All Forum Posts by: Scott Anderson

Install a self locking autoclose machanism.

$30,000?! Is that for 2x condensers, compressors, 

lines and handlers??

I feel like HVAC companies are some of the worst out to rip people off because it’s a mystery to most people how they work. 

The biggest problem with down payment assistance is finding a cooperative seller. You can’t be picky in the house. It helps being an investor as we are looking for distress anyway, but for a buyer looking for cute it’s very hard.

Closing costs for the loan are almost double.

$8k for $200k home. In retail you run into serious appraisal problems in a competitive market.

That said, this is how I bought my house which launched my investing career. I found a distressed seller and they covered everything. 

I had 100+ inquiries on my property. Uploaded info on applicant requirements, Zero responses after stating the credit score minimum of 600.

Removed that and was rented the next day. 

I no longer have a requirement only a phrase about credit history being a primary decision factor.

In this area if you have what Brandon Turner wants in his applicants they are BUYING not renting.  Every location is different. Adapt or die. 

Let’s be honest, foot traffic is directly related to price.

The major failing of the agent is not the marketing (mostly for the agents benefit anyway) but the lack of pricing talks.

Lower price until you get the foot traffic you desire. Foot traffic turns to offers, offers to contracts. 

At least that’s what I think.

It was good I figured it easily out by reading and disclosed everything in writing.

Decided to just throw us both on as owners/landlords as it removes any worry.

The tenant so far seems outstanding so I’m happy. 

80% conventional loan.

20% seller carryback (+closing costs).

Thanks Doug, my brokers view is disclose disclose disclose. So I suppose had I just thought about it I’d have already answered the question.

Couple questions I have for the locals in the know.

I have to write up my first lease tomorrow and I’m wondering if all owners on title need to be on the lease. My wife and I or just one of us.

I think just one, but I don’t want to have an unenforceable lease.

And question 2, as a realtor-owner, must I disclose in the lease anywhere that I am licensed in AZ as I do in purchase contracts?

Investment Info:

Single-family 3/2 buy & hold investment in San Tan Valley.

List price $185,000

Purchase price: $160,875

Appraisal: $183,000

Rental income target: $1250 

What made you interested in investing in this type of deal?

Cash-flow, close to home, all repairs I can do myself. Learning experience.

How did you find this deal and how did you negotiate it?

MLS, started making offers 1/day at a price that cash flowed where I wanted. This was my third offer and they countered $5000 over my price so I took it.

How did you finance this deal?

Heloc 20% down/closing costs.
Conventional 30 yr fixed.

How did you add value to the deal?

Almost rent ready, touch ups and minor fixes. New ceiling fan, moved another fan into master. Replaced most other light fixtures.

What was the outcome?

Just secured a tenant with 2 pets $1310/month.

Lessons learned? Challenges?

I learned that I love this. Challenges? How fast can I repeat.