All Forum Posts by: Justin Ellis

@Jay Hinrichs I used to think those storage container houses were awesome until I checked out that link and saw the price points! $205/sq AND that doesn't include the slab? And for that reason....... I'm out. :p

@Danni Catambay I would start with diving deep into a podcast by a guy named Chris Guillebeau, it's called side hustle school. There are so many great ideas here that it's almost overwhelming, but it gets you thinking what your skills are and how you can leverage them to create imcome outside your day job.

Also, a WRITTEN budget is mandatory. Although I don't agree with everything Dave Ramsey says in regard to finance, he's got the fundemantals down. If you don't have a written budget, get one now!

Lastly, keep looking, but I would make that a secondary activity to setting a savings goal and hitting it by budgeting and hustling! The right place will come along and you'll be ready at that point.

@Christian Podedworny WOW! I don't know anything about self storage except what I've read here on BP. But I'm curious to see what the gurus in this space have to say about this concept. From what I've read people are willing to build these things it just sounds like there's a shortage of good places to build in order to have enough market share potential. Intersting concept though!

Hey Julian,

I just started wholesaling (Like, JUST this week). After weeks of reading books, researching on BP, etc I downloaded The Deal Machine App (Which is AWESOME BTW) and hit the streets. I say that to say, I can't speak to whether long distance wholesaling would work but if they're using direct mail, it wouldn't be any different than doing it locally EXCEPT for the face to face interaction of course. 

If I were to try and do this, I would partner with a closer who could go handle the homeowner interaction stuff and getting the homes under contract and I would generate the leads and handle the interaction with the investors. I think a partnership is the only way this could be successful.

@Aaron Belt Let me know if you get it going, I'm down!

@Ashley Vellon Hey Ashley, I just started Wholesaling in the Phx market and I'm looking to find a few more buyers. I would love to talk with you and your husband and find out what you're looking for and where so I can target properties for you!

@Arnab Sinha also, please tell us why you were looking in the areas you were? I assume you used a data set? Mind telling us what specific metrics led to the SE and SW? Also, what price point are you looking at for how many doors. And are you looking for any particular number of doors at 1 unit? I have an older friend with a 13 door unit that is probably just about ready to get out of the game. And he's mentioned carrying to me.

@Steven Lowe your profile says you're from out of state. Did you live in the area when you picked up your rentals or did you invest from a distance? Just curious. Also, who are you using for PM? Maybe pass this info to the OP as a good place to start asking specific questions about areas.

@Arnab Sinha short term sites like Airbnb. I currently rent units from people in the area and re-rent them short term and collect the spread (known as rental arbitrage). I also just started partenering with people who have units in the area that used to have no problem renting them to college kids that are starting to feel the squeeze of "the towers". Example, I helped launch a studio mid-august. They did $200 in August (1/2 month and its really slow too) but so far in September $960 (and Sept is an even slower month than August). They were traditionally getting $500/mo for the unit. These numbers are net to them, my management fee has already been removed. I know you were talking SW and SE multi-fam but I would research the area north of the UofA campus (north of speedway but south of River, east of 1st (aka Euclid) but west of Tucson Blvd). See if you can find any affordable MF in there.

@Arnab Sinha

SE and SW are primarily SFR. SE are older slump block style homes (say 70's or 80's) that you could get to fix up and add value, far SE are the newer areas , big master planned communities like Rita Ranch and Rancho Del Lago. SW can have some rough areas but some really cool, older (I would guess most of these areas are probably 50's - 60's) gentrifying communities. There's probably a bit of small MF in there but the bulk of that is going to be mid-town around the UofA area (85719) There's good opportunity in that area because of high rental demand, but I imagine it's expensive. If you could find a fixer upper for cheap and run a good rehab you could stand to make some money. However, there's quite a few "high rise" student housing buildings going in and I've noticed over the last few years there's way more lingering for rent signs after the students are back, so I assume these big housing developments are having a big effect on rental demand in the area. I'm having sucess in the area doing short term rentals however!