All Forum Posts by: Stone Jin

@Shiloh Lundahl  thanks for the invite but I will be up in Pinetop away from this ridiculous heat.  PM and we can meet up for coffee for lunch some time.

Stone

Chandler has a very mixed rental base. What particular asset types are you looking to price out. We own 2/2 condo in chandler that rent for $1000 and 3/2 SFH 1800 sqft built in the 1980's that rents for $1400.

@Shiloh Lundahl   I don't know about the coolest item, but the hottest things I've found were 2 rabbits that were left by a tenant in the middle of August in Arizona in the backyard.  One of them is still living in my own backyard.

Also another tenant left me a Wade Boggs rookie card.

Stone

You need to hire a process server and figure out a court date.  They technically have until the date of judgement to pay up.  After that you have to wait 5 days to have the sheriff to come.

Their PQF said Sun American Mortgage.  I've never heard of them before so buyer beware.

Stone

I'm selling a couple of condos in Chandler in a high snow bird/second home/investor community.  My realtor said that one of the buyer's lender stated that the condo questionnaire is not needed since their down payment was over some percent.   Maybe something worth exploring.  My sales price point is a bit higher than your price point but not much higher so there are lenders willing to do condos sub 100K without the questionaire.  I don't recall the exact company, but if I find it I'll post to this thread.

Best of luck,

Stone

@Alex Babayev I'm in a similar position.  I've had 2 claims in the last 5 years across my properties and when I tried to apply for a new policy with State Farm(I would have been a new customer), I was denied.  I went back to one of the providers that I already had policies with and they insured my additional properties with no real issues.  I think underwriting and the actuaries aren't set up for landlords with multiple properties.  The guy with 100 properties will have more claims than the guy with 1 property.  

Basically just have to suck it up for 5 years for the claims to drop off and then try again.

Try talking to 1st bank, they are a portfolio lender.

Hi Everyone,

Currently I'm amidst an effort to shuffle my portfolio. I'm selling condos and smaller houses that I bought in Phoenix between 2009-2011 and 1031 exchanging into larger SFH. I realize that the Cash on Cash returns on the SFH I'm exchanging into are pretty terrible but with the large down payments via the 1031 I'm going to get equivalent cashflow with a little bit of additional debt.

My hope is that as part of the trading, sometimes 1 for 1 and sometimes 1 for 2, that increases in rent and appreciation for a better product will increase the quality of the portfolio in the long run. 

What is everyone else who bought during the downturn doing?   Are you just hanging on?  Have you already sold off?  What strategies are you employing in terms of portfolio management in today's market?  

if the only benefit of having your dad on the loan is that he can help with down payment then just have him gift it to you.  Or have the seller pay for a part of it.

If you need him to qualify because your income is too low, then perhaps figure out how to get more money to go conventional.  In today's market, it may be safer to not be so leveraged.

Good luck