All Forum Posts by: Mike Cordova

thank you everyone for the responses.  Sounds to me like I need to contact a lawyer for a consultation before I do anything else.  

I am a relatively new REI. I have completed one SFR flip and have 4 flips under construction. I have zero landlord or property management experience. A very close friend of mine is funding some of my deals. We are both fans of people like Joe Fairless, Grant Cardone and other commercial syndicator. My friend has a fairly sizable network of high net worth individuals and wants to invest in commercial real estate. My question is, what would be the first step in starting a fund? How hard is it to get financing for a first timer?

@Melanie Johnston Thank you so much! that's super helpful.  

@Melanie Johnston Hi Melanie, Im a new Investor in AZ.  My first Flip is in Tempe and it's almost complete.  We're planning on putting on the market after the first of the year.  Do you think it would be a good idea for me to list it as coming soon now and are there any rules about how early you can do that?

Im closing on my first Fix and Flip property in Tempe AZ this Friday (yay me!). I walked the property with my Contractor and my Realtor this last weekend.  The property definitely has potential but the floor plan is very closed off as the house was built in 1960.  The original house is brick construction and there has since been A Stick Build Addition with closing the carport and front patio in.  The brick walls are what would need to be opened up.  I would be interested to hear of any members experience with opening interior brick walls.  How price prohibitive is it and was the juice worth the squeeze.  Thanks in advance!

@Matt Lewis I totally agree.  My agent has done flips in the area and is very familiar with this particular location.  my Mentor does Acquisitions and lives in the area so I trust their opinions. Just thought the more opinions the better...

@Matt Lewis My agent, my mentor and myself sat down and hashed our an approx ARV but Id like to get unbiased opinions on wether we're right or not. What is a BPO?

I would really appreciate as many opinions on ARV as I can get. Would anyone be willing to give me a quick estimate if I DM the address?

Thank you to those that took the time to respond.  I just found out last night that the addition is permitted after all so bullet dodged.  My contractor walked the property and thinks the house can be rehabbed within my budget.👍  Monday is inspection and unless the inspection up something crazy, I think I’m gonna move forward with it.  Insert excitement mixed with shear terror here...😂  

I recently got an offer accepted on a Fix and Flip project in Tempe AZ, on the border of Scottsdale.  When the Sellers Disclosures came through, it came to my attention that the addition was not permitted. Id love to hear from anyone that has experienced this and what you did and what the best way to proceed would be.  thanks in advance!