All Forum Posts by: Noah Corwick

Hey CJ!

The PHX market will have plenty at that price point with fit your criteria. 

I'll shoot you a DM. 

Hey Dianah, 

Welcome to BP! It's a great place to network and learn. There are so many perspectives. 

Cheers to successful investing!

Sound advise. 

The rule of thumb is EMD is typically 1% of the purchase contract price.

Hi Robert, 

If you wholesale properly, you don't need to come out of pocket at all. You would assign the contract and have whoever the Buyer is pay all of that. 

Hey Robert, 

Welcome to BP. There are definitely a lot of great people and resources on this forum. 

There are also a ton of ways that you can go about starting in real estate. To get started, what are you Real Estate investing goals? That will help sharpen the routes to accomplish this. 

Hi Luz!

I'm a bit late to the game on my reply, but am here if you need another resource as you plan for your first investment property in PHX. The valley is growing so much, so there is definitely a lot of information to digest. 

Good luck! 

Hi Luz!

Only advice I can give you is make sure you experience an AZ Summer before you move here. 

Just joking (but they are indeed another breed), AZ is an overall great place to live and invest in. 

Would love to be a resource as you dive into your first property in the valley! 

Hi Kamil, 

Though I am not in CA, I work with a great agent in the Bay Area that I can introduce you to. He works with investors all the time. 

I'll shoot you a DM so that I can do an introduction to him! 

Hi Ana. Here is some devils advocate on buying new homes. 

One of the inherent risks of new builds is locking in an interest rate. A lot of times you get under contract for a spec home and the financing is based on that specific day. But if the build takes +6 months for example and rates change dramatically, then you are stuck with the higher rate. 

You also have to factor in future property taxes. When they calculate the financing for spec homes, a lot of times they can't accurately forecast this portion. The result is after a year when the tax accessor associates the proper property taxes with your property, there is a decent chance you could have payment shock and your monthly bill rises significant (until you pay off the escrow account balance that is also likely causing this). 

Also depending on the builder, some of the builds will do spotty work. So it is really important to try to get everything repaired before COE or the builder will take their sweet time getting to you/find an excuse to get out of it. 

Also make sure you are represented by an agent instead of the new home sales agent represent you. Remember, they always have their company/the sellers best interest at heart.  

Unless you want to Wholesale, there are two main categories that then break down to smaller categories, subsets, and hybrids, which are acquiring rentals or doing flips. 

A mental exercise that I always like to ask is what is most important to you as you get started? Appreciation? Cash Flow? Lump sum payment? Then what timeframe is the most vital to you, short term/mid term/long term? 

Answering those will lead you in the right direction!