All Forum Posts by: Albert Hasson

you may not want to hear this but I would not buy a 4-plex in Phoenix just to move the following year to another city with a stressful, time consuming job. It's difficult sometimes for even an experienced investor to manage out of state properties and with a residents income you are just one major expense from financial disaster. On your residents income, could you handle replacing a roof, an AC?

I would save as much cash as possible then invest once you are done with your training.

Chris, my LLC has a line of credit with a local bank. The way it works for us is we find a property, send the banker the escrow info and the bank will fund 60%, we fund 40%. The bank charges us a 1% origination fee but there is no underwriting, appraisal or inspection required. We have bought 6 properties using an 800k LOC and actually just called him today to try to increase the limit. Terms are great, 3.5% 30 year amortization, 3 year term then max 2% rise yearly based on 10yr note with 7% max.

Serge, things have definitely slowed down here in Maricopa Co. Prices will probably slide a bit this spring.

I am trying to find flips on the MLS. Just got one under contract. However, as you know, the deals are few and far between. The one I just found is an REO where the same buyer fell out of escrow twice! The bank was probably frustrated and took my low ball cash offer.

As far as buy and hold, I don't see any good deals out there. Those of us that invested heavily from 2009-2011 are spoiled so no deal looks good compared to the "old days" :)

Would you borrow money to buy stocks, bonds, a CD? Probably not. There is nothing magical about real estate as an asset class, it will go up and down like anything else. My advice, scrimp and save until you have an emergency fund then save for a down payment. You will be glad you did.

haven't heard from you in a while Nick, good to have you back!

over the years I have had two major leaguers apply to rent one of my houses. The first I rejected because although he provided proof of insanely huge pay checks, his credit was shot due to a foreclosure and poor money management skills.

The second I accepted on an 8 month lease, pre-paid. He was a good tenant but left the place an absolute mess, don't think he vacuumed or cut the grass even once! Still, if he came back and wanted to rent again I would rent to him.

My partner knew each other and worked in the same field for several years before we did our first deal together. Fourteen years and 75 or so deals later we are going strong with never a major disagreement. Partnerships certainly can work but I would suggest you get to know the person very well before entering into any financial arrangements.

James, I would only take what the market gives. If the deals don't make sense, they don't make sense. I bought in that price range from 2009 -2012 and have seen similar appreciation. I am enjoying the cash flow and doing some maintenance such as exterior painting, AC tune ups, upgrading ceiling fans, etc.

You can hope for a housing correctIon or a 2009 like stock market crash but neither are very likely anytime soon.

Has anyone here on BP sold anything to Mr. Weisman and if so, how was the transaction?

Nothing decent to flip or buy and hold here in Phoenix. Prices have gone up. Short sales have about vanished and foreclosures are back to pre crash levels so all that's left are regular sales at high prices. Sales have slowed down markedly however since about mid summer so there may be opportunities coming up.