All Forum Posts by: Landon Moore

@Travis Shelton I will be there, look forward to it. Congrats on the new baby!

How did the event go? Did anyone go?

@Pamela Sandberg

Oh great. Thanks for sharing Pamela. I appreciate it.

Best,

Landon

Hey BP team!

New real estate investors located in Phoenix, AZ. We are beginning the process of properly vetting and establishing a core group around us as my wife and I venture into REI and one missing component we feel would provide significant value is a trusting property manager.

Our hopes are to find a few great ones to meet and connect with. A few of our distant friends have relied heavily on their PM's to identify rental rates in various neighborhoods, handle tenant screening, collect rent...typical PM duties. I would like to see who the BP community has used here in Phoenix that they trust, rely on and have had success over time with. Also if you have any veteran investor tips on questions we should ask to vet them would be great.

Thanks ahead of time!

Hey Kevin! Welcome to the BP community. Congratulations on your 4 month old, that is exciting.

I have heard of AZREA group meeting once a month in Phoenix and there is a meetup in Mesa occasionally. I haven't attended myself yet. Would be interested though! Good luck with your endeavors and achieving your goals!

Best, 
LM

@Kentrell Billups

What's up Kentrell!? I too am a newer BP member welcome! Let's connect.

Thanks,

LM

Hey team!

My name is Landon Moore, I live in Phoenix, AZ and just getting my real estate investing going. Wanted to dive into the forums head first and see what knowledge I can get from you all. I am analyzing deals daily and came across a 4-plex MF that has been on the MLS for 22 days as of today. Below are the numbers I ran, would love to hear where I am making a wrong assessment, and maybe some I am correct! Below is the analysis I ran. The numbers I ran are from the MLS and Realtor.com. I lowered the purchase price from 299,900 to 260,000 which made the CoCROI much more realistic. The units are fully rented currently, not sure how long the leases are for and quality of tenants. If there are investors in the Phoenix area who have better knowledge of the area this is in and advise me to avoind it, please speak up. From my research and driving by, it doesn't seem too rough and a great gateway to 51 & 101 freeways. Most other MF are S-Phoenix which is a war zone.

Plan: 3.5% FHA loan to live in one of the units, once lease ends in one. Rehab all four units throughout the year and built equity up to refinance and move into the next property(s). I currently own my SFR here in Phoenix and plan on renting that out once I secure a MF. Therefore, by moving into the MF I immediately get 4 units in my first year and live marginally in the 5th until I am able to move out. Thoughts? Concerns?

Listing on Realtor.com:

https://www.realtor.com/realestateandhomes-detail/2839-E-le-Marche-Ave_Phoenix_AZ_85032_M20313-47560

@Frank Patalano

Morning Frank! As a new BP member and investor. The one thing holding my wife and I back is evaluating rehab costs correctly when analyzing a deal.

We are at a place where we can jump, but insecure on ability to evaluate the rehab costs on SF or MF homes to move on one.

Any advice? Anyone in the PHX area?