All Forum Posts by: Patrick McCandless

Yeah I'll echo what the rest have said. Those numbers are found on a daily basis no problem. When you say "I would pick it up for $190k..." what are you going by? Is that just the asking price? What's preventing you from making an offer for $170k?

Hey there @Alexander Alguire I'd be happy to chat and see what ways I could be helpful to you. I've helped a few other BP members on their first investment properties as well. Feel free to reach out any time.

Welcome to BP @Logan Rants! You found a great place to learn. Feel free to reach out if I can help in any way with the local market.

Matthew Paul so what does everyone do who converts a single family to a duplex? Same concept. I'm obviously not the first one to think about renting out a back house for some income. It's done every day. Looking for some positivity here guys. How do I do it legitimately?

Chris Williams and Jeff B. It sounds like I'm getting conflicting responses here. Would there need to be a certificate of occupancy issued for the separate unit in order for it to be insured? Or what would it take for the unit to be insurable? I can't imagine many people do that, but I want to be covered should anything happen. I also want to make sure everything is checked for it to be a VRBO or air BnB. Last thing I want is to close on it and it not meet their requirements for some reason and I'm screwed.

Found an awesome 2 acre property that has a 1,500sf single family home with 2-car garage and then a separate garage/workshop with a 1 bedroom apartment on top. The seller currently lives in the 1br and VRBO's the main house. Initial thoughts are doing the opposite and live in the main house while renting the apartment either log term or VRBO/Air BnB but the apartment unit is not permitted per the listing agent. This is in Central California. I'm looking for some advice from landlords with experience in renting out back houses or mother-in-law units like this. Things I should take into consideration or watch out for etc. And also if it not being permitted is anything to worry about as long as it is still safe and perfectly habitable. Thanks in advance!

@Account Closed i agree with everything you just said 100%. Thanks for your input!

Welcome, Devan! If I can help with MLS access or add you to my wholesale emails blasts let me know. I've helped other BP members with their first purchases and am currently helping several others. Happy to answer any questions you might have about the process.

+1 on Denny and Dick's comments. Find a 4-plex where at least one of the tenants is month to month so all you need to do is give that tenant a 30-day notice to vacate and then move into that unit. Like Denny said, you have 60 days to occupy the premises after close of escrow per FHA guidelines. The more difficult part will be finding a good deal on a 4-plex in Phoenix! Good luck and let me know if I can help in any way.

Great rundown @Stone Jin. It sounds like we are on the same page here. My first choice would also be a SFH, but in the B neighborhoods I look in and my clients are looking for the numbers in an SFH just don't beat that of a condo. I haven't exactly been keeping an eye on AJ as that's not an area of interest for myself and hasn't been for my clients yet. Thanks for the rundown. Best of luck!