Reintroduction and Starting Out

7 Replies

Hello (again)!

Like too many people, I opened an account awhile back, introduced myself and promptly disappeared into the ether. 

So, I thought I'd start over, especially since my plans have drastically changed since my first post.

Come 12/1/2018, I'll be moving from Manhattan to Bisbee, AZ, a small town of roughly 5,500 people located 90 miles south of Tuscon and six miles north of the Mexican border. It's flanked by Sierra Vista and Douglas.

Bisbee is an old, historic mining town with its fair share of dilapidated homes; homes I'd love to return to their former glory as I used to renovate houses as a way of helping to put myself through law school. I'm also hoping to become very much involved with note investing and am considering Airbnbing a place or two as Bisbee is something of a tourist destination with a pretty poor selection of hotels.

Some questions for anyone willing to answer ...

Would it be worthwhile to sit for the Arizona bar exam (I can't waive in)?

Should I wait until I move to purchase my first note or simply get started now while working full-time?

Do I reach out to someone in NYC to maybe help walk me through the note-purchasing process knowing that I'm leaving in a few months?

Any advice is welcome. Please do not feel limited to these questions.

Thanks for reading and enjoy your Sundays. 

Best, 

Dave

I live in Vegas, never heard of Bisbee before.

1. Why are you moving there?

2. You sure it’s a vacation town?

3. Probably want to feel out the town once you get there. Or it may be hell trying to sell it...

4. Does the town actually need AirBnBs? Market analysis?

5. Does the town need/can they support your career as a lawyer (in your field of practice)?

Hi Aaron,

Thanks for your reply.

Why I’m moving there is actually a pretty long story but my girlfriend and I are quite set on it as we have a lot of friends there and it’s a really cool town. She lived there for a few years and I’ve been three times.

Excellent point about work - Bisbee is a town with few jobs so I’ll be determining my own source(s) of income. I’m not currently engaged in the practice of law (I’m in compliance) but thought it might come in handy as I make the transition to real estate (closings, possible evictions, etc.).

I don’t have much in terms of market analysis other than checking local Airbnbs for vacancies or a lack thereof. Bisbee always has some kind of event or festival going on and some of the hotels are just frightening.

Hello David!

Like you, I have not been on in some time. I am a long time contractor in N. Arizona. We work and invest in the spec home, fix and flip, and fix and hold for rentals. 

Mr. Anderson - welcome back. We missed you. 

Sorry. I'm sure I'm not the first (or the thousandth) to do that.

Sounds like you're out there living my life. I don't see myself as a long-term landlord right now but spec building and fix and flip are definitely in my future. You're obviously way north of where I'm headed but I wouldn't mind hearing your take on the Arizona market.

Thanks for writing,

Dave