All Forum Posts by: Dustin P.

I'll echo what others are saying, wood look tile will last longer and it isn't all that much more expensive. You can often get good wood look tile on sale at Floor and Decor for close to $1/square foot and then you're paying about $1/square foot to demo out any old tile and $2.50 a square foot to lay it.

That's a pretty decent price/square foot for Casa Grande, as long as it doesn't need a whole lot of work. I think Casa Grande is a great rental market, it's one of the only places you're getting at or close to the 1% rule in the Phoenix Metro.

Hi Mike,

Congratulations on your success! That's awesome to hear that you have six fully paid off properties. One thing you could do is sell the properties you currently have that are giving you the lowest returns and use that money to put down payments on new properties. You could also upgrade to multi-family as you said, or refinance the current properties out to buy more properties.

Definitely a great position to be in

I like Gila Insurance

Hey @Marvin Ong welcome to Phoenix and BP! I'm an agent in Phoenix as well as a wholesaler so feel free to reach out any time.

It sounds like around $10-13k for rehab to me ($2500 paint, $2000 countertops, $1500 appliances, $4000 flooring, then the misc. like fixtures, fans, roof tiles etc)

That puts it around an 83% or so deal which isn't terrible for Phoenix if it's cosmetic only in an area with low DOM, but there won't be a very large spread. If you're going through a realtor to purchase it that realtor should be giving you a discounted listing on the resale so that should save you a % or so.

If you want to PM me I can comp it for you if you want another set of eyes on it

Welcome to BP @Romel Q. !

I don't think you were out of line at all. Sometimes the list price is unrealistic based on what your goals are with real estate investment. That doesn't mean that it's a bad offer. It also means that if it sells for 40k above what you were willing to offer to a person with no interest in real estate investing that you shouldn't be upset either. There's a price for every person and every scenario.

I would find yourself an agent who is willing to offer low for you as long as it makes sense. There are ways to do it. When I offer low, I provide a list of comps that support the ARV that my investor is looking to make on the resale side. Then I provide a list of rehab items along with their estimated costs that it would take to get that property to full market potential based on those comps. Then I provide a breakdown of what the holding and selling costs will be for my client: 6% commissions, 0.5-1% closing costs, holding costs for property taxes/HOA dues/hard money rates, etc. That helps them see that their offer isn't low on purpose, but that there has been a lot of thought put into it.

I've got properties 40-50k off list before. Just be nice and friendly when you are doing this, if someone gets offended then they are in the wrong business.

Hi @George Kabaki

@George Kabaki

I will echo what @Sam Grooms and @Bob Okenwa said in that it might be hard finding fix and flip deals at that price point on the MLS. You will likely be competing with other investors who can make cash offers and will typically offer shorter inspection periods, higher earnest money etc. that will make their offers more competitive.

I actually work as a wholesaler in Phoenix so please feel free to reach out to me with any questions or if you are interested in finding out how the wholesale process works

Welcome to the boards @Leslee Wilson !

If you need any help with anything just let me know.