All Forum Posts by: Paul Santos

@Jonny Schnaible huge liability in someone sharing the MLS access, plus ARMLS violation. If you want the next best thing to MLS access, try Redfin. They have some of the most relevant, timely, and RE information out there. Very robust website and with a few clicks you can get a lot of MLS info for free. Combine Redfin, Zillow, and Trulia you can piece together some pretty accurate comps and gather a lot neighborhood information.

What if you initially want to use the LLC solely to establish a business entity, business bank account and ultimately business credit, is an operating agreement still important? Also, if you have an existing LLC, can you change/upgrade the operating agreement?

@Justin Owens the owner of the company has been interviewed a few times on other podcasts. I like the way they list their properties and all the information they provide. Very well organized and detail information, majority of the properties look like they would be good rentals. Roofstock definitely has the turnkey process down to a science. Try and listen to their interviews and you'll a better feel for what they are all about and probably feel better about out of state investing. Ideally, you find an out state investment in a state that you would be like to visit occasionally (like Florida) and get some additional tax write off for the trips to the properties, and still vacation as well. Good luck!

You should take a look at rootstock website, there is also one or more podcasts out about roofstock. I have no affiliation to them, but I like how they operate. They gave me a different perspective on possible out-of-state investment. 

I use USAA for my rental, if you can get an account them, you should try them out. 

Crash in the future, I don't think so, but there may be small bubbles in some local markets that might pop, or as commonly referred to as market adjustments. Here in Phoenix, we are experiencing a steady pattern of appreciation in the overall market as is the case with many other U.S. real estate markets. The contributing elements do not exist today, that were prevalent '07-'08.

Effective 1/1/2016, the VA loan limit for Maricopa County for a four unit property is $801,950.

You can find the loan limits for each type: 1-unit, 2-unit, 3-unit, and 4-unit, listed on the VA Home Loan Limits website.

From VA Loan website:

VA does not set a cap on how much you can borrow to finance your home. However, there are limits on the amount of liability VA can assume, which usually affects the amount of money an institution will lend you. The loan limits are the amount a qualified Veteran with full entitlement may be able to borrow without making a downpayment. These loan limits vary by county, since the value of a house depends in part on its location.

The basic entitlement available to each eligible Veteran is $36,000. Lenders will generally loan up to 4 times a Veteran's available entitlement without a down payment, provided the Veteran is income and credit qualified and the property appraises for the asking price.

Rent rolls by themselves mean nothing without actual bank/tax statements to support them. You say your inspector "looked" at property. A 16-unit apartment complex needs a lot more than just a "look" and a thorough inspection should have resulted in more than just a few minor repairs. Your due diligence is full of red flags. It is a learning experience, now its time to analyze what you have and determine your next course of action. Personally, I would stick to trying to rehab the 16-unit to a viable rental property, in hopes of taking your losses now, with the intent to recoup them later. Litigation has its own risk, costly, and time consuming. Ultimately, you failed to complete your due diligence at many levels, and that may not translate to seller liability. 

If you don't get any agents willing to help (which I assume will be the case), you can use Redfin that will give some pretty good accurate and updated MLS information. The downside is that Redfin is not every U.S. market.

@Matt Hixon if you go to the HUD website, you can do an approved lender search, specify 203K in your search for Arizona and get lenders in the area. There are 49 approved lenders in Arizona, that should give you a good starting point. Google "HUD Approved Lender Search" that should take you to their search screen. Good luck!