New investor in Phoenix area

5 Replies

Hi BP!

My partner and I are from San Diego and interested in investing in the Phoenix area. We are looking to build a team to help us get started and manage long distance flips. Any advice and/or recommendations would be greatly appreciated!

V/r,

Kristin

Hi @Kristin R.

Congratulations on starting your journey!

A good place to begin is coming over to attend events where the people you want to meet—contractors, etc.—gather and share ideas. I attend the fix and flip subgroup of the Arizona Real Estate Investors Assn (AZREI) as well as the AZREIA monthly meetings (and some of their educational events) and I’ve met some great people who I’m teaming up with in various ways. Go to AZREIA.com for their meeting schedule.

Coming over also gives you a chance to drive areas and increase your familiarity with neighborhoods that are more likely to give you a greater return on your investment. 

Competition for fix and flip properties is strong because our inventory is at historic lows. That said, opportunities still appear on the MLS and on the buyer lists of our very active wholesale community.

Are you financing your flip? I can recommend some hard money lenders you can evaluate.

A key player on your team will be a contractor you can trust. Also have some names for you. And you can meet them during your due diligence road trip.

I would be happy to show you some neighborhoods that are always in demand. And even explore helping you find off market deals.

Melanie

@Melanie Johnston have some great advice. I would NB emphasize the importance of finding a good contractor. Here are some ways to find them and things to look for when vetting them.

Best way to find contractors is to talk to architects, designers, engineers, realtors and other investors.

Also check MLS for flip properties and new construction specs for sale.

Make sure to get 3 or more current project in process refinances, 3 or more current past clients, visit some job sites in progress to see how they look.

You can tell a lot about a contractor by how clean and organized the site is and the quality of the subs a well. You also want to talk to the subs to make sure they always get paid on time by the builder.

Make sure to get check license status and for complaints with the state and get proof of insurance sent directly by their insurance company to you as named insured.

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@Melanie Johnston thank you! I didn’t even think of something like AZREIA. We were planning driving over on weekends to build a team and tour the area. I’ll message you to connect!