All Forum Posts by: Michael Penrod

Thanks to those that have expressed interest here or through PM.  I'll continue to keep in touch as more projects become available.  

Special guest, experienced rehabber and investor, Kris Ontiveros will be speaking on "The 4 F's of Flipping". 

Tuesday, Nov 17th, 6pm to 8pm at Renter's Warehouse in Phoenix.

Sponsored by Renter's Warehouse and Great American Title.

Come network with others Flipping Houses in Arizona.

SEATING IS LIMITED. PLEASE RSVP on MeetUp.com.

The group is called "Flipping Houses in Arizona"

For the private money investors willing to fund 100% of the project, first lien position is definitely provided.  But in a case like this, the GAP is provided for in the first lien itself.

In my client's case, the renovation projects are acquired with funds from lenders that provide only 90% of acquisition cost, and sit in first position.  Then the GAP funds are what is needed for the major remodel and closing costs.  The lien for the GAP is held in 2nd position, and paid at a higher rate than the first.  These GAP loans are not without risk, but pay higher returns.  

Thanks for your question JScott, and your contributions to BP!

Hi Jared,

Apologies for the delay.  To address your question, my client is a professional home remodeler and house flipper.  I get paid by creating more opportunities to do more deals....meaning, the more investment capital he has, the more houses he needs me to buy and sell for him.  

In Phoenix, AZ I have a client that is an experienced home remodeler/flipper working in the high demand/ high return Biltmore, Arcadia, and Phoenix historic districts.

The opportunity is that my client is offering to pay high returns secured by his real estate projects.  Project durations are typically 6 to 9 months.

Client is offering to pay 15% for 100% financing for  acquisition and value-add rehab. Average projects run between $250k to $275k on homes with ARVs of $350k to $400k.

Client is offering to pay 20% for GAP funding (rehab amount only).  The average rehab/remodel is $70k to $100k.

Passive high-yield income secured by real estate.  Please contact for more info.

To answer Tom, I've checked with people on the inside of one of the major water and electric utilities, and that's not something that seems to be readily available.

In reply to Rick, what are the common elements you're referring to?  There aren't any public records that I'm aware of that indicate a property has had the utilities shut off.  I'm not looking for the one's the banks are aware of.  Examples might include:

1)  a burnout or flooded property that has sat vacant.
2)  an absentee landlord that hasn't visited the property and the tenant vacated.
3)  a probate house that the executors haven't acted on.
4)  a plain ole abandoned property 

These properties all may be owned free and clear, yet the utilities would be off.....would be great to obtain a list like this.  I've found them and know people that find them occasionally doing a drive-by, but don't know where to obtain a list.  Any thoughts?

I'm trying to figure out how to find lists of abandoned (non-bank owned) properties where the utilities have been shut off for 60+ days.

I don't want HUD or REO homes. I'm willing to skip trace the owners. Typically, I find these by driving neighborhoods, but I was hoping to find an easier way.

Anyone have some insight on this?