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All Forum Posts by: Jake Kain

Jake Kain has started 33 posts and replied 240 times.

Post: Wholesaling questions in Az.

Jake KainPosted
  • Flipper/Rehabber
  • Phoenix, AZ
  • Posts 252
  • Votes 98
Quote from @Doug Teasdale:
Quote from @Dustin Tucker:

Hello Doug,  Here is the Arizona Association of Realtors Forms page.

https://www.aaronline.com/manage-risk/sample-forms/residenti...

You will probably need to use the Residential Resale Contract.

For the Buyer as an example use "Doug Teasdale and/or assigns" This allows you to assign the contract to your wholesale buyer. You could also use "Doug's LLC and/or assigns" where Doug's LLC is your hypothetical company.

As for the assignment contract, you can get one from an attorney for probably less than $1,000, you can also make a friend at a title company, they probably have a template they could give you.  

If you are looking at Property Values, use zillow.com, that is what we use to fact check properties values.  Zillow's Zestimate is a good litmus test for the property value.  If you want to get involved with a great training program, try Lifestyles Unlimited, they have over 55,000 members nationwide. 

In the future, either get your Real Estate License so you have access to the MLS, or make friends with a realtor so they can get you comps to get an ARV.

For purchase price, use this formula,  (Arv * .70%)- Rehab = Purchase Price


 Good evening Dustin, I went onto the webpage for Arizona association of Realtors and I found the agreement for 2024, however I am not licensed so I do not have access to download the contract. The website does not have an area for me to pay a fee to download the agreement. I have spoken with a couple real estate agents and they are scared to let me have the agreement thinking they are breaking some kind of code of ethics letting me have it. So long story short I am still hunting down the contract.


 What they are telling you is true. AAR forms are only to be used by members of AAR (Realtors). I think I have a generic contract and assignment in my files. I have never used them, since I am licensed I use the AAR forms but I am happy to find and send them to you. DM me with your email and I can get it over to you!

PS - love Prescott! I used to train up there when I was in the AZ National Guard and my wife and I met there in 2015. Special place!

Post: Introduction to Phoenix

Jake KainPosted
  • Flipper/Rehabber
  • Phoenix, AZ
  • Posts 252
  • Votes 98

@Daniel Carrillo

Welcome Daniel! I am also in the engineering field (Civil and Land Survey). I am from Phoenix but lots of family from the Seattle and surrounding areas.

My wife and I have been doing live in flips since 2019. It's been an awesome strategy for us. We have sold (tax free), kept as long term and/or short term rentals as well. We keep telling ourselves "this is the last one" then decide to do it again. It's a love hate for sure lol.

I host a monthly meetup focusing on finance and real estate investing. A little late notice but we have one tonight in Tempe at 6pm. If you're interested shoot me a DM and I will send you the details.

Post: Rental lease agreement

Jake KainPosted
  • Flipper/Rehabber
  • Phoenix, AZ
  • Posts 252
  • Votes 98

Shoot me a DM with your email, I can send you one.

Post: FREEdM - Financial + Real Estate Education Meetup

Jake KainPosted
  • Flipper/Rehabber
  • Phoenix, AZ
  • Posts 252
  • Votes 98

What is FREEdM?
FREEdM is a Phoenix based community focused on achieving financial independence through real estate investing and financial education. Our core purpose is to promote personal and professional growth in a collaborative, informative and casual environment. Each month we get together in person to connect with new and seasoned investors, learn from guest speakers, share valuable insights, lessons learned and tricks of the trade all while creating lasting relationships.Guest Speaker/Presentation

This month we will be hearing from Brandon Curry on how he got started, what he learned along the way and what he's up to now in his investing journey!

AGENDA
1. Open Networking
2. Guest presentation and Q&A
3. Book Giveaway
4. Closing summary/Open Networking

We have reserved the Private Room at Bottleshop 48 in Tempe. Food will be available for order from Jones Family Kitchen (food truck) on site. Visit our website or our Facebook page for more information and future events!

