All Forum Posts by: James Clays

So I am wondering what's the best way to find contractors? I have a client who wants a contractor's info incase he finds a property he can give them a call and get a quote. I've thought about just going to facebook but I wanted to ask here to see if anyone has any input. The rehab would be mainly cosmetic, floors, kitchen, bathrooms, paint. Do most investors have their own? Preferably someone who will work anywhere in Phoenix. Open to all info and suggestions!

Thank you!

Hi David,

Welcome to the Bigger Pockets community! The Phoenix market is a great area to start in, there is a lot of growth potential. I work with New Western, and we specialize in sourcing off market properties that are great for flips, brrrr, and rentals. I try to assist investors like yourself to find properties that fit for you. I've been in Phoenix for most of my life, I know a lot about the market areas here as well as what golf courses are good!  

Welcome to the market!

Hi Nicholas,

Calculating ARV can be very difficult, there are a few ways I try to calculate it. First I'll look at comps that are in the same neighborhood and see what they are selling for. I pay attention to see if they have been renovated and if they have the same amount of bed/bathrooms, also if it has a pool or not. Secondly, depending on the rehab level I would have a contractor come and look at the property with me. The contractor will help me get a better understanding of how much the rehab level will cost. Next I would definitely walk the property extremely thoroughly, look for foundation problems, roof, hvac, appliances, every sqft of the property should be inspected.

Hope this helps! Goodluck

Hello Cameron,

Through my experience selling houses you would benefit by turning it into a 3/2. If you are able to do it without causing yourself a big headache then I would say do it. Since by doing that it greatly raises the chance end buyers would like it. You would also be able to ask more money for it. If you keep it as a 3/1 then I'm sure you will get more interest from flippers who would then want to turn it into a 3/2. Hope this helps!

I would suggest seeking off market properties. I feel like they have a better change of suiting the whole-tailing strategy. You are able to get properties for cheaper most of the time. Not that MLS deals are bad but it is certainly harder to find a good deal. I'm sure it varies depending on the market you are in as well. Good luck on your real estate journey Russell!

Hey Octavio, 

It is intimidating being a beginner in the real estate world, my advice would be to do your research and find what works best for you. I'd suggest doing a house hack or using the BRRRR method. You could also work with a broker and give them specifications on what you want and have them look for you, they will also be able to assist you on your real estate journey.

I am somewhat new as well. I avoid getting cold feet by practicing my pitch and imagine what I'm going to say before I even pick up the phone. I've found out a good way to run comps is ask your investors how they run their comps. I've found that most of them use the 70% real estate rule. A lot of them use zillow or the MLS to find comp properties and focus on same amount of bed/bathrooms and sqft. Estimating rehab cost can be more difficult depending on the specific property, sometimes I'll bring a contractor out and have them give me a quote. Other times I'll do my best "guesstimate" based off Home Depot prices and what repairs have costed in the past on other properties. Goodluck on your wholesaling journey, wish I could help you more.

Hello everyone, I am recently graduated from ASU. I am some experience in real estate and am currently working for a brokerage. After 4 years of paying landlords rent, I would like to start in investment real estate. I just want to find out what is best for student rentals? What advice would you give? Are there certain types and size of properties are best? Obviously I think closer to the school the better, but are there certain neighborhoods that are better than others? 

Thank you, 

Jimmy Clays