All Forum Posts by: Brian M.

Wendy and Ward are spot on.  I'm a native who was in statewide outside sales for 20 years and I can tell you with absolute certainty you won't draw those rents in Surprise.  With all the building and redevelopment happening closer into the heart of the city, persons who can foot $1,200 certainly aren't; going to buy a half hour from downtown.  Do a little more digging, friend :) 

Hi Drew,

Welcome to BP!  I'm local, and Glendale is actually an area of interest of mine.  I've got a deal closing on Friday as a matter of fact.  I would like to know what you're looking for specifically.  Are you looking to partner, exchange resources, or something else?  I can tell you having been in sales for 20 years+, despite your skill and best effort the deals are a result of a numbers game.  Invest in marketing materials and learn your ratios for return.  Will it be 1 in 400, 1 in 200?  You have to do the legwork and there isn't ANYBODY who can tell you what your numbers will be.  

If you're already putting the effort into driving, which costs you gas and time, you should have a process for what you do when you find a property of interest.  Maybe that's leave a door note, knocking and striking up a convo (just did this), or getting an address to mail a letter.  And you'll have to do this enough to get a good sense of what to expect back on that investment.  I hope this helps.

Talk soon. 

Brian

Chris, 

ALL good feedback here.  I've got nothing to add.  I can say this- MANY realtors are not themselves investors and may not fully grasp the mindset of an investor.  I'm partnered with a realtor who is also an investor in the Phoenix market.  You may have someone who's great already.  If not, I'll pass your name to her or yours to her. 

Welcome, Evan! 

I'm not nearly as seasoned as a lot of guys you'll meet on BP, but I was in outside sales covering AZ border to border for nearly 20 years and would happily share any local knowledge I have.  Talk soon. 

Hi Vadim,

Below is my post from BP Marketplace. I’ve seen your ad and I’d like to give you a call today. I wanted to give you a snapshot of the deal I’ve got in place beforehand.

-Brian

Good Afternoon Fellow BPers!

I’ll get straight to it. I’m looking for a private money or hard-money lender to fund a project at 90/10. I’ve a property under contract and in escrow.

The property is located in a hot and desirable neighborhood with mature landscaping (big for Phoenix) and historical architecture. The home is a small (2 bd, 1ba, approx. 800sq ft) but sits on a large lot and has a permitted & powered, detached garage that will be converted into a casita/in-law suite.

We will be adding a bedroom and bathroom and are will be closing before the end of THIS week. Construction won’t begin for 60 days, so we’d like spilt the loan into two:

Loan #1 for $139,5000 for closing.

Loan #2 for $60,000 –for construction not to begin for 60 days and we will accept the same terms as the first.

Details of the deal: Our numbers are conservative. MLS comps. Licensed investor.

Purchase price $155,000

Rehab - $60,000 (conservative) - $215,000 Investment

ARV $310,000

NET $95,000

Note. House across street sold for $330k. Larger, but lacks guest house/casita.

Lender reference is available. We honor the investor relationship.  

Daniel,

I know that company   They're housed under the infoclosure umbrella,are they not?  I've actually been to their offices!  That's terrible.   I know someone who may be able to help you get insight on next steps.  I'll pm you their contact info.

I've seen WAY too many deals advertised as wholesale that simply are not. I'm in the Phoenix-Metro market, and as a longtime resident who's had a career in outside sales spanning 15+ years, I've seen every nook of the metro area and NoAZ and I'll put this forward: I'd advise taking a good look at any and all comps offered you by 'wholesalers' with more than a grain of salt. I'm seeing wholesalers offer "deals" at what conservatively would be 85 and upwards of 95% ARV with even he most aggressive estimates, and using comps from unlike properties to justify it. If you're newer to Phoenix/Scottsdale/Metro, understand that there are many, many pockets of brick near stucco, old near new, and different personalities of our wonderfully disjointed city sometimes right across the street. Just a heads up! Take a physical drive whenever possible. I've had folks ask for earnest many to simply VIEW a place in person.

Mindy, I think you're right. That's my gut feel.  Thanks.  The reassurance helped!

Thank you Brandon.  The case here is a bit tricky because the mess is less code violation and more (multiple) old or damaged cars (dune buggies) crammed in the yard. So getting them to move that stuff would be unlikely. I think your point about avoidance here may be a good one. Not sure, but purchaser would look at this daily.

Hey @Brandon Turner thank you for the personalized note and info.  You guys are awesome!  I'll check them out! Thanks!