All Forum Posts by: Robert Lorenz

The Arizona Real Estate Investors Association is happy to bring you our first Taking Aim! meeting of 2018, featuring well-known local business coach Jeff Fagin! Come hang out with us this coming Wednesday evening from 6pm to 8pm and listen as Jeff helps us all get and stay PSYCHED for 2018, get your butt into gear, and take your business to new heights in this new year. 

Jeff is a long-time friend and cohort of T. Harv Ecker, author of Secrets of The Millionaire Mind, and has worked as a coach within that organization. He holds an MBA, CPA, and has been an entrepreneur and real estate investor for over 35 years. Mr. Fagin also hosts the 2% Club, where entrepreneurs gather weekly to get their minds right and develop the thoughts & beliefs that lead to real and lasting success. He will be sharing his knowledge with us for one night only, and has agreed to give us a solid 90 minutes of engaging, entertaining content that you can take straight to the bank!

EVENT IS FREEEEEEE to all AZREIA Investor Plus members, $10 for standard members, and $20 for non-members. If you're not a member of AZREIA yet, what are you waiting for?!?! Any fees paid will be applied to your AZREIA membership, should you choose to join :)

FREE PIZZA, KIDS WELCOME =)

Register HERE

To learn more about AZREIA and the benefits of membership, check us out at azreia.org.

If you're brand new to investing, have a look at this FREE Success Planning Series to get your bearings and make some sense of this new information, and get an idea of what it's really going to take to be successful.

#Phoenix #Glendale #Chandler #Gilbert #Scottsdale #Maricopa #Peoria #Buckeye

Title Company! They will happily put together an Excel list of pre-forclosures, or divorces, or high equity, low equity, owned for 10+ years, etc.

Shouldn't be too hard to squeeze out of them. You can try going to your local REIA and asking around for the title company everyone uses (investor friendly) and give them a call.

At AZREIA, we have two competing title agencies (Great American and Chicago) that offer all the leads you can ever want and more, for free. They'll even help you with marketing materials like postcards or door hangers. They are certainly not the only ones in town that will do this, but they get most of the business from AZREIA because they are present at the meetings and holding their hands up when people ask "how do I get leads?"  Often, they hold educational events that you'd find valuable, like seller-financing or probate workshops. Google "title company" in your city and then pick up the phone. In states that use closing attorney's... hmm idk maybe they can do the same, not sure, but TX isn't one, so good luck :)

I can't think of any pros other than not many people are targeting them (that I know of...)

Cons: More likely to have solid financials, which makes them less likely to need you to "rescue" them

More likely to be professional & educated

More likely to come from a family with decent connections (lawyer, realtor, investment advisor, etc)

More likely the property is in a trust because the family intends to keep it.

Personally, I scrub my probate & expired lists of trusts and LLC-owned properties. I've barked up those trees and have gotten nowhere. Based on my own personal experience, they aren't worth your time. Your mileage may vary.

Arizona Real Estate Investors Association invites you to our last "Taking Aim!" subgroup of 2017, this Wednesday night at the 24th St Conference Center near downtown Phoenix. Our guest this month, Mr. Michael DelPrete, will help wrap up our investor interviews for the year by sharing with us his rise to local stardom and how he shaped his investing career to match the lifestyle he wanted and now lives. Come listen to Mike as he shares his path to passive cash flow with tactical, actionable anecdotes and advice.

EVENT IS FREEEEEEE to all AZREIA Plus members, $10 for standard members, and $20 for non-members. If you're not a member of AZREIA yet, what are you waiting for?!?! 

FREE PIZZA, KIDS WELCOME =)

Check us out online at www.azreia.org

Register HERE

See you there!

can we get an update here?  Any wholesalers want to chime in? What's working for you in 2017?

Most likely yes, and it's a fire hazard. If you like and want to keep the tenants, you need to have the connections properly installed in the property (and vents), otherwise they may be in violation of the lease agreement (likely, if your lease is strong) and subject to eviction. READ YOUR LEASE, KNOW YOUR LEASE, MANAGE PER THE LEASE. Good habit to learn early...

If you agree to install vents/connectors, inform the tenants that the rental rates for these units didn't account for water usage from in-unit laundry, and that now that they are using the washer on your water supply, you're going to have to adjust the rent accordingly or start billing water seperately.

Seperate metering shouldn't be too expensive, $300 a unit or so. Shop around, start with the utility that supplies the water.

Not sure where you're looking, but with the numbers you've given you're looking at 4.8% COCR....

Were you planning on moving to Phoenix, or using the vacation rental for yourself once in a while?

Can I get some great questions to ask potential property managers? I have a client who is shopping around, and I want to empower him with questions that will help bring out their "true colors".... Preferably something a little more basic than "what do you charge?" and "what do you do if...?"

No dumb answers, please chime in :)

!!!!!!!

So a standard FHA product & appraisal may or may not be willing to finance a property that "needs work". Their focus will be on function, though, as opposed to form. AC must work if equipped. Heat must work. No water leaks, no peeling paint, no faulty outlets, etc. If you can find a property in an area where you can force that kind of appreciation, good on you. The issue only arises when you refi and pull equity out. If you can force enough appreciation to refi into a 75/25 conventional AND take enough $$ out to start the process again, then the idea is sound. Just keep in mind that you can't really take a 100k house and turn it into a 200k house unless it's in a neighborhood of 200k houses (broadly speaking). Good luck :)