All Forum Posts by: Stone Jin

@Shiloh Lundahl if you are investing there I should also take a look:).  My in laws live there and I have been thinking about it for awhile. Let’s chat soon!

@Cameron Mitchell you can house hack with FHA or 3% conventional loans since you will be occupying it. You can always refinance out if you have the equity to meet the underwriting criteria.

2)You can always rent out a couple of rooms in a property you own.

3)You need a lease to protect yourself. I wouldn't necessarily spend any money. Go to a REIA and ask seasoned investors for a copy of their lease, then modify it to your needs. I'm assuming you mean to rent out rooms, not the purchase process.

@David Pham What are you looking to do with the property?  If you are going to flip it then you should look to find hard money or private money.  If you want to hold long term, then go the cosigner route.  If you have no job and no credit, no bank is going to lend to you.

Microwaves and dishwashers I tend to just replace rather than repair as they are cheap to replace.  Washers/dryers/stoves/fridge I would send out the repair company.

@Mike Brody Typically as a landlord when someone says they want to pay 6 months up front it's a red flag for me.  Usually there is something they are trying to hide and are looking for greedy landlords willing to bypass application process.  Instead of offering a ton a cash, just cosign on a lease with your brother?  I assume the combined income would be sufficient.  Or is there some specific hurdle that you are not getting over.  Usually on eviction, a lot of landlords will have a cut off, for example an eviction within last 5 years is a no for me, but if you had an eviction 20 years ago, I'm okay with it.  Just keep looking.

@Byran Hyatt when I rented a room from a person in college, it was a flat fee.  I think that is easier to do than trying to split utilities etc.  My friend who is currently house hacking is advertising his rooms all utilities included, that way there is no confusion or frustration if 1 roommate take 1 hour showers and 1 takes 1 minute showers. 

@Frank Vettese IIi we are shifting our portfolio from Phoenix to Toledo very slowly.  

Excellent cashflow but just beware of the troubled neighborhoods.

my view is that there is a segment of the market that is very underserved. I think the suburbs are a much more forgiving investment than the inner city. Take a look at Zillow or Trulia and see for yourself. We've bought 3 SFH in Sylvania this year and am looking to purchase several more.

@Phillip Ludlow if you are trying to market to investors those numbers are not very good.  I don't know much about the west valley however I would suspect that someone willing to invest almost 300K would do it in Tempe, Scottsdale or Central phoenix.  The thing with huge houses is that the maintenance is more expensive.