All Forum Posts by: Levi Gale

Well I'm still learning, but here are some answers.

1. What was your "tuition fee" into this business? (The deal/project that started it all)

An REO with a pool popped out of the ground.

2. How was it funded?

Personal funds

3. Were you On your Own or mentored?

I was overseas and had family handling business for me.

4. What was your Original Game Plan?

Have a cash flowing property.

5. How did it go in Reality?

Not too bad I picked up a property for 36k, and rented it for 820. But I picked up an old property that has issues pop up more than I would like.

6. Schooling: Lessons and mistakes

First would be learning that amazing things can be done to a fiberglass pool. Second would be that old homes have issues unless you do a full rehab on them. And mistake would be buying in a rather small town that makes selling a tough exit strategy. Am I stuck in it? No, but I wouldn't be happy with the exit value.

7. Did you make a profit/loss/broke even?

Cash flow is pretty good, but bumpy due to maintenance.

8. How would you advise your old self today?

Stay away from that area. It's not a bad area, but given the other opportunities available there is no reason to limit yourself. Oh, and hey there's a great site called biggerpockets. Check it out, and study all the real experiences from seasoned and novice investors prior to jumping in.

I have started doing flips since that point, and my first flip went okay. I did profit, but it took far longer than it should have.

For all of you "know it alls" on here, I say thank you. Your opinions, advice, and feedback has helped me tremendously.

I'm working on putting my sheets together now, but it would be a material specific list. I'm trying to implement a few different finishing levels, but obviously it would be very cookie cutter and no custom stuff would work here. When I do complete it I'll see if I can upload it. Just an opinion here but creating the list and looking for the items, and prices gives you a great wealth of experience in the area.

I think doing one for labor would be difficult. It would really come down to the investors network, scale of business, and obviously location. An investor doing 20 flips per year will more than likely get a nice price reduction that someone doing 2 per year cannot get. I think keeping good logs on your prior projects is a great way to track what you pay, but again making that universal is an entirely different thing.

I believe Prescott is one of the three places that our local REIA holds monthly meetings. So you should have some great networking opportunities there. Some of us BPer's used to meet up every once in awhile in Tempe. If we ever get back to that you should try and make it. There are some very friendly/helpful investors that show up.

Hello BP,

I haven't been on the forums much lately, and after reading for awhile I found a lot of new investors starting up in Phoenix. And all I can say is "go away we have enough competition here". Just kidding, I wish you the best of luck. Feel free to contact me anytime I'm always open to meeting other investors in the area.

For my real post now. It seems that I have landed my first private investor. Now I have to get all the paperwork in order, and I wanted to see if anyone here can recommend a good attorney in the area? I've had other recommendations from BP members in other areas so I figured I'd try again.

Thank you,

Sorry I missed it, I was really looking forward to it. Good to hear you did a good job Justin.

The 27th at 6pm sounds good, I'll be there.

I hope all is well with your mother Nick.

I would love to rsvp for the 20th, and look forward to meeting any others that show up.

REO's have been overpriced for some time now in Arizona. Justin touched on short sale activity in another post a few days ago. And I've recently had a few short sales comeback with high BPO's which killed the deals. That would definitely second Justins post on how short sales seem to be going.
I met a flipper at the AZREIA meeting who is finding his deals with marketing (mailings, and bandit signs). Would love to hear whats working for others flipping in or around Phoenix.

I recently took the dive into full time, but seeing as how I am not married I didn't have to take a "wife test". I do have outside investments, and a few rental properties that can cover the basics. That gives me the ability to not get frustrated, or find myself in a must work situation. Seems like your wife has the income to give you that security blanket as well. I couldn't imagine trying this without out that comfort.

But the lack of inventory has made it a bit difficult, and having deals fall through will test your patience. So I think being prepared mentally for the challenges you may face is another key to success. But you will have to be dedicated to overcome those difficulties if you face them.