Getting started in AZ

9 Replies

Wife & I are in the infancy stage. Reading a lot & getting confused by all the info. Wife is frightful about getting burned by contractors, agents and just not knowing what all is involved. Starting funds, 0. So where to find, how to get, what sources to use? Is HELOC a good jump point? Want to start flipping to get in the game. Who in Mesa can start us on the walk?

I think a common saying on BP is that newbies either need to bring the money or to bring the deal.  I know that @Shiloh Lundahl often offers education at his meetings and has a way for new investors to learn and invest at the same time.  

I do not invest with Shiloh however I know that he has helped a lot of new investors along the way.  

Good luck on your journey.

Thanks @Stone Jin for inviting me into the conversation. @Jeff Sommer we hold a meetup every month in Mesa, Arizona. Our next meet up is on Wednesday.  You can find info about the location and time by clicking the “Network” link above. I will have some guest speakers come and talk about buying properties at the auction and then I will share about some of the deals we are currently working on.

Hi @Jeff Sommer . First and foremost, I would start by watching some of the podcasts about flipping and try to get a starting point in terms of learning and work from there. I understand that your wife may be worried about failure, but any kind of investment comes with a chance of failure so the risks must be understood prior to jumping in and the fear must be overcome with the confidence of being successful.

Since you're starting funds are $0, a HELOC can be a great tool for getting started, but ultimately you will need some kind of funds of your own because you must pay the HELOC each month during the flip. You may want to save up for a few months to make sure you can cover the HELOC payments and go from there. There are meetups all around the valley and you can check them out on the events page. 

Originally posted by @Shiloh Lundahl :

Thanks @Stone Jin for inviting me into the conversation. @Jeff Sommer we hold a meetup every month in Mesa, Arizona. Our next meet up is on Wednesday.  You can find info about the location and time by clicking the “Network” link above. I will have some guest speakers come and talk about buying properties at the auction and then I will share about some of the deals we are currently working on.

I did not know u do meet ups ... I would love to come as well 

Thank you all for the info & encouragement.  We will explore the events to see what feels comfortable to us.  Are there events that discuss the Risks, how to plan for, what to watch for & how to avoid?

Mesa is getting expensive but you can buy hold rent there's a lot of different variables like rent to own collect the money. Just keep buying rinse and repeat because here in Arizona by the year 2020 minimum wage to be $12.50 an hour and Mi Mi popped off by the marijuana law might pass in the state there is a bipartisan Ballot for 2018 we could see happen what happened in Colorado and also if you didn't know between the Interstate10 and the Interstate 8 going to Casa grande a huge theme park the size of Disney World is being built . The state Arizona is growing at a phenomenal case anything you get yourself into you can't lose it's still a buyers market and there is time in the future to sell it and you'll make a really big enough to retire.

@Jeff Sommer

The most important thing you can do right now is learn and network.

Forget about trying to buy a deal in the next 6 months. Sure, it may go well, but if you fall on your face it could ruin you, and you need to learn enough about the real estate game to make sure you aren't making a mistake or getting sold up a river when you buy.

Watch the podcasts, read some of the BP books on the subject, go to the local meetups and talk real estate with other local investors and industry professionals, read the real estate news, do your own anaylsis, etc.

What you don't know CAN hurt you in this industry, big time. So make sure you know enough that doesn't happen.

Don't get an itchy trigger finger and jump before your ready. Just keep your head down and spend the next 3-6 months learning and networking and before you know it you'll be ready to move on your first deal and have the knowledge and confidence to know you're making the right decision. Best of luck!

Jeff,

Starting out with zero funds is tough.  The quick answer is to Learn.Learn.Learn.  Don't jump in.  All of us that have been investing for decades learned the hard way and have grown from it.  I'm good buddies with @Shiloh Lundahl and have worked with him.  His meet-ups are great. 

I specialize in a long-term buy and hold plan for my Investors that include SFR and even a Hotel. I personally won't buy MF in Arizona due to the returns. I'll wait for another correction and then buy. Some specialize in quick fix and flips. Some Investors do a combo of the two. Learn, take classes, go to our meet-ups then decide. Entry points for investing differ. Risks are different. Try not to do it yourself at first. Partner up with someone here in Arizona that has experience and learn from them.

@Jeff Sommer Take it very slow and learn as much as you can before jumping in as the school of hard knocks isn't easy.  This is very much a relationship business so networking locally is a great jumping off point.