All Forum Posts by: Grant Greene

Charles:

Welcome to BP!  If you've already met with a mortgage professional, and she/he has told you that your less-than-perfect credit is going to present you some challenges, I applaud your willingness to wade into this pool with private money.  However, if you're simply assuming that you have limited options due to credit, I would STRONGLY recommend you meet with a mortgage pro.  I believe you will be PLEASANTLY surprised to learn about options that may be available to you.  It won't cost you a thing to meet with him/her; not meeting, though, could cost you a lot, though.  I wish you the very best!

Grant

Frank:

If you get a wild notion to leave paradise and come back to the inner circle of . . . Arizona to dip your toes in the REI pool here, we would be happy to help.

Grant

Christopher:

If you're ever in the mood to look at other "distressed" areas (possibly, though, with fewer bullet holes), the Arizona market is ripe for your game plan.  

Grant

Julie:

Arizona, for the past few years, has been very popular for Canadians in REI. There are real estate brokerages that advertise themselves as "Canadian Experts", and they do very well. I wish you the best!

Grant

Daniel:

All good advice above.  I'll only add this: as you launch this new endeavor, sit down with a mortgage/financial professional and tell him/her about your short-term AND long-term goals.  He/she will be able to help you construct a plan that will help you pursue your short-term goals in a way that will ensure you have the money and resources for your long-term goals.  Too many new investors either spend their money too fast or overdevelop; this disables them from creating a revenue stream that gets them on the path to their long-term goals.  Meeting with a "money" person who is familiar with the types of deals you're pursuing will pay off time and time again. I wish you the best!

Grant

Teri: 

Welcome to BP!  You've probably heard this before, but it wouldn't hurt for me to say it again: sit down with a mortgage/financial professional as you begin this journey.  Tell them both your short-term AND long-term goals.  They will be able to help you construct a plan that addresses the short-term needs/goals while providing income and resources for the long-term items.  Too many new investors make the mistake of overdeveloping a property or spending their money too fast; doing this complete scuttles their plan and disables them from pursuing their long-term goals.  If you don't have a mortgage professional, find a handful of investors in your area and ask them for a referral to their favorite "money" person. I wish you the best!

Grant

Sachal:

While Arizona and some of the other states were hardest hit in the "bust" a few years back, the market here in Arizona has bounced back and become very robust - it's especially fertile ground for investment properties.  I recently read an article that indicated that 68% of the people who are currently living in a rental property plan to stay in a rental property for at least the next three years.  That means that if there are going to be fewer vacancies (because people aren't leaving), when more people "age in" to the rental market, there's a growing need for more rentals.  A number of our clients are taking full advantage of these conditions.  

Grant

All great questions! There are so many options and variables out there that I would definitely recommend you reach out to a lender for advice and guidance. While they are compensated, of course, by loaning you money, they are a great source of information because they need to provide you with a lot of answers before you or they know what direction to take.

Welcome! This is the right place to start. If I can be a resource to you, please let me know.

@Krista Walker, we work with a number of investors who have rental properties surrounding the UofA.  Despite the "wow" factor of the new apartments and all of the amenities they offer, rental housing (existing) is still much more attractive because it's more affordable.  If you're the landlady on these separate properties, you have a much larger pool of potential tenants from which to draw because there's a much higher number of students living ON a budget than on mom and dad's money.