Tucson, AZ · Member since 2014 · 3 posts · 0 votes
Hello I am new to this but have in the last 3 weeks put out some offers on some homes to flip here in the Tucson area. With what I am seeing is a lot of homes in inventory but at high prices. I am not seeing any to make room to wholesale a property to create faster revenue. Even at the flipping part it is tough to find anything to get into in hopes of a $10,000 to $15,000 dollar profit which is not a lot. Anybody know of the wholesale market here in Tucson AZ or what to do? Should I just stay on course with some easy soft rehabs and flip them? Thanks
Real Estate Investor · Phoenix, AZ · Member since 2013 · 111 posts · 76 votes
12y
@Steve Johnson , The REO and Short Sale inventory in Phx/Tucson is WAY down.. Thus tough to find good deals on MLS due to high demand and low inventory (prices have gone retail in this arena). Same I hear for auctions. There are deals off-market. But therein lies the task of digging for the gold! Because the of high demand, even that arena has become quite competitive and prices get bid higher and higher among the 2-3 folks (other investors/wholesalers) you're directly competing with on any given potential deal with a motivated seller.
Tucson, AZ · Member since 2014 · 3 posts · 0 votes
12y
Hello Gary thank you for your response. That tells me exactly what I needed to know. And I thought that the demand was outweighing the inventory and driving the prices up. So I have found quite a few decent houses to get in a soft rehab and flip with average days on market about 29 to 45 days. Not the greatest net profit but profit is a profit right? I have built in fail safes for rehab price adjustments to insure I still can make a decent profit. Thanks again for the info. I was going nuts looking for something that is not there. Oh does preforeclosure option work out?
Real Estate Investor · Phoenix, AZ · Member since 2013 · 111 posts · 76 votes
12y
@Steve Johnson I've not tried to market to preforeclosure. I suspect it is similar in one respect to marking to absentee owners lists in that it's a list you can easily buy. Meaning, therefore, that there is a lot of competition going after them. However, I also hear that that list is a tough one because the owners, while needing help, often have their heads in the sand and don't realize or admit they need help until the very end. My previous post and this one, while perhaps sounding negative, mean only that it's tougher to find good deals in Phx/Tucson with so much competition driving prices up. But they are still there... and it costs more to find them.. and requires more effort and skill to secure them. ;-)
Real Estate Investor · Phoenix, AZ · Member since 2013 · 111 posts · 76 votes
12y
@Steve Johnson , BTW, I would highly recommend you find and join the AZREIA (Arizona Real Estate Investors Association) group. They meet in Phx monthly and provide very detailed market updates. Also great place to network.