All Forum Posts by: James Gardner

Danielle,

I have been passively looking into properties here in Prescott, and nothing even comes close to the 2% rule. Your opportunity seems a bit overpriced, without knowing any of the details, but I can tell you, cruising the MLS doesn't often yield homes in the 130s. I'd be interested to hear a bit more!

James

Have you tried Adam England with Liberty Mutual? 

Josh,

Typically, cities will have a 'Non-conforming use' clause in their zoning ordinance, which determines how a building, if completely destroyed (by fire, flood, etc.) can be rebuilt, if it is in a zoning that does not allow for that use. The lender and the appraiser will look at this, so heads up on that, make sure it can be rebuilt as-is under zoning.

James

Ahh nice. Lots of opportunity there! Best wishes

@Ramar Price Best of luck to you! I'm all about early retirement. Where is Irving?

@Andrew E. I LOVE Prescott, it's such a great place to live. I consider myself so lucky. I happen to live by the aeronautical university you're talking about, and my neighbors are students there, so I agree that there's definite potential for student housing in the area. Prices are a bit high per/sf compared to Phoenix, but you can get in a starter home for around 210-220 in Prescott. If you're willing to live in Prescott Valley (which is bigger than Prescott now), you can get into a nice home for about 180, and Chino Valley, which is much more rural, and typically has larger lots, you can get a nice home on an acre or more for about 200.

Prescott has a high percentage of million dollar plus homes, which makes for an interesting bifurcation in the market.

Thanks, @Ramar Price. I've been working my butt off. Many investors say that the money you use maintaining a license is better spent investing in RE, but I take the view that hustling and making extra money as an agent will give me some seed cash to invest. Here's hoping :)

Hi all,

I wanted to say sorry for my radio silence! I've been away so long for several reasons, however, the biggest news is that I got my real estate license. There aren't many REALTORS in our area who understand what a real estate investor is looking for, so I am hoping to slide into that niche. I currently have one possible investment property listed, and am excited to start this new journey. 

I've also started a new position as a City Planner for a local government, which is the fastest growing in the region. I am enjoying both, and look forward to getting back into investing in real estate.

James Gardner
Realty One Group, Mountain Desert
Prescott, AZ

Hi David,

Welcome to BP! I am also from Prescott, and am about to take my 6 hour contract writing course with the Winn School of Real Estate - they've been nothing but helpful for me! I will be signing on with a real estate brokerage soon thereafter. I'm taking a different approach getting into real estate investing because I am also a city planner, and know zoning codes very well. I do some real estate development consulting here in the area, and have prepared zoning verification for commercial deals, so I have a unique perspective on it all. I am doing my best to make it to the next AZREIA meeting in September, we should chat if you're there.

James

Hi Saurabh,

Wlecome to BP! I did a quick search on Sunnyvale CA Zoning (assuming that's where you're looking at property). This is their zoning ordinance http://qcode.us/codes/sunnyvale/ and this is their zoning map http://sunnyvale.ca.gov/Portals/0/Sunnyvale/CDD/Ma..., I am not seeing a zoning that is A(PD). I do see many zoning districts with (PD) appended to them, which means a planned development is required. Table 19.28.090 shows the maximum lot coverage in each zoning district. This should get you where you need to be. Let me know if you have any more questions related to zoning!

James