Looking to invest in Phoenix area.

[Blake West]

Hey all! A couple of work friends and I decided to partner up on some real estate in the Phoenix area. We are looking for multifamily properties. Are any of you having any luck? How are the lenders and contractors out there? Also, anyone finding rockstar real estate agents that know how to find those distressed properties? I've never tried the wholesalers - anyone have luck with them?

Thank you and looking forward to meeting some of you Phoenicians!

Cheers!
Blake

[Ryan Swan]

@Blake West I specialize in MF properties and have closed about 6 multi-unit deals for BP members thus far in 2019. I have another duplex under contract, and just listed a quad in North Phoenix (might have it under contract this weekend). All of these deals are conventionally financed with 25%+ down. Have had a few buyers purchase with cash from 1031 Exchanges as well, which gives them a lot of leverage in this competitive market. 

I send some off market wholesale deals to a select group of more experienced MF investors. Most newer investors think they want off market "deals", but they don't really understand the nuances of such transactions. Wholesale properties are totally as is, where is, limited or no inspections, non-refundable (hard) earnest money, and no seller warranties of any kind. They all require cash or hard money to close. Some of the hottest wholesale deals literally require a "race" to the title co - the first investor to deliver their hard earnest money wins the contract assignment.