All Forum Posts by: Felipe Munoz

@Amir Vahab thanks for posting and everyone who replied with great info.  I'm following this thread and I'm very curious as to a response to your last post (question #2).  I've met a few people that are possibly interested in lending me some funds.  I hadn't really thought about the proof of funds part of the equation.  

"2. Re: Proof of Funds. In addition to submitting our offer, Seller's will want to see our proof of funds. What is the best process to streamline our ability to provide POF for offers if the funds are coming from the investor at closing?"

 How is this done when submitting an offer?

Thanks guys!

@Shiloh Lundahl Rehab is going well!  It's pretty much all cosmetic work (not moving/removing any walls) but I'm happy with the work and speed at which things are happening.  It's looking like I'll be able to list it sometime mid/late February.  Thanks for asking :-)

I finally got first property under contract and I'm excited/nervous to get moving.  I have a contractor coming out to give me a bid this week but I know I should definitely get a few bids.  Who has a favorite general contractor in the phoenix, chandler, Sun Lakes areas of Arizona?  I'd like to meet a GC that has experience working with investors. 

Thanks!

@Matthew Liew we are talking about a huge city when we say “Phoenix”.  The city of Phoenix has 325 public schools in 30 disctricts + 200 charter and private schools according to the city website.  You’re going to find great schools in Phoenix as well as scottsdale.  I would also double check that 50% graduation rate for Phoenix stat. 

Just like any large metropolitan area, your going to find property values vary greatly for a variety of reasons. 

@Stone Jin I 100% remember you from @Shiloh Lundahl 's meet up.   That's a great suggestion to partner up and it really opened up an avenue that I hadn't thought about.  For the time being though I think I need to make more offers.  I've talked to a few listing agents to ask "would your client consider $xxx.xx?  I know our numbers are a bit far apart but based on repairs and comps in the area blah blah blah".  (Maybe I shouldn't be doing that??)  I have only written up one contract.  I hope to find something sooner but willing to wait a little while before ever making an offer out of overexcitement. 

thanks again for all suggestions!

@Nate T. @Mike Dymski thanks for responses!  I appreciate any/all tips and advice

@Ryan Swan I've made a few offers eliminating my comission to sweeten the deal but no takers yet. In reality I haven't made that many offers. I have been talking about REI for many years and now have a little money to actually jump in so it's more excitement rather than "frustration" but that wouldn't have been as catchy a subject line....Maybe I'm reading too many news headlines that lead with negativity :-)

@Ray Lai Good idea! I actually have a few auto searches set up (180+ day, REO, & "fix-up needs repairs"). I think I'm going to try a little driving for $$$ see if that turns anything up. I'm sure it can't hurt but since I have RE license, I'm sure there are rules & disclosures I have to follow about making cash offers to folks. Is that correct @Ryan Swan

Who in Ahwatukee, Chandler, Gilbert, Tempe, Mesa is actually fix and flipping houses? I'm looking in MLS with no luck. A few wholesaler lists I get e-mails from ARVs are way off, repairs are grossly under estimated, or they are way beyond the scope of what I'm comfortable with for a first fix and flip. Is there really nothing out there ~$150k needing ~$30k-$40k worth of work that would sell for low $200k for a $10k profit? I'm not looking to knock one out of the park just, I just want to get started!! In a perfect fantasy world, I'd love to meet someone actually doing rehabs and tag along as they evaluate a property to see which pieces of puzzle I'm missing.

@Aaron K. That's how I was leaning but the thought popped into my head and I was wondering other people's thought were.  Thanks!