I have found that my section 8 tenants are totally easy going and as was mentioned, the inspections through the program have nothing to do with aesthetics, only safety). 

I know there is a lot of difference in opinions on Sec 8, but my experience has been good enough that I am trying to encourage the tenants I have in my other units to move so that I may replace them with Sec 8 occupants.

One other tip - sometimes the folks in the "landlord support department" can be a challenge to get in touch with. I encourage you to meet with this tenant's case manager (sometimes called a navigator) because they really are on your side - they want you to want to keep their client in the home - and they can assist you in getting things done. Similarly if you ever have any issues with the tenant, all you have to do is call the case manager and they will put a stop to it immediately.

Good luck!

@Paul Tow thank you so much! I didn't consider tax implications. Will check with my CPA :)

@Dave DeMarco thank you SO much! I will reach out to them tomorrow!

Hi all! I own my own home outright and also own a 4-plex in which I have 25% equity (just purchased it 2 mos ago). Can anyone share with me their experience with taking HELOCs for the purpose of investing into long-term rentals or flips and any referrals/recommendations of good agents/companies with whom to work if you are pro-HELOC for this purpose?

Any experiential anecdotes or references would be very appreciated! 

I agree wholeheartedly with Johns suggestion for considering tenants using government programs. There is an abundance of paperwork at the start, but things run very smoothly after the initial set-up and the rents come in timely (and usually direct-deposit!). Tenant accountability is high as they don't want to lose their funding, and they tend to stay long-term. Plus, if they vacate, there is typically a waiting list, thus reducing your vacancies!

The best suggestion I have is to spend some time comparing your units to the others in your immediate area and don't over-improve as often there is a natural price "cap" in the neighborhood and regardless of the small upgrades that really do improve the living experience, it's hard to make them into the rental rate if you are near the top of your market. "Clean and fresh" is definitely the biggest seller with a rental. The rest is just bonus for the occupant. Congrats on your purchase!

Wasn't able to make it to the webinar but would love to see the replay. Although I didn't make this webinar, I closed on my first multifamily deal last week and a significant amount of credit goes to BP for giving me the knowledge and the confidence! (also kudos to @Heather Binder - member on BP - who gave me the extra boost and coaching to make it happen!)

I just spoke a lender who was wonderful at walking me through how to maximize my buying power/what I am qualified for and ran me through several hypotheticals as well. Perhaps give her a call? I would be happy to give you her contact info!

Hello, all! My husband is looking to get into wholesaling - he has some experience with it but is not confident in approaching it on his own and would prefer to work with an established wholesaler on a commission basis/etc. He has LOTS of sales experience and is very savvy. Is anyone looking for someone to add to their team?