All Forum Posts by: John Powell

@Kelsey Vander Meulen a good contractor who does new builds would be able to give you some more information on what's allowed. They're hard to find, but they're in and out of the county building checking on land to build. A good draftsman can also give you some information, along with county zoning. There is online information regarding zoning in pima county/tucson, which are two different areas. I'm currently adding units/rooms to my properties. Feel free to reach out via personal messages. 

To all the lawyers out there, how does renting a room month-to-month or 6 months apply on personal property affect homestead coverage and liability?  Rentals are straightforward, but this is more of a it depends on question. I'm thinking of forming a management company, while insuring that company with property insurance/commercial liability coverage. What are everyone's thoughts on that? I looked at the ARS briefly, not sure if there's case law in this area. 

Buy where it makes sense. Look for wholesale deals, off market properties, or negotiate to buy down the interest rates with a seller concession. Up to 6% from seller can be requested I believe with 10% down from a conventional loan? Do a quick google search or talk to a lender. FHA I believe is 6% with 3.5 down. 0.25% of a interest buy down is usually 1% of the loan. So, 6% seller concession on say a 450,000 loan is 27,000. So pay down 1 whole percent for example, 18,000 dollars from the loan through seller concessions. 8 percent down to 7%. Plus, 9,000 towards closing costs you can request. To do this, you can increase the price of the sale and as long as the appraisal comes in at market value to cover the loan costs. However, if it doesn't make you money, I would not buy, look up highest and best use for that property and neighborhood examples- student housing, AirBNB, rent by room, mid-term rental etc.

 Around the 2.9 range. 

Thank you! A second loan would be great. 

Hi! Does anyone know of a lender that does second mortgages or helocs on rental homes in in LLCs? I’ve talked to some lenders that state there’s usually a 4 property limit on these types of loans. 

Hi, looking for decent work as far as HVAC contractors and people to check semi-annual checks/filter changes in rentals.  Preferably a company that does actual repairs, rather than replacing an entire unit when not necessary. Any recommendations are appreciated.  Thanks!

Ditto!

Hello BP investors! I'm looking to connect with a lawyer to place properties into multiple LLCs and maintain them each year. I've found that many lawyers are not interested or busy. Also, any hand-man, contractors, or painters/workers to do a make-ready would be appreciated. Thank you for your time!