Post: Process for turning primary into rental

Jake KainPosted
  • Flipper/Rehabber
  • Phoenix, AZ
  • Posts 252
  • Votes 98
Quote from @Callie Currier:
Quote from @Nicholas L.:

@Callie Currier

i'd hire a PM.  yes, you'll learn more by doing it yourself, and it will also take up more of your time.  you will need to manage your PM - so that will be plenty.  find a bunch of PMs and interview them. ask them for copies of their management agreements and read them.  look at their listings.  take them out for coffee.  there's a whole education there.


Thank you for the advice. If I get overwhelmed or end of not having the time, then I’ll look into a property mgr. I really want to do it myself. Is the time constraint the main reason you’d recommend a PM? 


I commend you for sticking to your guns and wanting to manage yourself. Everything is intimidating and can be overwhelming the first time you do it. After you place a tenant or two, it won't feel like a big deal. Get those reps in! Erick's response/checklist was awesome and very detailed! I would definitely check out Brandon Turner's book on managing rental properties if you haven't already. Also, BP offers state specific forms. I downloaded the AZ forms (before becoming an agent and having access to the AAR forms) and they were very thorough. 

My wife and I self-manage 4 LTR (tenants) and 1 STR (guests). The time constraint really is not that bad once you have everything in motion. I have the same thought process - I will continue to self-manage until it does make sense to spend our time doing it.

Post: Looking for an experienced Fix&Flip Partner

Jake KainPosted
  • Flipper/Rehabber
  • Phoenix, AZ
  • Posts 252
  • Votes 98
Quote from @Elie Mbayabo:

Hello Investors! I've been looking to start investing in Dallas Texas and Phoenix Market(later on) but I haven't done any deal yet. However, I am looking for a savvy investor who has more experienced in fix&flip to work with. I have the money to bring to the table and He brings the knowledge and all the nitty-gritty to make it real. I am a private money broker and also have my W2 Job that I am still holding on to it....Please reach out to me and let discuss!

Cheers!

Elie, we are looking for PML to partner with. I will shoot you a private message.

Post: Help picking a brokerage that fits my needs as a new agent but primarily an investor.

Jake KainPosted
  • Flipper/Rehabber
  • Phoenix, AZ
  • Posts 252
  • Votes 98

@Ashley Rudd

Congrats on passing the test and getting licensed! I'm happy to share my experiences with you, hopefully it'll lend a little bit of perspective. I got licensed at the end of 2017 and didn't do anything with my license for about a year and a half when I left my w2 and went full time in 2019. I just recently decided to come back to a w2 and I now split my working hours between my w2, investing and being a Realtor. I've been with all different types of brokerages - Revelation (smaller independent), Keller Williams, HomeSmart (100%), Real Broker, etc. Happy to share what I know and what I've learned from each.

Additionally, I co-host a monthly REI meetup. We've been running for over 4 years now and have multiple agents from different brokerages and backgrounds in our community. I am happy to get you connected with others as well. Feel free to shoot me a DM if you want to connect!

Post: Where did all the meetups go!?

Jake KainPosted
  • Flipper/Rehabber
  • Phoenix, AZ
  • Posts 252
  • Votes 98
Quote from @Shiloh Lundahl:

I remember 6 or 7 years ago, the hosts of the BiggerPockets podcast would encourage investors to go to local meetups to meet with other local investors to network and learn about real estate investing in their areas. I don’t know if it is just me, but I have not heard a lot of encouragement these days about going to local meetups while listening to the podcasts.

On previous versions of the BiggerPockets website, it was a lot easier to find out where local meetups were being hosted because there was a link on the front page that read “meetups” and it would take you right to the meetup page where you could see a map where  people were having meetups in your area or in other areas across the country. It was fantastic for networking

I don’t know for sure, but it seems like at around the same time that BiggerPockets started hosting its own conferences and advertising boot camps and such that it became harder and harder to find where on the website that you could find local meetups.

