Tucson Real Estate Meet Up

[John Powell]

Hi, I was recently looking at turnkey properties out of state and I've stared blindly at the MLS here in Tucson for a while. I had a couple of turn key props inspected and I passed on them in Kansas City. Too many issues for my taste. Structural home issues in basement/mold etc. I even tried an FSBO that was just too much work here in town related to the asking price. So, I've passed on three properties and lost a little money. I've decided turn key is not worth the risk.... I'm reading up more on ways to find properties and financing. Recently attended an AZREAI meeting and I'm wanting to just network more on here and get some head knowledge. The biggest road blocks for me, seem to be the best way to find properties(Or what works for you) and ways to obtain financing on properties off the MLS. I keep on getting the feel there aren't a ton of investors doing this and that it requires paying someone. Are there any people that get together and gain knowledge together/leads? The local meets are cool, but even once a week on a Sunday would be great!

[Daria B.]

Hi John, @John Powell

You are on the right track. I found people here in BP that have been very helpful in just answering my questions, which has allowed me to do the same after my learning experiences, and getting directly to the point. I like that.

I found my local REI are the best bet. Some people I found don't really want to share and others are more than willing as they too are in the same boat with one oar. Haha....I've been part of two local REIs and more recently down to one REI. I am meeting with a member of the one I frequent more tomorrow just to do some brainstorming. We've known one another for over a year and looking to possible partner up on a venture. First we ( I ) need to see if it's a good fit.

• I use the MLS ( via agents ) and a public system that links into the MLS that is for local properties in my area.
• I'm not a big fan of "turnkey" either. It seems to work for many but I think they spend a lot of time on it. The same time spent on just digging in and acquiring without it. When I learned about "turnkey" I thought it would be an easy buy and the companies would be honest. Some are not and some are but that is just it---you have to spend all that time vetting them and hoping the deal works.
• Driving around your area may also clue you in to the neighborhoods and if you see properties (fsbo, or appearing to be vacant properties) that you can investigate. FSBO isn't bad other than the sellers who seem to want more than above market. I dealt with one couple who bought a house for their daughter who had since graduated and gotten married and they were adamant about getting 30K over the comps (true comps). And one down the street from that house finally sold after 2 years. Seller was way ridiculous on price. So don't give up on FSBO.
• There a so many ways to obtain financing and I think all of us just have to find what works best. You can partner, get it from family or very close friends that know you are good for it, of course the usual lender financing and lending from the non-traditional lenders. I recently reached out to Ridge Lending Group that I found here in BP and discussed my investments with the CEO. I wanted to get an idea of refinancing 2 of my properties to see if it would be of value to me in some other things I am doing.