All Forum Posts by: Matthew Perry

@Richard Sherman thank you. :)

It’s been almost six years since I bought my first duplex. Next door to that there was another duplex I have been eyeing and lusting after for six years. Three years ago a young couple bought it and I befriended them. Whenever they had questions about taxes or anything else real estate, or even just needed a second set of hands to unload materials out of their truck I helped them in any way I could. I tried to pay it forward if I could help. Earlier this year when I did a 1031 exchange for a live in flip I did, I tried to persuade them to sell their duplex me. They politely declined. Since then they’ve bought a couple houses and become engaged. About nine months later they called and said they wanted to sell after all. I secured financing using an owner occupied fifteen percent down loan. The price was 330k, 20k below what my duplex appraised for earlier this summer and the seller agreed to pay most of my closing costs. I just closed this weekend. As a full time employee who does smaller scale investing on the side I sometimes get discouraged when I see others do a bunch of deals and I average one every year and a half. So I want to share this especially for people like me who are still hustling to scale up. Stay resilient and intentional about your goals and your property search criteria. As long as you keep being intentional, your no could become yeses in less than a year. Also even if you at first get a no, keep being yourself and trying to pay it forward. If you don’t take a no personally and stay likable and helpful, you put yourself in pole position to get the first call when the become a yes. So you may be getting closer to your goals than you realize yet. :)

@Dennis Nemitz I found a book on Amazon called the Arizona Landlord’s deskbook written by a local AZ lawyer. It has tons of forms and they’ve held up for two successful evictions I’ve done. I would recommend checking that out. :)

@Russell Brazil this is crazy . We should support amending the disability act to exclude pets...

@Nicole Obregon I did once where it was a case where the tenant had a very strong recommendation, a good job, and a believeable story about how their ex girlfriend scared them away with drug use, but when she got evicted he was evicted as well. I would not have done it without the referral from the tenant who lived next door. Overall I think it’s worked out so far. He’s been late a couple times, but no more than two weeks late. And he’s done some work updates the place including putting in new laminate floors, a new fridge, building in shelving, and buying a new fridge. He said since it’s hard to find a new place he’s going make that unit the best he can. Which I appreciate. But it depends. I haven’t done that in any other case.

@Axel Ragnarsson congrats on grabbing life by the horns. :)

I think growth will slow down. But new housing is low, and falling lower. Given that low supply I think there will still be some moderate appreciation in the two to four percent range. Here’s an informative article about how rising rates are keeping new construction low: https://www.zerohedge.com/news/2018-09-29/higher-mortgage-rates-are-starting-bite-housing-market

I have a stove delivery tomorrow night or else I would be there. But I would love to make it to the next one.

I would give the 1031 a shot, but I would hold every property you buy at least two years do you can get the capital gains. The only 1031 deal I did, I had issues after I identified. One the sellers saw I was a 1031 they raised their prices immediately. The first property I looked at I worked out a deal with the seller where I would pay 10k above asking price after he first pulled out. But then after postponing for a week signing, he said he wanted an additional 40k above the asking price. So I walked. The second one demanded 10k as well, which I agreed to. Then he postponed closing until the last possible day. This experience helped me learn the importance of multiple exit strategies. So I would always recommend having a plan b if doing a 1031.

I recently read the article defended below about how a city back east is putting liens against landlords for tenants unpaid bills. Is this a common thing outside of Arizona? Do you know any other cities that do this? It feels like stealing... https://www.zerohedge.com/news/2018-07-31/bankrupt-philadelphia-plunders-its-property-owners-cash