All Forum Posts by: Rodney West

You will never, ever, ever reach an asset manager at a bank unless it's a local bank. The only people who get access to them are the agents who sell all of their REOs, and even they rarely get access to them. It's a rabbit hole that will waste all of your time. They disappear from auction sites because so many of them are not free of liens and not ready to sell or close. Those sites also have ghost bidders pushing up the price so you will see properties leave and come back the next week after not hitting the reserve or when a ghost bidder wins by mistake.

If it's near the Lylo Swim Club & the LA Fitness, I would say this is 100% worth exploring for sure. The appreciation of midtown is booming. 

Hey Rodney, I develop multifamily properties in South Phoenix. I'm a GC and have a real estate license. Here's what I'd do. You've already got units making you money, utilize that extra land to make yourself more money with very low risk.

1. Consider what additional units you would add. (Ive got a group of people to bounce ideas off of, happy to discuss. And I'm currently building in the area) Do a market analysis to see what has the highest rent vs cost to build. 2 bed units? 3 bed? Garage, no garage? Etc

2. Do your numbers again and find out how much more in rent you'd get.

3. Find a bank that'll lend you the money to build and put permanent financing on it. Ultimately, since you're not paying for land, you should be able to build more units and add enough value to the property that you don't need to bring in any money of your own.

4. Execute the plan, build the units, get the long term financing that covers the extra builds, collect more rent and lastly, increase your net worth substantially. 

You're sitting on untapped money with buildable land. I'd be happy to buy it off you, or partner with you or you can hire us to help make this happen. 480-468-6611

I would say that this is definitely worth exploring. Downtown PHX has been growing decently in recent years. With PHX expanding rapidly with no end in sight, it's only inevitable that Downtown will follow suit. Obviously I don't know where exactly your property is, but even if it's south of the sports arenas (which can be pretty rough), it will worth it in the long term.