All Forum Posts by: Andrew Linderer

Only two closings for personal houses but now that you mention it we have a flip purchase that closes the 2nd and a refi that we are working on too. lol.  I'll do my best to be there.  I always get a ton out of it. 

I may be moving but I'll do what I can to be there.  Supposed to close the 5 on my sale and the 6th on the buy. So that week may be a bit busy. 

Hey all, My real estate business is almost 2 years old. We flip houses in the South Scottsdale and Phoenix markets in AZ. Currently we’ve got about 200k tied up in equity on 3 projects which are almost done. One of which construction is completed, just hasn’t sold yet. Once this houses sell we will be good but with that cash currently tied up, we are running into a cash flow crunch. Our other projects are ready to move forward but we need some cash in the mean time. Anybody have any fund raising tips? We are set up with a couple of our other private money investors where they’ll get a 14% return which I feel is pretty solid. We’d be willing to do the same for new investors but I’m having trouble finding people. My network is kinda tapped out right now. Anybody have advice on how to find private investors? Where to look, how to reach out to them etc...

I wish you’d gotten more replies cause I’m interested too. Have you found any info elsewhere since you posted this? I’ve got a buddy that wants to actually run the home, he’s got that background. He just needs someone to own it which I’m definitely interested in.

What are you looking to do.  Not all prop managers do single family and large multi fam.  Not all realtors do both either.  Some will be better at flips than buy and holds etc... Get more specific with what you are looking to do and maybe i've got a guy or two for ya but I don't want to send you a SF agent if you're wanting to do large apartment complexes.  

looking forward to it

This is awesome info Omar!  Thank you.  Is this total sale price or Profit after existing loan is paid off?  And is this nation wide or does it vary between states? 

So i bought my first home about 3 years ago.  Did a live in flip and am looking to sell it.  With the way the market is, I'm thinking about renting instead of buying.  I've got a loan on my truck that I'd like to pay off with proceeds from the house as well.  

What are the tax implications if I don't buy a new property with the close to 60k that I should make when I sell the house?  Will I get taxed at my normal rate?  Will it be additional if I don't use all the profit on a new house? 

If I do buy a new house but I don't use all the profit from the first house, are there tax implications there?  If I use some of what I make on the house to pay off my truck and some of it to put in savings and some of it for a down-payment on something new, how do I get taxed on the 60k that I make from the sale? 

I would say that a lot of it depends on what your willing to spend.  I haven't gotten into short term rentals at all yet though I think they are a super cool idea.  My guess is that Scottsdale and Central Phoenix would be better than Peoria but I don't know that for sure.  

As far as buying a place to live in, your location is dictated a lot buy your price point.  That being said, if you're willing to do some rehab and have the ability to do so via saved up capital or something like a 203k, you might be able to find something at a cheaper price point in a nicer neighborhood and do a live in flip.  Just a thought. 

If you are trying to buy apartment complexes of any kind in PHX then just get ready to spend quite a bit.  6 caps are selling like crazy and lot of them don't even meet the 1% rule.  

Eventually I would think that as they build we will at some point reach a tipping point where the prices level out because the demand has been met and/or exceeded but right now there is a pretty decent sized need for apartments.  Especially as house prices keep going up.  

In this article the guy they interviewed was looking to buy a house 'cause rental prices were too expensive but as I look at stuff currently in the 1000-1400/month range apartments might make more sense than a house or condo for the average buyer.  At that price point you have to have at least something for a down payment and then you're looking at either a beat up house in an okay neighborhood or a okay house in the ghetto.  And the market to buy a house under 200k is super competitive so you've really got to be on your toes.