All Forum Posts by: Robert Lorenz

Check out our local REIA, we have one of the best in the nation!

http://wwwww.azreia.org

For about $200 you get access to the Phoenix Real Estate Club and all the subgroups  (which are awsome).  Best $200 I've ever spent, personally.

You could take the property sub2 for what he owes if the 1500 cashflows at his current payment but he's not going to get 275 for it unless youand he are willing to write a note for a nominal amount now and the remainder in a ballon payment in 10 years.  Then if you keep or assign the property, whoever has it 10 years from now can either refi some equity out to pay the note or just sell it.  During that entire ten year term you can also contact the note holder and offer a buyout at a reduced price (nickle now or dime later kind of thing.)

Jason you could have put it under contract with an option if he was willing to discount the property even a little and sold/assigned the option to an off-market buy and hold investor looking for a good deal. If you (or either of them) were knowledgeable enough to navigate the entire transaction, you could tie both ends without an agent, saving at least 6%, which would have been plenty of spread for you to make a nice fee. Try calling him back and asking if he'd be willing to let you find a buyer for him, then hit your buyers list up and spread the word that you have an assignable option on an FHA/Sec 8 ready home available for whatever your buyers discounted asking price is plus your assignment fee (think 4%-ish). A savvy buy and hold person would pick up something like that in a heartbeat and either stick a sec 8 renter in it or put it up for lease w/purchase option and cashflow the crap out of it.

I know the entire west and south sides pretty well since I grew up here and still live in South Phoenix.  I'll have my license by January and will be happy to tear up Estrella Village with you then.

Join AZREIA!

The 40k reduction may have also been the spread between what the agent wanted to list it at and what he was told it at.  Sellers (and buyers) can sometimes have unrealistic opinions of worth.  

If I were in the agents shoes, I wouldn't want to bug my client with even a phone call every time someone tossed an offer.  I believe he was doing his duty to collect "highest and best" before a prescribed date and present them together during a single sit-down with the client.  The seller is obviously going to act in their own self-interest, which may include a soft fib here or there to avoid an uncomfortable situation with you walking through their home.

I attend most of the AZREIA subgroups and they're definately worth the membership.  Matrix didn't impress me too much, nor did Renatus. I haven't had much luck with the Meetups, as most are either pitchfests or drinking buddies.

Welcome to BP.... here and AZREIA are probably your best bets for now, plenty of education to be found between these two, with networking here and through your other options once you have some wind in your sails.

I have but I'm not a drinker, and since almost all have either been pitchfests or a bunch of guys sitting around and drinking.... not really for me.  I involve my daughter in my investing and education, so pretty much anything I attend has to be kid-friendly.

@Matt Hixon I don't know of any really "unsafe" areas, aside from some small pockets with a few local troublemakers.  I was born and raised in Maryvale, and currently live in South Mountain village.  I have lived all over the valley, from Litchfield Park to Scottsdale to East Mesa. South Central Phoenix is/was pretty much the worst we had to offer, and even that isn't too bad anymore.

Look around the Sunnyslope/North Mountain area of Phoenix and central Glendale if you're looking for duplex-triplex-quads that are value-add opportunities.  South Mountain village has a few as well, but the owners tend to be barrio slumlords and not very motivated to sell.

You should join AZREIA and the Phoenix Real Estate Club, next meeting for PREC is coming up next week and is an ideal forum for finding deals or the people to help you get them.  Check them out at azreia.org 

One of these 3-day Lifeonaire seminars is coming to Phoenix, is it worth taking the time off of work for, or do I have a 3-day sales pitch for an expensive coaching program to look forward to?

Can I get most of the same info from the book?

You gotta have a place to live, so maybe refi i to a good conventional and reduce your payment, then save the difference up to use for capital and start learning a bit more about investing before you do something you'll regret later. 

The Beginning Investors subgroup is tomorrow night at AZREIA's 24th St conference center.  If you're not a member, you can come sit in for free ($5 to pitch in for snacks, plz). Check it out online at azreia.org

Hope to see you there :]

Keep it and squeeze the equity out as needed, no reason to sell it IMO. Stick renters in (or tenant/buyers) ASAP and keep on cashflowing.

If it was renting for 900 four years ago, it should be marketable for 12-1300 today.