All Forum Posts by: Michelle Masters

I'm seeing wholesalers here in AZ asking 80% ARV flat (no reduction for repairs). Even a light cleaning would take at least 1 month of holding + closing costs on both sides. Almost every "deal" that's hit my Inbox needed $45K to $60K in repairs. I've started asking myself, "Who's training these folks?!?!".

Anyone in the Phoenix area have similar experiences? What is everyone else seeing in your markets?

I have to agree with @Sean Cole. Although I found no fault in the individual sections of your presentation on their own, together it felt like you are trying to be all things to all people. That always makes me nervous. I'd rather deal with someone who really knows my area of interest than someone who's spread too thin to be beneficial to me. Maybe you could focus and build success in one area of the business and have a long term plan to expand into another?

At it's core, real estate investment (in all of it's flavors) is a people business. If you deliver quality with integrity, then the quantity will come to you. Trying to be too much for too many results in knowing just a little bit about a lot of things, but you won't know "much" about anything. You won't be the first person that people think to call.

Bottom line: Pick a lane and stay in that lane. 

@Dovid Staples Try Kelli Preston at First AZ Title (Scottsdale office). 

Thanks for those details @Darwin Crawford!

@Chris Mason I've never had to deal with bedbugs (knock on wood), but this seems like one of the most thorough posts I've ran across on the topic. 

Welcome to the BP forums, @Drew Markert! Although I'm not familiar with your market, your plan is a good one - I wish I had done it myself decades ago. 

In addition to all the great information on BP and recommendations made earlier, my advice is to know your market and crunch the numbers. In other words, research the heck out of the areas where you might want to buy so that you're comfortable taking that first step when the time comes. Here's what I did to get started:

First I picked 10 random properties for sale each week and drove by them on the weekends. In addition to looking at the for-sale properties, I looked at the landscaping of the surrounding properties, the condition of the cars in the area, the volume of traffic and how many cars were parked on the street. I looked at the condition of the sidewalks and street asphalt, checked out how many people were walking their dogs or generally around after work and on weekends. I was shocked at some of the places I discovered, even though I've lived in this area for over 30 years. I also kept tabs on the prior weeks' properties to get an idea of how quickly they sold. After a while of this, I realized that there were a few areas I really liked. But I didn't know the rental markets for those areas, so I started to keep tabs on that info too. 

Knowing the neighborhoods was a great first step but wasn't enough for me. I needed data to feel comfortable making an offer on my first property. So I committed to analyzing at least 5 properties each weekend. I used realtor.com a lot to find a) homes for sale, b) final prices of recently sold homes, and c) the rental rates in my target areas.

All of that made it very easy for me to make an offer on my first property, which eventually fell through because of major damage and the sellers unwillingness to give concessions. A few days later, a great deal hit the market and I made an offer the same day. We closed ~25 days later and my first tenants moved in 12 days later! I truly believe this success was a result of my efforts. 

Again, your multifamily hack is a great plan. It will give you many financial advantages.  I wish you much success!

Although I can't make this one, @Bob E., add me to the list of those interested in future meet ups. 

@Darwin Crawford I'm interested in doing something like this in one of my places, so thanks for mentioning what's been successful for you. In the Zillow pics of your Roma property I see what appears to be white epoxy in the front room/kitchen/dining area and then gray in the garage. Is it correct that both of these are products from Arizona Polymer Flooring? I browsed their website, mostly looking at their Interior Concrete Coatings, and am amazed at the variety of products. Do you recall which one(s) you used?  Thanks in advance for you time.

Welcome to BP, Andy! 

@Ziaur Zahid- Just put his name in the search box above. When you get the search results, click on the People tab on the right side of the screen. :) 

Welcome to the BP Forums!