This morning I searched the website to try to find where local meetups were posted on the website and it took me between 5 and 10 minutes to find it. And I was specifically looking for it. The location definitely was obvious, at least to me.

I’ve hosted monthly meetups in my area of Mesa, Arizona for around 7 years now and the majority of people that attended came from BiggerPockets. It’s been a long time since anyone came to my meetup that saw it advertised on the BiggerPockets website. At these meetups wholesalers found investors, investors found lenders, newbies found experienced investors and everyone got to learn  something. We would regularly have around 25 people show up every month.

So I’m wondering the reason why the link to the meetup section on BiggerPockets was taken off the front page and placed in a less obvious place on the website and why the map feature was removed.

Did anyone else notice this change? Or was it just me? If you search for the meetup section on the website how long does it take for you to find it? And would you say that finding it was obvious or not obvious

What are your thoughts?

 I agree and definitely think navigating the website and finding the "local meetups" has been over-complicated and frustrating. We've been running nearly 4.5 years now and the replies on our meetup posts has diminished to nothing. As we were building and growing in the first year or 2, Biggerpockets was by far the largest referral source. Now, we hardly get any new attendees that found us on BP. Most come from word of mouth from us, friends or other meetups.

@Jason Gilmore

Post: Working on your own AZ flip - rules for cosmetic items

Jake KainPosted
  • Flipper/Rehabber
  • Phoenix, AZ
  • Posts 252
  • Votes 98
Quote from @Collin Smith:

Hello BP Community,

I’m in the Phoenix metro area and am looking to acquire my first investment property to flip. To keep expenses down I would like to perform some of the cosmetic work myself. I’ve done several live-in flips and have gotten confident at flooring, baseboards, and paint. However, since this would be an investment property (held for 1 year or less), ARS 32-1121(A)(6) requires all work be performed by licensed contractors if the cost of material and labor is $1,000 or more. I’ve also read that the sales contract must disclose the improvements and the names of the contractors. However, after reading through some other forum posts it sounds like most contracts for flips do not include disclosures for the cosmetic items.

Do most AZ flippers who do their cosmetic work themselves not disclose it? Or would be worth pursuing a R-62 Minor Home Improvement License as an extra precaution? This bumps the cost of material and labor up to $5,000. There is no prior experience requirement, you just need to pass the Statutes and Rules Exam (SRE).

Curious how other flippers in Arizona go about this. Thanks!

Great question and one I have been trying to find out myself. We are in a similar position, and the last flip we did, we put everything cosmetic under a contractor we work with regularly (CR-61/$50k) who was on the job. He obviously oversaw everything and approved, and we of course pay extra for that. We sub out anything not under his license.. HVAC, electrical, major plumbing, etc.

I know for a fact there are a lot of people not following the ARS on that. $1,000 doesn't get you very far these days. I didn't realize the R-62 was relatively easy to obtain, I will have to look further into that!

My wife and I have done multiple live in flips and a couple traditional flips now, looking to scale that part of our business. This is definitely one of those road blocks that is on my list to explore. Hopefully more people will chime in.

Post: Student, Investor, Salesperson

Jake KainPosted
  • Flipper/Rehabber
  • Phoenix, AZ
  • Posts 252
  • Votes 98

@Dalton Tahy Welcome to BP and Arizona! I took a similar path when starting in RE, but I was born and raised here in AZ. I got licensed in Dec 2017 and went full time as an agent/investor in 2019. I am happy to share some experiences and perspectives with you.

The biggest thing I could suggest is to network. Go to as many meetups and events as you can and find the ones that resonate with you. There are so many out there and many of them will not be a good fit. However, the quicker you can start building a network, the quicker and easier you can start making the right moves in your journey!

Shoot me a message if you want some suggestions or just want to connect.