All Forum Posts by: Scott Anderson

@Brian Clinkscale Here in AZ there is a form we can use for buyers that make multiple offers. I assume it can be done anywhere with the proper wording. Or as said use a short response time.

0 Votes

If you need ARV/comps let me know. If I'm not busy I can help for free. I do it for my Mortgage guy every so often. As long as we pat each others back it's easy to help out.

0 Votes

If you’re really in a hurry you can find ones like it for sale and subtract 3% for a good ballpark.

0 Votes

I believe it’s taxed as normal income. But you write off depreciation and interest. This typically makes your tax bill minor if not negative. Hence RE being a tax haven.

But I’m new to the rental idea.

0 Votes

@Jerry Hasts You’re essentially paying $600/month for his services. Is what he does worth more or less? Not many would do his job for only $600/month I would think.

0 Votes

@Bryan Clement I was able to get into a $160,000 home with $500 out of pocket and paid back all of it and then some at closing. That’s being PAID to buy. FHA said I needed to live in it which is fine because the cash flow would have been mildly negative. (-$50/month which is still awesome for the deal IMO) So it’s certainly possible. Get a good realtor and be able to find the right seller. I also got a commission on the deal so it would have been years before cash flow had a chance to go truly negative.

0 Votes

@Navin Chopra When you find a property that suits your financial requirements, call the HOA...

0 Votes

@Eric Snodgrass County assessor will have their name and mailing address. You could also approach a tenant...

2 Votes

Originally posted by @Chris Keator:

Hi everyone,

We just went under contract on a flip in Ahwatukee with a pretty large diving pool that has been sitting empty for around 2 years and needs resurfacing and the deck has some cracking and needs to be sealed / painted. We don't know yet if any of the equipment works either. I've gotten 3 quotes and they are all in the 20k+ range.. I budgeted 10k. Can anyone recommend any Arizona

pool people that works with flippers and doesn't charge an arm and a leg?

Looks like plaster. I’d get a local pool guy or handyman to do patches then paint it to cover patches. They can also patch the decking and paint it too.

I worked in the pool biz for ten years. This is how I’d do it unless the plaster is bubbling. Then all I’d do is scrape it where it’s blistered and do what I said above.

This is obviously not a “resurface” but will look great and if done right can last years.

Hell I’d do it myself if there’s enough time.

0 Votes

Originally posted by @Mark Fries:

@Justin K.

I think you need to reverse your entire strategy.

A quick MLS search does tell me that in your area, prices are pretty high.

Have you tried looking for tax sales, or sheriff sales or off market deals? I would get off of MLS and start trying to search for properties in a more creative manner. Your mentor hasn't suggested this idea?

$150 cashflow sucks, bottom line. To get wrapped up in a 20 or 30 year mortgage for cash flow like this, in my opinion, is an absolute horrible idea. Don't let the idea of "$150 cash flow is acceptable because I need to get my foot in the door in the realestate game"...that's BS....you should aim higher than that.

I don't know what you do during the day but maybe you want to find a way to create more cash from your day job and then purchase properties outright, or be able to put down larger down payments on these potential mortgages to create more monthly cashflow.

I see it as ok as long as you put the income into the principal and refi as soon as it makes sense. Could be very quick depending on how much you put in. One of these with a lump payment and a refi could quickly flow as much as two with the expenses of only one.

But hey I’m new to all this.

0 Votes

All Forum Posts by: Scott Anderson

Scott Anderson has started 17 posts and replied 204 times.

Post: How to place multiple offers as a new investor

Post: Best way to determine ARV

Post: Best way to determine ARV

Post: How to claculate taxes on a new rental?

Post: How to pay for an onsite super?

Post: BRRR Method Funding Source

Post: Best greater Phoenix area for STR?

Post: How do i find who owns the multifamily i want to buy!!!!!

Post: Getting crazy high quotes to Resurface pool on Ahwatukee flip.

Post: Cash flow to purchase price comparison