New to BP Ed Caldwell

[Ed Caldwell]

I reside in Chandler AZ, a sub of Phoenix. I am currently still employed as a CPA and started investing in real estate two years ago and the learning by doing has been tremendous in experiencing the good, the bad and the ugly! I have managed to purchase 8 properties in the past two years and really only made money on the first one that I flipped. I now have two rental properties cash flowing positive, but had not planned on being a landlord yet (Flips turned into rentals). I currently have one property that I rehabbed in Chandler that I can't seem to get sold that has been listed on the MLS for 4 months now with hard money payments of $2K per month chewing through any potential profits. I also have another property purchased at auction next to Chase Field, that I have $50K into and two contractors told me to tear it down, whcih would cost another $8K. I am not sure what to do with this property as funds are tight, so it is just sitting there until someone helps me figure out what to do with it? It is an ideal place for a multi family, but I have no idea how to get it rezoned from single family or how to finance building it? Anyway, I have been listening to BP podcasts for some time now along with investing way too much of my hard earned money into the various "Guru's" education and systems to the point I think my head will explode with all the confusion. I really appreciate the advise and topics from all the members here that aren't looking to seperate me from tens of thousands of my money as a new investor that needs every penny. I look forward to building relationships here and networking with all the like minded investors. Thank you to Brandon and Josh for creating this great networking site!!!!

[Marcus Maloney]

Ed,

Welcome to the community, yes learning by doing is the best method to me but it is costly, but you are learning versus throwing money at another product pitch.

For your Chandler property have you considered a refi (get off the hard $) and then option it  with a wrap, this way you can have the house sold (in the future), and possibly collect a sizable down payment and have the tenant buyer make the mortgage payments (all set up through an escrow co.) This will alleviate some of your risk.

Property buy Chase Field @Bob E. has a great point see if you can offer it to a neighbor, as far a rezoning great idea if you have the time and if you can afford to carry the property. Here's a link for the rezoning process through MCPD 

http://www.maricopa.gov/planning/PlanningServices/...

Hope this helps if you are looking to sell the Chase Field property I am familiar with someone that is looking to construct Multi-Family units not sure if this area is desirable for him. 

"Enjoying the Journey"