All Forum Posts by: Grant Greene

One other thing to check: does each "unit" have its own utilities box?

Good morning, @Carlos Morales, and welcome to Phoenix!  We work with a lot of investors like yourself   throughout Arizona. If we can be of assistance to you, please shoot me a message. 

Good morning, @Jacob Wazydrag, and congratulations on your first foray into the REI world. You ask great questions! If you have the ability to pay cash for your next property, this blog entry might help you see how you can get your cash back either quickly or turn it into a greater return if you have the time:

https://prioritypulse.blogspot.com/2017/06/a-dream...

Whether you go the fix-and-flip route or the buy-and-hold route, we've seen a lot of our clients do very well by using this system.  Please let me know if I can answer any questions for you!

Good morning!  @Bob Okenwa makes a good point both about the utilities companies and the county assessor's office.  Another avenue you might want to try is a title company.  It's a little easier if you have a friend who's a realtor (it greases the skids): have them contact their favorite title person to run a report on the address in question. They should be able to pull up the name and address of the person who owns that property.  Real estate agents do this all the time when they're looking to mail information to someone about a particular property, and they're pretty sure the tenants (in this case, of course, it's empty) aren't the owners. This method might be faster and less cumbersome than going through the assessor's office. 

I'm glad you found it helpful.  This can be accomplished out of state, but you're right to question the viability. If you can find a good real estate agent who has experience working with investors, you're a lot safer in pursuing a project like this because he/she will have reputable contractors to help you accomplish your goals. 

Good afternoon, @Anthony To.  Here's something to consider: if you have the money ($60-70K) to purchase a distressed property and do the minimum rehab necessary to make it habitable (and therefore lendable), you can immediately turn around, have the property appraised, refinance, and pull out up to 75% of the new appraised value or the amount of the original purchase, whichever is less - and you can do all of this without having to wait for the house to sell (if you're a fix-and-flipper).  Let me explain:

You purchase the home for $60K (it has a kitchen that's been ripped out), so you have to put another $10K into it to get a standard (no frills) kitchen installed.  Once that's completed, you have the house appraised, and let's say it now appraises for $85K.  You can then refinance the home and pull out the $60K for which you purchased the property originally.  (75% of $85K is $63,750; $60K is less than that - you get the lesser of the two options.) 

So, you now have a property that's worth $85K with a mortgage of only $60K that you can rent out most likely for your monthly mortgage payment (or more) - and you got your original $60K back to go out and purchase another property.  

I hope this helps - at least you have one more option to consider.  Good luck!

Please reach out to @Benjamin Riehle. While he's located in Tucson, I'm confident he will have some good recommendations for you in the Phoenix area. 

@Michael P., you ask a great question. There's a loan product out there that will enable you to purchase a distressed product for cash, do the necessary rehab to bring in up to a habitable/lendable level, and immediately pull cash back out of the property BEFORE you sell it.  

You'll find that this product is perfect for cash flow (and/or appreciation) depending on what you're looking to do.  

Good afternoon, @Jarrett Williams.  You might want to reach out to @Shiloh Lundahl and @Carlos Gonzalez.  They're setting up a meeting for investors this Friday in Mesa at 6:30 p.m.  I'm sure you're welcome to attend - and I'm sure you'll be able to meet some people who will be able to help you. 

@Shiloh Lundahl, thanks for setting this up!  I'll be down in Tucson that day - hopefully, though, I can make it back up to the valley by 6:30 p.m. on Friday.