All Forum Posts by: Mike Campion

Might be a dumb question and/ or answered somewhere else in this sea of great information, but it seems that the BP consensus is that out of state absentee owners are preferred over in state absentee owners. I get that logic, but if I am in Arizona wanting to buy in Arizona wouldn't that mean I was sending only to people out of state making a "kitchen table" meeting geographically undesirable? Would the deal just be done over the phone? Apologies in advance if this is newbie question, but would love to know before I start sending letters...

Hey Recia, 

Welcome to full time wholesaling! I am a buy and hold investor in the Phoenix area and would be interested in what you have available- feel free to PM me to discuss specifics

Mike

John, I grew up at 19th Ave & Northern and now live in North Scottsdale. I have done some flips and currently own a commercial building and a Single Family, but am looking to get more involved in investing again in 2014. Would love to share expertise, opportunities and experiences with you all and would definitely be up for a meet :)

Hey John,

I am another Phoenix native and also fairly new to BP- glad to other Phoenicians in the community!!

Hey Darrion,

I live in Phoenix and from the basic info you laid out, I would jump on that deal. Just going on the basic 2% rule (rents being 2% of the purchase price) and 50% rule (50% of income will go to expenses) that I have heard so many times on this site/ DP podcast, you are sitting pretty.

Even if you figure the purchase price at $40K (price plus $10K in repairs and some closing costs) you should be collecting 2.75% in rents. As longs the rents are at market value (since your tenants are month to month), it seems like you have a nicely cash flowing property- Good luck!!