Phoenix investor newbie

[Enrique Ortega]

I am a brand new real estate investor in the Phoenix market. I have immersed myself in the podcasts and books for the last month or so, and I think the best way to start out is networking. So my question is who are the whole sellers and bigger players in the Phoenix market. I am interested in maybe partnering on a flip with someone if anyone is interested, but on that how do I figure out who is a good person to partner with. I am also interested in getting a mentor, and networking with all the players in the Phoenix Arizona market.

[Peter Mckernan]

Hello @Enrique Ortega

There are many questions that arise with this inquiry. 

How many units do you want? In what area do you want to buy the apartment? Once you know the area then you can look at Loopnet.com to get an idea of the prices within your area; however, to get the best prices and most up to date you will need to speak with a commercial broker for that information. The price will differ from what class the property is (A,B,C,D...) and what other properties within that area have sold for. Also, are there any back taxes on the property you would have to pay for, any backed up bills that are due to the city/utility companies? How much are you and your partners going to finance for the deal and who would you have do the property management? Another big thing is looking at the pro forma looks like for the deal that you would be entering into. 

Many different factors that will effect all the items regarding the deal as you can see. I would first pick an area you want to invest, study it, and then find a commercial broker to develop a relationship with to get more information on properties within that area.