New Investor in Tempe Arizona

5 Replies

Hello everybody,

My name is Kevin and I am a new investor in the Phoenix market. I thought I wanted to get into real estate investing last summer but I didn't really have the burning desire as I do now. 

I've heard some people say not to get an LLC and or website set up until you have done a deal but I'm one step ahead of the game by their standards. I have my main page as well as my squeeze page to build my buyers list.

A few hours ago I met with a seller but we were unable to come to a number that made sense for the both of us. His house was worth 255k and he wanted to get at least 210k out of it. The spread was so small so I figured a lease option would be a good way to create a win win for everybody but he wasn't having it. He wanted to cash out and leave the property behind as he is getting ready to move to Texas. 

Any ideas on an exit strategy for this particular deal?

Anyways, I'm looking forward to learning as much as I can from the members on this forum and becoming a truly active investor in this market. 

With an ARV of $255k is there enough meat on the bone for me to assign it if I got it under contract at $210-215 with it still needing some work? I want to make this deal work as this is my first time negotiating with a motivated seller but if it doesn't make sense then there's always another deal around the corner.

You need a list of cash buyers FIRST

Know what they want

Get their criteria

Sell the deal to them

Investor Information Worksheet

Investors Name: ______________________________________________

Phone:__________________Source: ______________________

Cell:__________________Date: ______________

Fax:__________________

Email:__________________________

Looking To Do: [] Flipping[] Retails[] Lease Options[] Rentals

Areas Interested In: ______________________________________________________

Types Of Property Interested In:

[] 2 Bedroom Houses[] 3 Bedroom Houses[] Multi Units

[] Frame OK[] Brick/Block Only[] Other: _____________

[] Junkers OK[] Nicer Houses Only_____________________

Types Of Property Not Interested In: ________________________________________

______________________________________________________________________

Funds Available:[] Has Own Cash[] Has Hard Money Source

[] No Financing Source[] Other ____________________

Amount Of Cash On-Hand To Invest:$ ___________________

Comments:

______________________________________________________________________

______________________________________________________________________

______________________________________________________________________

______________________________________________________________________

Free eBook from BiggerPockets!

Ultimate Beginner's Guide Book Cover

Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!

  • Actionable advice for getting started,
  • Discover the 10 Most Lucrative Real Estate Niches,
  • Learn how to get started with or without money,
  • Explore Real-Life Strategies for Building Wealth,
  • And a LOT more.

We hate spam just as much as you