All Forum Posts by: Fran W.

We are looking to purchase a commercial unit. The seller expressed interest in doing seller financing. We have no idea what the market rate is for seller financing and other terms as well. Could someone please point us to a direction where we could educate ourselves on this? Is there a place or a professional who we can talk to to advise us on that?

Oops you are right. Fannie and Freddie foreclosure

I said I will update when all is done. Last month I have finally sold the house. Made some profit. Most importantly I learned a great deal from this experience. Biggest barrier was the 90 days FHA rule. The previous owner had a FHA loan so I could not sell the property until 90 days after I take possession of the property. So maintenance and hard money fees take another $1000 each month holding the property. After all, it was great.

Now I'm looking for another property to flip. Now I know the margin is indeed very tight in Phoenix. I have been trying to bid at trustee sales. But every time I get outbid by other investors or I don't know who.. paying a price so close to the comps. I look forward to my next flip!

Sure thing!

Thanks a lot for the follow up.

After posting on here, I joined the AZREIA and met a good mentor. Now I'm focusing in the east valley, mainly in Chandler and Gilbert. I just bought a property in Chandler. Renovation will start soon. All seem to go well. I'm happy with my progress. I appreciate all the guidance in this thread. Thank you so much!

Thank you. I will look into that.

Thanks for the advice.

When I was picking which city to invest in, I looked at Glendale with a median house price of $97k so I thought it's a good fit for me. However from all I've heard is that there is not a good enough spread in this market. So I wonder what do you look at to determine where you want to invest and whether it has a good enough spread for profit? Is looking at household income important? I think $100k houses are quite affordable even for the retail store workers.

I'm quite keen to get into the flipping business because that is what I want to do compare to rental and wholesaling. I have been lurking around different RE investment blogs and forums, read some books.. I would really like to get started. If anyone can help me get into the business as a mentor, I'd greatly appreciate your help and happy to share my profit with you. Thanks.

ugh.. didn't know this area is so undesirable. Last time I was there I went to Arrowhead and thought it's quite nice. But yes many parts of Glendale looked quite rough.

I feel embarrassed to ask but I'll throw it out anyway. What is a good area to flip in the Phoenix area with about $100k budget? How to determine my target area? Location is not an issue because we'll be visiting more often and eventually rent a place there.

I am looking at Glendale homes. Yes, ARV at $100k.

Hello,

I just started in the RE flipping business. I talked to several Realtors. The two that I find them helpful have been telling me the profit is very very thin in the Phoenix market. I am looking for SFH with repair values of ~$100k. The Realtors said $10k profit is unlikely and very difficult. One Realtor suggested to bid at the courthouse step. I don't really like the idea because there is no inspection period after the bidding.

My question is.. is the profit really that thin in Phoenix? Is it Phoenix specifically? I have read a lot of people's post saying they could get $15k for a project. Is it because this Realtor I talked to has no flipping experience? He mentioned he has been a bank owned listing agent and he knows banks have already factored in repair cost when they list. He knows the margin would be very very thin..

I have read other investor's post. One strategy suggested to acquire good deals is to make a lot of offers. Is this true?

I have a lot of questions.. greatly appreciate any insights!